Iranian Foreign Minister Abbas Araghchi has said that a final agreement with the United States to end the ongoing conflict is nearing completion and that the strategically important Strait of Hormuz will be reopened once the deal is signed. The agreement is also expected to include the lifting of certain U.S. sanctions on Iran, while discussions on Iran's nuclear program will begin at a later stage.
The conflict began on February 28 following U.S. and Israeli strikes on Iranian targets. Iran responded by attacking Israel and U.S.-allied countries in the Gulf region and effectively closing the Strait of Hormuz, a vital route through which around 20 percent of global oil and liquefied natural gas shipments normally pass.
Although a ceasefire was reached in April, sporadic clashes have continued. U.S. President Donald Trump recently stated that a planned military strike against Iran had been canceled because negotiators were close to reaching an "excellent agreement."
According to U.S. officials, sanctions relief and the release of frozen Iranian assets will be implemented gradually and only after Iran fulfills its commitments. The proposed deal also includes discussions on Iran's enriched uranium stockpile and measures aimed at reducing support for regional proxy groups.
Araghchi expressed optimism that the agreement could be signed and formally announced within the next few days.