US and Iran closing in on deal to end war and open Strait of Hormuz

Iran says strait of Hormuz could reopen after US pauses operation

Oil tankers sit at anchor offshore in the Strait of Hormuz off Bandar Abbas, Iran, Saturday, May 2, 2026. (Amirhosein Khorgooi/ISNA via AP)

The United States and Iran are closing in on an agreement on a one-page memorandum to end the war in the Gulf, a source from mediator Pakistan ​and another source briefed on the mediation said.

Iran has said the strait of Hormuz could reopen following the end of “threats from aggressors” raising hopes that oil supplies could start flowing again.