U.S.-Iran deal nears, but uncertainty remains as military threats return
U.S. Treasury Secretary Scott Bessent said the U.S. and Iran are close to reaching a deal to end the fighting, but President Trump has not approved it yet and the White House still wants the final plan to meet several core conditions.
Bessent said at the White House, “We now have the basis for a deal.” He also revealed that the two sides have been exchanging proposals. “It all depends on the president's decision, and President Trump will never accept a deal that damages U.S. interests.”
Bessent said Iran must agree to dispose of highly enriched uranium, pledge never to develop nuclear weapons, and fully restore transit through the Strait of Hormuz. U.S. officials previously said these items would be included in the memorandum of understanding.
Earlier, a U.S. official said the two countries were close to a 60-day deal that would phase out the blockade in the strait during the first 30 days.
If finalized, the deal would be the first step in a phased framework agreement. The U.S. hopes to use the framework to push Iran to sharply scale back its nuclear program over the coming decades, including clearing out highly enriched uranium. Even if talks continue for at least another two months, the deal would almost certainly force the Trump administration to partially adjust its military objectives.
Iran's semi-official Tasnim News Agency reported Thursday that Iran said the final text of the deal has not yet been completed. Iran said that if a deal is reached, the main third party involved in mediation, Pakistan, would make the announcement.
Iran has put forward several demands: unfreezing assets seized overseas under U.S. sanctions, retaining its own management rights over the Strait of Hormuz, including whether to charge passing ships a transit fee, and ensuring that the ceasefire also leads to a long-term ceasefire in Lebanon.
Iranian officials worry that Trump could tear up the deal under Israeli influence.
At a cabinet meeting on Wednesday, Trump said he would not sign any Iran-related deal unless Arab countries such as Saudi Arabia join the Abraham Accords, the series of agreements that normalize relations with Israel. Although the U.S. midterm elections are approaching in November, Trump also said he was in no hurry to finalize a deal.
Trump has repeatedly threatened that if Iran refuses to sign, the U.S. will fully resume military strikes, then later walked back the remarks several times. Bessent repeated the threat again on Thursday.
U.S. officials said Iran's Supreme Leader Mujtaba Khamenei had previously approved the broad outline of the framework deal, but the final plan still needs his formal approval. Iranian officials have recently also said a deal is close, while acknowledging differences remain.
The two countries had previously fought a 39-day conflict. Iran's military and senior leadership were dealt heavy blows, and Iran also attacked energy facilities in several Gulf states and blocked the Strait of Hormuz, through which about one-fifth of the world's oil shipments pass.
Since early April, the U.S. and Iran have agreed to a fragile ceasefire in an effort to end the conflict entirely, but international energy prices have kept rising and Iran, the U.S. and the global economy have all suffered obvious shocks.
The U.S. and Iran exchanged fire twice again this week. On Thursday, Iran fired a ballistic missile at Kuwait, and it was successfully intercepted.
The proposed framework lays out the following: within 30 days, the two sides must lift their mutual maritime blockades and pledge to stop hostilities; it also spells out phased benefits for Iran, starting with gains from lifting the blockade on the strait and, if a full nuclear deal later takes effect, additional concessions. The full framework would run for 60 days and could be extended.
U.S. officials said that over the next two months, the U.S. will move ahead under the deal by gradually unfreezing Iranian funds and considering easing some sanctions. A senior Trump administration official said all of this would depend on verifying that Iran is strictly complying with the terms.
Bessent said the U.S. will continue its all-around economic pressure campaign on Iran and announced sanctions on the body responsible for managing transit through the Strait of Hormuz. He then warned that the U.S. would also act against Oman if it helped collect transit fees from passing ships.
If a comprehensive nuclear deal is ultimately reached, sanctions relief on Iran could be broader than under the 2015 Iran nuclear deal signed by former President Obama. That deal lifted most secondary sanctions, but did not repeal core laws, and U.S. banks, firms and individuals were still barred from dealing with Iran.
Some former U.S. officials and experts are not optimistic about a detailed final nuclear deal, saying Iran may not scale back its nuclear program as much as the White House wants. That could leave Iran facing broad U.S. and international sanctions, while the U.S. and its allies would remain concerned about the scale and pace of Iran's nuclear development.
At present, international inspectors can no longer access most of Iran's key nuclear facilities.
U.S. officials said the delay in moving the deal through final approval is partly due to Iran's complex decision-making structure. In the past, the Supreme Leader would be deeply involved in consultations and decisions on core matters such as national security and relations with the U.S. But Khamenei is reportedly currently in hiding and cut off from much of Iran's top leadership, making his stance hard to communicate and adding uncertainty to the talks.
Iranian officials have repeatedly accused the White House of constantly changing the negotiating terms and of taking military action during the talks.
The deal talks are being advanced by the U.S. and Iran with mediation from Pakistan, while the U.S. also remains in contact with Israel, several Gulf states and other regional allies.
