Iran’s Foreign Minister Seyed Abbas Araghchi said that a deal with the United States to end hostilities is close to being finalised, with the proposed agreement expected to include the reopening of the strategic Strait of Hormuz, the release of frozen Iranian assets and measures to support Iran’s post-war reconstruction.
Speaking to Iranian state television, Araghchi said the proposed memorandum of understanding (MoU) is designed to consolidate what Tehran views as gains achieved during the recent conflict with the United States and Israel.
He described diplomacy as a means of securing those gains through a formal agreement. According to Araghchi, the first element of the proposed deal concerns the lifting of what Iran calls an “illegal naval blockade” imposed by the United States, the state media reported.
He said Iran and Oman are working on a joint legal and operational mechanism to regulate transit through the Strait of Hormuz, a critical route for global oil and liquefied natural gas shipments.
The framework is expected to be announced within 60 days, while Iranian armed forces would continue to be responsible for security in the waterway.
The Iranian Foreign Minister also revealed that the agreement under discussion includes an economic reconstruction plan aimed at repairing war-related damage and injecting substantial financial resources into the country’s economy.
The plan would reportedly include compensation provisions, though details remain under negotiation.
Araghchi said the diplomatic process is structured in two phases. The first involves reaching an initial MoU, while the second would focus on negotiating a comprehensive final agreement.
He said several drafts have already been reviewed by Iran’s key decision-making institutions, including the Supreme National Security Council. He further stated that Iran’s frozen assets would be released upon the signing of the MoU, which could be finalized in the coming days, possibly through a digital signing process.
Sensitive issues related to Iran’s nuclear programme, including uranium enrichment and the handling of highly enriched uranium, have been deferred to the second phase of negotiations.
Araghchi said Tehran maintains that any management of highly enriched nuclear material must take place within Iran.
Discussions on broader sanctions relief are also expected during the next stage.
Sanctions relief is also expected to be addressed during that stage. Araghchi stated that Iran’s position is that any handling of highly enriched materials must take place inside the country.
On regional issues, he said Lebanon remains central to Iran’s strategic considerations and described Iran’s response to recent developments as part of a broader “strategic achievement.” He also said that a comprehensive framework would include a ceasefire mechanism across multiple fronts, including Lebanon, with mutual commitments by all parties not to initiate force and respect for sovereignty.
He emphasized that the process remains reversible if sufficient progress is not achieved during the second phase, expected to last about 60 days, with the possibility of extension by mutual agreement.
The war began with US and Israeli strikes on Iran on February 28, prompting Iranian attacks on Israel and US-aligned Gulf states and effectively disrupting traffic through the Strait of Hormuz.
Although a ceasefire was reached in April, sporadic exchanges of fire have continued. US President Donald Trump said on Thursday that he had cancelled “scheduled attacks” on Iran because negotiators had “just made a great settlement” that could be signed soon. However, after Iranian media published details of an alleged 14-point agreement on Friday, Trump dismissed the reports, saying they had “nothing to do with the terms that were agreed to” and “bear no relation to the truth.”
