BlockBeats News, May 25th, The New York Times reported that U.S. President Trump stated that the U.S. and Iran have reached a "basic agreement," which may include ending the conflict, reopening the Strait of Hormuz, and lifting some of the sanctions on Iran. However, there are still significant differences between the U.S. and Iran regarding the details of the agreement.

According to multiple Iranian officials, Iran has agreed to a memorandum of understanding, which includes ceasing various conflicts across multiple lines, restoring commercial navigation in the Strait of Hormuz with no toll charges, the U.S. lifting its naval blockade on Iran, and releasing around $250 billion of Iran's frozen overseas assets.

U.S. officials have stated that one of the key aspects of the agreement is that Iran has tentatively agreed to give up its stockpile of highly enriched uranium, but the specific process will be left to be resolved in future nuclear talks. The Iranian side has indicated that the nuclear issue will continue to be discussed in the next 30 to 60 days.

The report mentions that since the U.S. launched strikes against Iran in February this year, the Strait of Hormuz has been blocked for a long time, putting continuous pressure on the global energy market. Currently, about 1,500 ships are stranded near the Persian Gulf, and even if the agreement is formally reached, it may take several weeks or even months for shipping to return to normal.

In addition, Israeli Prime Minister Netanyahu has had multiple phone calls with Trump. The U.S., Saudi Arabia, Qatar, the UAE, Pakistan, and other countries have recently been involved in related mediation. Some hawkish Republicans in the U.S. have expressed concerns about the agreement, believing that allowing Iran to continue to retain nuclear capabilities would be a "disastrous mistake."