BlockBeats News, May 25th. On May 24th, the Washington Post reported that the U.S. and Iran have reached an agreement on a memorandum of understanding framework. Once signed, it will fully restore shipping in the Strait of Hormuz within 30 days.

The report cited an anonymous senior U.S. official stating that the U.S. and Iran have drafted a memorandum of understanding "framework," including a 60-day ceasefire extension to allow both parties to reach a "final agreement" to permanently end hostilities with Iran pledging not to possess nuclear weapons. During this period, the Strait of Hormuz will be cleared of mines and reopened. The official mentioned that this memorandum of understanding includes a "commitment" from Iran not to possess nuclear weapons. Over the next two months, the U.S. and Iran will discuss the "mechanisms" to enforce this commitment.

However, on the 24th, no agreement was signed by the U.S. and Iran. A diplomatic source familiar with the matter told the Washington Post that once the memorandum of understanding is signed, Iran will immediately reopen the Strait of Hormuz and take measures within 30 days to ensure the waterway is restored to its pre-war status. Additionally, Iran, the U.S., and its allies will announce an immediate halt to all military actions on all fronts, including in Lebanon.

The report also cited an anonymous Iranian official stating that the opening of the Strait of Hormuz will be done in phases. In the first phase, the U.S. will unfreeze $12 billion of Iranian assets, demining work in the Strait of Hormuz will commence, and U.S. sanctions will be lifted. However, the Iranian official mentioned that the memorandum of understanding does not include a nuclear agreement, only a commitment to negotiate on the nuclear issue later, with more details expected to be released on the 25th.