Trump Says Iran Ceasefire Deal Could Be Reached This Weekend... Strait of Hormuz Reopening Imminent

[Financial News, New York = Lee Byung-chul]President of the United States Donald Trump said he could sign a ceasefire agreement with Iran as early as this weekend. If a deal is reached, it would mark the end of the Middle East war that has lasted for more than three months and reopen the Strait of Hormuz, a key route in the global energy supply chain.
Speaking to reporters at the White House on June 11, Trump said, "We just reached a great deal on the war with Iran," adding, "As soon as the signing takes place, the Strait of Hormuz will officially be open." He added, "That moment could come very soon, and it could even be this weekend by European time."
Trump also suggested that a deal was close by mentioning Vice President JD Vance as the U.S. signatory.
The remarks came shortly after Trump withdrew a previously considered plan for additional military strikes against Iran. He said he had put the military option on hold because negotiations were making progress.
Iran's semi-official Fars News Agency reported that Tehran is likely to approve the agreement. However, the Iranian government has not yet issued an official statement.
According to multiple Iranian sources, the two sides have already reached a political understanding, but details still need to be worked out. One of the biggest sticking points is how to release tens of billions of dollars in Iran's oil revenues that have been frozen at overseas financial institutions.
The sources said the deal includes a temporary easing of Iran's control measures over the Strait of Hormuz and the end of the U.S. blockade of Iranian ports.
By contrast, issues involving Iran's nuclear program and its stockpile of highly enriched uranium are expected to be left out of this round of talks and carried over to follow-up discussions.
News of progress in the talks pushed U.S. stock market higher and sent international oil prices lower. Markets appeared to interpret the possible normalization of the Strait of Hormuz, through which a large share of the world's oil shipments passes, as a sign that Middle East risks are easing.


pride@fnnews.com Lee Byung-chul Reporter