The armed clashes between the United States and Iran are moving toward an end 85 days after the war began. U.S. President Donald Trump said on the 23rd (local time) on the social media platform Truth Social that a peace agreement related to Iran has entered the final stage of closure. He disclosed that he held a video call from the Oval Office with the top leadership of Saudi Arabia, the United Arab Emirates, Qatar, Pakistan, Türkiye, Egypt, Jordan and Bahrain, emphasizing that "agreements between the United States and Iran, and among various countries, have been largely reached, with only final confirmation remaining."
Trump said on Truth Social, "We are currently discussing the final matters and details of the agreement and will announce it soon." In particular, regarding the maritime blockade identified as a cause of the global logistics crisis, he specified that "the Strait of Hormuz will be opened, along with many other elements to be included in the agreement." He added that a separate phone call held with Israeli Prime Minister Benjamin Netanyahu also wrapped up smoothly.
In a CBS interview the same day, Trump also offered an optimistic outlook on the possibility of a deal with Iran, saying "we are getting quite close" and "it is getting better by the day." However, in this interview he made clear he intends to keep the initiative, saying "I will sign only a deal in which we get everything we want." He said he is reviewing a proposal sent by Iran, but also hinted he could take strong military action if a deal falls through, saying "the chances are 50-50 whether we make a good deal or completely smash it."
Iranian authorities are also showing a more flexible stance in talks than before. Esmail Baghaei, the Iranian Foreign Ministry Spokesperson, said the same day, "We are currently working to finalize the memorandum of understanding." In a proposal delivered to the United States through mediators, Iran set the formal end of the war and resolution of the strait crisis as top priorities. The contentious nuclear issue and sanctions relief would be addressed through follow-up negotiations after a cessation-of-hostilities agreement is signed, with a grace period of up to about 60 days.
Behind the rapid tilt toward negotiations, from a relationship that had been debating whether to resume bombing, lies the back-channel diplomacy of mediating countries. Pakistan served as a key liaison channel between the United States and Iran, with the top military leadership holding successive meetings with Iran's leaders in Tehran. Expectations for a breakthrough rose further as Qatari officials joined the mediation effort. U.S. Secretary of State Marco Rubio also bolstered the prospect of a diplomatic settlement, saying "there has been a bit of movement and that is a good thing."
Economists said that if the Strait of Hormuz, a key maritime corridor, returns to normal traffic with the agreement, it could significantly ease upward pressure on energy prices. Patrick O'Hare, chief analyst at Briefing.com, told Bloomberg, "If a peace deal is reached, the expectation is dominant that high interest rates and high oil prices will fade from the main concerns of investors, and there will be additional momentum to extend the bull market."
However, pushback from hard-liners in the U.S. Congress remains a variable. Roger Wicker, the Republican chair of the Senate Armed Services Committee, strongly called for resuming bombing without compromise, saying "we must finish what we started." Republican Sen. Lindsey Graham, known for a pronounced pro-Israel stance, also voiced caution, saying "if you make a cessation-of-hostilities deal because you believe you cannot protect the Strait of Hormuz from Iranian terror, it will be a nightmare for Israel." Major outlets reported that the key will be how the U.S. goal of permanently blocking Iran's nuclear weapons and Iran's demand for sanctions relief find a compromise in last-minute detail work.