US-Iran Nears 60-Day Agreement; Military Threats Escalate Again
US Treasury Secretary Scott Bessent said the US and Iran are close to reaching an agreement to end the war, but the final plan has not yet been approved by President Trump, and the White House wants the text to meet several core conditions.
'We have a basis for an agreement right now,' Bessent said at the White House. He added that the two sides have been exchanging proposals, and whether a deal is finally signed 'all depends on the president's decision.'
Bessent outlined that Iran must agree to dispose of highly enriched uranium, pledge never to develop nuclear weapons, and fully reopen navigation in the Strait of Hormuz. US officials had previously said these elements would be included in a memorandum of understanding.
Earlier, US officials said the two sides were nearing a 60-day agreement, under which both sides would gradually lift the blockade in the Strait during the first 30 days. If finalized, this would be the first phase of a phased framework.
The US hopes to use this framework to push Iran to significantly scale back its nuclear program over the coming decades, including clearing stockpiles of highly enriched uranium. Even if negotiations continue for at least another two months, this agreement would almost certainly force the Trump administration to partially adjust its operational objectives.
Iran's semi-official Tasnim news agency reported Thursday that Iran said the final text of the agreement has not been drafted yet. Iran said if a deal is reached, Pakistan, the main third-party mediator, would make the official announcement.
Iran has made several demands, including unfreezing assets held abroad due to US sanctions, retaining control over the Strait of Hormuz, and using this ceasefire to also achieve a long-term ceasefire in Lebanon. Iranian officials fear that Trump, under Israeli influence, might tear up the agreement.
At Wednesday's cabinet meeting, Trump said he would not sign any Iran-related agreement unless Gulf Arab states like Saudi Arabia join the Abraham Accords. Despite the approaching US midterm elections in November, Trump also said he was in no rush to finalize the deal.
Trump has repeatedly threatened to resume full military strikes if Iran refuses to sign, only to later withdraw those statements. Bessent reiterated that threat Thursday.
US officials said Iran's Supreme Leader Mojtaba Khamenei has already endorsed the broad outlines of the framework, but the final plan still requires his formal approval. Iranian officials have recently said the deal is close, while acknowledging remaining differences.
The two countries have already been in conflict for 39 days. Iran's military and leadership have suffered heavy losses, while Iran has struck energy facilities in several Gulf states and blockaded the Strait of Hormuz, through which about one-fifth of the world's oil flows.
Since early April, the two sides have maintained a fragile ceasefire aimed at ending the conflict, but international energy prices have remained high, and Iran, the US, and the global economy have all felt significant impact. This week, the two sides have clashed again twice, with Iran firing a ballistic missile at Kuwait on Thursday, which was successfully intercepted.
The framework agreement outlines arrangements: both sides must lift mutual maritime blockades within 30 days and pledge to cease hostilities; it also clarifies the phased benefits for Iran. The entire framework is valid for 60 days and can be extended.
US officials said that over the next two months, the US will proceed according to the agreement, gradually unfreezing Iranian assets and considering easing some sanctions, provided that Iran is verified to be strictly complying with the terms.
Bessent said the US will continue its comprehensive economic pressure policy on Iran and announced sanctions on the Iranian agency responsible for managing navigation in the Strait of Hormuz. He also warned that if Oman helps collect tolls from passing ships in the Strait, the US will take action.
If a comprehensive nuclear deal is eventually reached, the easing of sanctions on Iran could be greater than the 2015 nuclear deal signed by former President Obama. That deal lifted most secondary sanctions but did not repeal core legislation, meaning US banks, companies, and individuals were still barred from doing business with Iran.
Some former US officials and experts are not optimistic about reaching a detailed final nuclear deal, arguing that Iran may not significantly scale back its nuclear program as demanded by the White House. This could lead to continued broad sanctions on Iran from the US and international community, with the US and allies remaining suspicious of the scale and pace of Iran's nuclear program.
International inspectors currently cannot access most of Iran's key nuclear facilities. US officials said Iran's complex decision-making system is a major obstacle to finalizing the agreement. Iranian officials have repeatedly accused the White House of changing negotiating terms and taking military action during consultations.
The negotiations are being facilitated by Pakistan, with both the US and Iran also communicating with regional allies including Israel and several Gulf states.
