President Trump announced on May 23 that a draft framework to end the 2026 Iran war has been “largely negotiated,” bringing the most consequential military conflict in years one step closer to resolution. The proposed deal includes reopening the Strait of Hormuz, the narrow waterway through which roughly a fifth of the world’s oil supply passes on any given day.
The framework takes the form of a one-page, 14-point memorandum of understanding. It outlines a cessation of hostilities and establishes a 30-day window for deeper negotiations on Iran’s nuclear program and sanctions relief.
What’s in the deal, and how we got here
The conflict traces back to US and Israeli military strikes launched on February 28, 2026, after earlier diplomatic efforts fell apart. Those strikes escalated into a broader confrontation that rattled global energy markets and forced shipping companies to reroute around the Persian Gulf at enormous cost.
A two-week ceasefire brokered by Pakistan began on April 8, 2026. That ceasefire has since been extended as talks continued.
