Sunday 24 May 2026 9:43 am
| Updated:
Sunday 24 May 2026 9:44 am
President Donald Trump has teased a peace deal with Iran. (AP/Alex Brandon)
President Trump has said that a peace deal with Iran is “near” as the Strait of Hormuz could re-open within days.On Saturday, Trump said the key trading route would be re-opened in the terms of a deal to be “announced shortly”. He wrote on a social media post: “Final aspects and details of the Deal are currently being discussed, and will be announced shortly.”He also said he had discussed the terms of the deal with countries in the Gulf region as well as Israel’s Prime Minister Netanyahu. The UAE and Jordan were among a number of countries pleading for Trump to find a deal and re-open the Strait of Hormuz.The deal could feature a framework agreement and a 60-day ceasefire, with negotiations to take place on specific details in following days, Axios reported. The Strait of Hormuz would open in a ceasefire with no tolls while Iran would be able to resume oil sales, according to Axios. The country would also be charged with clearing mines it has deployed and the US would lift some sanctions on oil from the country. Trump statement welcomed by StarmerReports have also suggested that Iran agreed to surrender its uranium stockpile, a critical issue for the US and Israel. An Iranian source told Reuters: “The nuclear issue will be addressed in negotiations for a final agreement and are therefore not part of the current deal.”The UK will suffer the consequences of disruption that has lasted at least three months, with the effects to trickle in over the next year. The OECD has said that the UK would suffer a larger hit to growth than other G7 nations while inflation could race past six per cent in the worst case. Sir Keir Starmer said he welcomed progress on the deal. Chief secretary to the Prime Minister Darren Jones told broadcasters he wanted a swift resolution to lessen the economic impact on the UK. “We’ve had to prepare ourselves for the domestic implications of the conflict in the Middle East on the UK economy and the sooner we are able to get to the point of de-escalation and, crucially, get the Strait of Hormuz open again for the flow of oil and trade, the better for all of us,” he told Sky News. “I think what is really the question here is how we get the Strait of Hormuz open, how the Americans and others can help to clear mines that may have been laid in the Strait of Hormuz, so that commercial shipping companies have the confidence again to be able to travel through it.”
