As part of the deal, Iran gets rewarded economically if they meet their obligations, a senior administration official said Friday.

Iran has reportedly agreed in principle to a US-backed deal covering the Strait of Hormuz, frozen assets and future nuclear talks, pending final approval.

DUBAI: A report from Axios said that US and Iran are close to signing a memorandum of understanding, which particularly calls for the immediate reopening of the Strait of Hormuz…

The two sides say they are close to an agreement to end a war that has left everyone badly bruised.