U.S. and Iran Reach Initial Agreement on Ceasefire and Asset Release

The United States and Iran have reached a preliminary agreement that includes a comprehensive cessation of hostilities, gradual release of Iran’s frozen assets, and an end to restrictions on maritime traffic through the Strait of Hormuz. The accord restores the situation to the terms originally intended after an earlier ceasefire announcement.

Under the new measures, commercial traffic through the Strait will resume under joint Iranian and Omani oversight.

The parties now have 30 days to negotiate a final agreement addressing both the nuclear file and the long-term status of the Strait. Significant progress has already been made on the nuclear issue, with broad principles reportedly agreed upon. The initial agreement also calls for the gradual release of Iran’s frozen assets and limited sanctions relief once the first-phase measures take effect.

The agreement was reached after consultations with multiple regional governments. Officials from several Middle Eastern states expressed support for the diplomatic path. media reporting, May 2026 Domestic reactions in both countries will determine whether the 30-day window produces a durable final accord.

Both sides have been urged to avoid triumphalist statements that could strengthen opposition to the deal.