U.S. and Iran Reach Tentative Deal on Nuclear Curbs, Shipping Assurances and Naval Blockade Lift

Treasury Secretary Scott Bessent told reporters at a White House briefing that President Trump has set several red lines for any final agreement. He said Iran must surrender its highly enriched uranium, forgo nuclear weapons, and ensure free navigation through the Strait of Hormuz.

Bessent added that the administration remains patient but that its patience is not unlimited. He stated that if Trump concludes a peace deal cannot be reached, the kinetic option would return.

Bessent stressed the red lines amid a Yonhap report of a tentative deal between the U.S. and Iran. The proposed memorandum of understanding would require Iran to commit not to seek nuclear weapons, turn over its stock of highly enriched uranium, and guarantee unrestricted commercial shipping through the Strait of Hormuz.

As of Tuesday, the terms of the MOU were largely settled, but both sides still required sign-off from their top leaders, Axios reported.

Iranian negotiators indicated they had the necessary approvals and were ready to sign. Iran's Tasnim news agency stated later Thursday that the text of any potential MOU has not yet been finalized or confirmed. Bessent said he spoke with Oman's top envoy to the United States on Thursday morning.

The diplomat assured him that Oman has no plans to impose tolls on vessels transiting the Strait of Hormuz.

Oil prices dipped amid the reports of a tentative deal.