U.S. and Iranian officials are negotiating a memorandum of understanding that could halt fighting and reopen the Strait of Hormuz for shipping, though President Trump disputed media reports about the deal's specifics. The agreement would pause hostilities while launching 60 days of nuclear negotiations, leaving major issues unresolved.

Iran would lift restrictions on the strait and allow ship passage during talks, while the U.S. would end its naval blockade of Iranian ports. Both sides want to claim victory from the deal, but Israeli officials worry Iran might avoid meaningful nuclear concessions. The framework stops short of addressing Iran's highly enriched uranium stockpile.

Vice President JD Vance and Iran's parliamentary speaker Gen. Mohammad Bagher Ghalibaf would lead their respective delegations at a potential Geneva signing. Future negotiations would tackle sanctions relief on oil sales and banking transactions, contingent on Iranian nuclear concessions.

The deal mirrors previous stop-start negotiations but includes wording changes. U.S. officials have not verified details, creating uncertainty around implementation. Markets will watch closely as Middle East tensions directly impact global energy supply routes.