United States and Iran edge toward a deal while Strait of Hormuz blockade remains in place

U.S. President Donald Trump said Washington’s blockade of the Strait of Hormuz would stay in place until the United States and Iran finish an agreement, even as officials and media reports suggested the two sides were edging closer to a deal that could reopen the critical shipping route ^[1][3]. The standoff in the Strait of Hormuz, a narrow maritime chokepoint for global energy shipments, remained the central pressure point in negotiations as of May 24, 2026 ^[1][3].

In social-media posts, Trump signaled caution about the pace and status of the talks, writing that he would not “rush into a deal,” adding that it “isn’t even fully negotiated yet” ^[1][5]. Trump also said the blockade would remain until an agreement with Iran was completed, underscoring that the administration was treating access through the strait as leverage rather than a confidence-building step ahead of a final accord ^[1][3].

Behind the scenes, a U.S. official told The New York Times there was an “agreement in principle” that would reopen the Strait of Hormuz, tied to a commitment by Iran to dispose of its highly enriched uranium as of May 24, 2026 ^[4]. That account pointed to a potential trade: relief in the strait in exchange for a major nuclear concession, though the official’s description also suggested key details still needed to be finalized ^[4].

Iranian media, however, framed the situation differently, reporting that the Strait of Hormuz would remain under Iranian control despite any deal ^[2][2][3]. The reporting highlighted a gap in public messaging between Washington and Tehran’s media ecosystem, with the U.S. side emphasizing conditions for reopening and Iranian outlets emphasizing sovereignty and control over the waterway ^[2][3][4].

The economic stakes were also being openly discussed inside the Trump administration, with White House National Economic Council chief economic adviser Kevin Hassett linking a potential deal to energy prices and U.S. monetary policy ^[1]. “We expect energy prices, as soon as there’s a deal, to plummet,” Hassett said on May 24, 2026, adding that cheaper energy could create room for the Federal Reserve to cut interest rates ^[1]. His comments placed the negotiations in a broader domestic context, suggesting the White House saw a diplomatic breakthrough as a possible tailwind for inflation-sensitive energy costs and, indirectly, borrowing conditions ^[1].

The competing statements left the immediate status of the Strait of Hormuz blockade—and the timeline for any reopening—unclear, with Trump insisting the blockade would not lift until a completed agreement, while a U.S. official described an agreement in principle that would reopen the strait if Iran disposes of highly enriched uranium ^[1][3][4]. As of May 24, 2026, the most concrete signals were Trump’s insistence that he would not “rush” and Hassett’s prediction that energy prices would “plummet” once a deal is reached—two markers that investors and policymakers were likely to watch closely as negotiations continued ^[1][5].