U.S.-Iran Close to Ceasefire Deal; U.S. Reiterates Military Threat and Sanctions Pressure

Treasury Secretary Scott Bessent said Thursday that the U.S. and Iran are close to reaching an agreement to end the war, but President Trump has not yet approved it, and the White House wants the final plan to meet several core conditions.

Bessent said at the White House: "We have a basis for an agreement now." He also revealed the two sides have been exchanging proposals. "It all depends on the president's decision. President Trump will never accept a deal that harms U.S. interests."

Bessent stated that Iran must agree to dispose of highly enriched uranium, commit to never developing nuclear weapons, and fully reopen navigation through the Strait of Hormuz. U.S. officials had previously said these items would be included in the memorandum of intent.

Earlier, a U.S. official said the two countries are close to a 60-day agreement requiring both sides to gradually lift the blockade in the strait within the first 30 days.

If finalized, this would be the first step of a phased framework agreement. The U.S. hopes to use the framework to push Iran to significantly scale back its nuclear program over the coming decades, including eliminating stocks of highly enriched uranium. Even if the two sides continue talks for at least another two months, the agreement would almost certainly force the Trump administration to partially adjust its combat objectives.

Iran's semi-official Tasnim news agency reported Thursday that Iran said the final text of the agreement has not yet been completed. Iran said if a deal is reached, it would be officially announced by Pakistan, the main third-party mediator.

Iran has made several demands: unfreezing assets seized abroad due to U.S. sanctions, retaining its right to manage the Strait of Hormuz, including charging tolls on passing vessels, and also requiring that this ceasefire help achieve a long-term ceasefire in Lebanon.

Iranian officials worry that under Israeli influence, Trump might tear up the agreement.

At a cabinet meeting Wednesday, Trump said he would not sign any agreement involving Iran unless Saudi Arabia and other Arab countries join the Abraham Accords (the normalization series with Israel). Despite the approaching U.S. midterm elections in November, Trump said he is not in a hurry to finalize the deal.

Trump has repeatedly threatened to fully resume military strikes if Iran refuses to agree, only to later retract those statements. Bessent reiterated that threat Thursday.

U.S. officials said Iran's supreme leader, Mojtaba Khamenei, has already endorsed the general content of the framework agreement, but the final plan still requires his formal approval. Iranian officials have also said a deal is near, while acknowledging differences remain.

The two countries had been in conflict for 39 days. Iran's military and leadership suffered heavy losses, while Iran attacked energy facilities in several Gulf states and blockaded the Strait of Hormuz, through which about one-fifth of global oil passes.

Since early April, a fragile ceasefire between the U.S. and Iran has sought to completely end the conflict, but international energy prices have remained high, significantly impacting Iran, the U.S., and the global economy.

This week saw two more exchanges of fire. On Thursday, Iran fired a ballistic missile at Kuwait, which was successfully intercepted.

The framework agreement outlines arrangements: both sides must lift mutual maritime blockades within 30 days and pledge to cease hostilities; it also defines phased benefits for Iran—first lifting the blockade for corresponding gains, with additional benefits if a comprehensive nuclear deal is reached later. The entire framework agreement is valid for 60 days, with possible extension.

U.S. officials said over the next two months, the U.S. will proceed under the agreement, gradually unfreezing Iran's frozen funds and considering easing some sanctions. A senior Trump administration official said these steps would be conditional on verifying Iran's strict compliance with the agreement's terms.

Bessent said the U.S. will continue its comprehensive economic pressure policy against Iran and announced sanctions on the Iranian agency responsible for managing navigation in the Strait of Hormuz. He also warned that if Oman assists in collecting strait tolls from passing vessels, the U.S. would take action against it.

If a comprehensive nuclear deal is ultimately reached, sanctions relief could exceed that of the 2015 nuclear deal under President Obama. That deal lifted most secondary sanctions but did not repeal core legislation, so U.S. banks, businesses, and individuals were still prohibited from dealing with Iran.

Some former U.S. officials and experts are skeptical about reaching a detailed final nuclear deal, arguing Iran may not significantly scale back its nuclear program as required by the White House. This scenario could leave Iran under broad U.S. and international sanctions, while the U.S. and its allies remain concerned about the scale and pace of Iran's nuclear development.

Currently, international inspectors cannot access most of Iran's major nuclear facilities.

U.S. officials said Iran's complex decision-making system is a major obstacle to finalizing the agreement. Historically, Iran's supreme leader has been deeply involved in consultations and decisions on core matters such as national security and relations with the U.S. But Khamenei is reportedly in hiding, isolated from most senior Iranian officials, making his stance difficult to convey and adding uncertainty to the negotiations.

Iranian officials have repeatedly accused the White House of constantly changing negotiating conditions and taking military action during talks.

The agreement negotiations are being facilitated by both sides through Pakistan's mediation, while the U.S. is also communicating with regional allies including Israel and several Gulf states.