Story perspectives

US, Iran Negotiate One-Page Deal to Reopen Hormuz, Lift Sanctions

5/7/2026

Summary

Story summary

Negotiators are drafting a one-page memorandum to halt Iran’s uranium enrichment, lift U.S. sanctions and reopen the Strait of Hormuz.
U.S. Treasury Secretary Scott Bessent urged China to press Tehran to end the Hormuz blockade, calling it a global security threat.
China said the Hormuz disruption threatens about 40 percent of its oil imports and could raise global fuel prices, prompting a push for swift reopening.

History

Historical Context

In 2015, the Joint Comprehensive Plan of Action (JCPOA) was signed, capping Iran’s uranium enrichment and lifting U.S. sanctions. The agreement, brokered by Barack Obama, the European Union and the International Atomic Energy Agency, limited enrichment to 3.67% and unlocked $150 billion of frozen assets. Today, U.S. Treasury Secretary Scott Bessent urges China, which imports roughly 40 percent of its oil through Hormuz, to pressure Tehran to reverse its blockade. If diplomatic momentum mirrors the 2015 deal, reopening the strait could stabilize global fuel prices and restore billions in trade flows.

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Story summary

Negotiators are drafting a one-page memorandum to halt Iran’s uranium enrichment, lift U.S. sanctions and reopen the Strait of Hormuz.
U.S. Treasury Secretary Scott Bessent urged China to press Tehran to end the Hormuz blockade, calling it a global security threat.
China said the Hormuz disruption threatens about 40 percent of its oil imports and could raise global fuel prices, prompting a push for swift reopening.

1 / 2