Bloomberg: US and Iran Near Temporary Agreement, Awaiting Iranian Supreme Leader's Decision
According to Bloomberg, the US and Iran may sign a temporary agreement to reopen the Strait of Hormuz on the sidelines of the G7 summit next week. The draft is currently awaiting approval from Iran's Supreme Leader. Following this diplomatic progress and President Trump's cancellation of airstrikes, Brent crude prices have fallen. The agreement could involve unfreezing $24 billion in Iranian assets.
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- 📰 Published: June 12, 2026 at 23:04
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(Central News Agency, Kuwait City, 12th, Comprehensive Foreign Report) According to Bloomberg, citing multiple senior officials, the United States and Iran may sign an agreement to reopen the Strait of Hormuz on the sidelines of the Group of Seven (G7) summit next week.
The report stated that a G7 official and a diplomat from a non-G7 country said a senior Iranian official indicated last night that the two sides are very likely to reach an agreement. Both requested anonymity due to the sensitivity of the matter.
This year's G7 summit will be held from the 15th to the 17th in Evian, in the French Alps. Sources familiar with the matter revealed that neighboring Geneva, Switzerland, is being considered as a potential signing location, and the signing could be completed as early as the 14th.
According to a European official familiar with the situation, the specific terms of this so-called memorandum of understanding still require approval from Iran's Supreme Leader, Mojtaba Khamenei. Since the US and Israel launched strikes against Iran, Mojtaba Khamenei has remained hidden. Qatar and Pakistan, the main mediators, judge that communicating with him could take several days.
An Iranian Foreign Ministry spokesperson said today: "We have not yet reached a final conclusion on any agreement with the United States." However, he also indicated that negotiations have made progress in recent days.
Meanwhile, the official Islamic Republic News Agency (IRNA) quoted the Foreign Ministry spokesperson as reporting that the draft agreement is nearing final completion and is currently awaiting a final decision from Iran's decision-making bodies.
Trump stated yesterday that he had canceled an impending airstrike against Iran and claimed that the agreement was virtually complete.
Energy prices declined further today, with Brent crude prices falling 3.2% to break below $88 a barrel. Although Brent crude, the global benchmark, has still gained nearly 45% so far this year, its price has retreated from a high of $125 a barrel in late April. Part of the reason is that traders are increasingly leaning toward betting on a US-Iran agreement rather than the resumption of full-scale war.
Trump stated that commercial vessels would be able to pass freely through the Strait of Hormuz. However, Iran has not yet confirmed this claim and has previously insisted on retaining control over transit through the strait.
A diplomatic source familiar with the negotiations said the goal of the US and its allies is to restore transit volume through the Strait of Hormuz to normal levels within about a month after the agreement is signed. However, this goal may face complex challenges, as Iran is highly likely to have already laid mines in the strait. The UK and France are currently preparing to assist with mine-clearing operations.
The specific text of the aforementioned memorandum of understanding has not yet been made public. Iran's semi-official Mehr News Agency reported that the agreement would include unfreezing $24 billion in Iranian funds held in foreign banks. However, Trump has previously opposed the idea of unfreezing Tehran's overseas assets.
Mehr News Agency also reported that the agreement stipulates the US will withdraw troops from areas surrounding Iran, lift oil sanctions, and provide a "reconstruction plan" worth approximately $3000 billion to Iran.
The Iranian government stated that due to continuous and intense bombing by the US and Israel, Iran has suffered losses of approximately this magnitude in the war.
The report stated that a G7 official and a diplomat from a non-G7 country said a senior Iranian official indicated last night that the two sides are very likely to reach an agreement. Both requested anonymity due to the sensitivity of the matter.
This year's G7 summit will be held from the 15th to the 17th in Evian, in the French Alps. Sources familiar with the matter revealed that neighboring Geneva, Switzerland, is being considered as a potential signing location, and the signing could be completed as early as the 14th.
According to a European official familiar with the situation, the specific terms of this so-called memorandum of understanding still require approval from Iran's Supreme Leader, Mojtaba Khamenei. Since the US and Israel launched strikes against Iran, Mojtaba Khamenei has remained hidden. Qatar and Pakistan, the main mediators, judge that communicating with him could take several days.
An Iranian Foreign Ministry spokesperson said today: "We have not yet reached a final conclusion on any agreement with the United States." However, he also indicated that negotiations have made progress in recent days.
Meanwhile, the official Islamic Republic News Agency (IRNA) quoted the Foreign Ministry spokesperson as reporting that the draft agreement is nearing final completion and is currently awaiting a final decision from Iran's decision-making bodies.
Trump stated yesterday that he had canceled an impending airstrike against Iran and claimed that the agreement was virtually complete.
Energy prices declined further today, with Brent crude prices falling 3.2% to break below $88 a barrel. Although Brent crude, the global benchmark, has still gained nearly 45% so far this year, its price has retreated from a high of $125 a barrel in late April. Part of the reason is that traders are increasingly leaning toward betting on a US-Iran agreement rather than the resumption of full-scale war.
Trump stated that commercial vessels would be able to pass freely through the Strait of Hormuz. However, Iran has not yet confirmed this claim and has previously insisted on retaining control over transit through the strait.
A diplomatic source familiar with the negotiations said the goal of the US and its allies is to restore transit volume through the Strait of Hormuz to normal levels within about a month after the agreement is signed. However, this goal may face complex challenges, as Iran is highly likely to have already laid mines in the strait. The UK and France are currently preparing to assist with mine-clearing operations.
The specific text of the aforementioned memorandum of understanding has not yet been made public. Iran's semi-official Mehr News Agency reported that the agreement would include unfreezing $24 billion in Iranian funds held in foreign banks. However, Trump has previously opposed the idea of unfreezing Tehran's overseas assets.
Mehr News Agency also reported that the agreement stipulates the US will withdraw troops from areas surrounding Iran, lift oil sanctions, and provide a "reconstruction plan" worth approximately $3000 billion to Iran.
The Iranian government stated that due to continuous and intense bombing by the US and Israel, Iran has suffered losses of approximately this magnitude in the war.
FAQ
What is the temporary agreement regarding the Strait of Hormuz?
It is a proposed agreement between the US and Iran to reopen the Strait of Hormuz for safe transit, reportedly involving conditions such as unfreezing Iranian funds.
How did this news affect crude oil prices?
Brent crude prices dropped below $88 per barrel as the risk of full-scale war receded and the market anticipated the normalization of transit through the Strait of Hormuz.
Who holds the final decision-making power for the agreement?
The agreement requires the approval of Iran's Supreme Leader, Mojtaba Khamenei.