U.S. and Iran Close One-Page Memo, While Trump Pauses Strait of Hormuz Escort

The United States and Iran are “closing in on one-page memo to end war,” with the deal described as involving Iran committing to a moratorium on nuclear enrichment and the U.S. agreeing to lift its sanctions and release billions in frozen Iranian funds. In parallel, President Donald Trump paused a short-lived U.S. effort to guide stranded vessels out of the Strait of Hormuz, while China’s foreign minister Wang Yi told Iranian Foreign Minister Abbas Araghchi that “a comprehensive ceasefire is urgently needed.” The conflict has lasted “for more than two months,” according to Wang, and his remarks came after Araghchi’s first visit to Beijing since the war with the U.S. and Israel started Feb. 28. The Business Standard report also said the strait has been virtually shut since Feb. 28, with air attacks blocking about 20 per cent of world oil supplies and igniting a global energy crisis.

Iran’s Foreign Minister Abbas Araqchi said in Beijing that “We only accept a fair and comprehensive agreement,” while he did not directly address Trump’s offer of a pause in the U.S. operation to escort ships through the Strait of Hormuz. In Washington, Marco Rubio told reporters the United States was “fully focused” on the new mission and that the war on Iran had moved into a separate, post-combat phase, before Trump later suspended the escort operation. Trita Parsi, executive vice president of the Quincy Institute for Responsible Statecraft, said “both sides are making maximalist demands,” arguing that “diplomatic solution is unlikely.” On the question of whether a U.S. Navy vessel was struck, Democracy Now! reported that Iran’s state media said “Two missiles hit a U.S. Navy vessel in the Strait of Hormuz,” while the U.S. says no vessel was struck.

The dispute over the Strait of Hormuz has been tied directly to energy and economic pressure, with Democracy Now! reporting U.S. gas prices reached $4.45 a gallon, up nearly 50% since the war began. The Business Standard report said the strait’s closure blocked about 20 per cent of world oil supplies and roiled the global economy, while the International Monetary Fund head said on Tuesday that even if the conflict ended immediately, it would take three to four months to deal with the consequences. The Fiscal Times also framed domestic stakes for the Trump administration, noting Senate Republicans released details of a roughly $72 billion reconciliation package and that lawmakers were racing to meet Trump’s June 1 deadline. In the diplomacy track, China’s Lin Jian said Beijing has made clear that the relevant sides must act “with prudence” and resolve the conflict through dialogue in order to restore peace, as the May 14-15 trip with Xi Jinping was described as Trump’s first visit to China during his second term.