Trump Announces Hormuz Reopening; Iran Denies Deal Date

On Saturday, President Trump posted on Truth Social that a U.S.-Iran agreement would be signed on Sunday, June 14, and that the Strait of Hormuz would reopen to all shipping immediately afterward. Iran’s foreign ministry rejected a June 14 signing.

Trump described the proposed deal as the opposite of the 2015 nuclear accord and wrote that it contains no cash provision. He posted: “My Agreement with Iran is the exact opposite, A WALL TO NO NUCLEAR WEAPON! In fact, they no longer want a Nuclear Weapon, nor will they have one, either through purchase, development, or any other form of procurement.” He wrote that U.S. forces would later retrieve and destroy nuclear material buried beneath Iranian mountains, which he attributed to prior B-2 strikes, and added a military option remained if diplomacy failed: “If it doesn’t, we have the ultimate alternative, hopefully never to be used again.”

Iranian Foreign Ministry spokesperson Esmaeil Baghaei rejected the June 14 timeline, citing hesitation and instability on the American side as talks continue. Deputy Foreign Minister Seyed Abbas Araghchi told reporters the agreement had “never been closer” and urged the public to await an official announcement. State outlets advised readers to treat the U.S. claims skeptically until Tehran confirms details.

Prediction markets showed uncertainty about the timing of any pact. The market tracking a U.S.-Iran agreement recorded $47.1 million in trading since late May and assigned a 39% probability to a June 14 resolution, 50% to June 15 and favored a July 31 outcome at 89%. A separate market on whether the president would officially declare the April ceasefire over put June 15 at 1% and June 30 at 10%.

A confirmed reopening of the Strait of Hormuz would reduce pressure on global oil prices, lower shipping insurance costs and ease supply strains for fuel and fertilizer, analysts note. The waterway handles about 20% of seaborne oil and liquefied natural gas trade, roughly 10 million barrels per day. Earlier disruptions pushed Brent crude above $126 per barrel. After Trump’s statements Saturday, bitcoin traded above $64,000.

The confrontation began with Operation Epic Fury on Feb. 28, when U.S. and Israeli strikes targeted Iranian nuclear and military sites. Iran responded with missile and drone attacks and ordered an IRGC blockade of the Strait. Partial ceasefire efforts in April produced limited results, and the United States imposed a naval blockade on Iranian ports from mid-April. Renewed U.S. airstrikes around June 10 raised tensions before Washington paused follow-on operations on June 11, citing diplomatic progress.

Pakistan has acted as intermediary for talks held in Islamabad. Prime Minister Shehbaz Sharif and army chief Field Marshal Asim Munir hosted negotiations; Sharif announced negotiators had reached a “final, agreed-upon text” and predicted an imminent signing. As of late Saturday afternoon Eastern time, no signing had taken place and timelines from the two sides remained in conflict.