U.S. President Donald Trump is set to make a final decision on Friday over a deal with Iran to extend their ceasefire that would need to include opening the Strait of Hormuz and dismantling Tehran's capacity to make a nuclear weapon.
The White House has confirmed that Trump will be meeting in the Situation Room to make this final determination, which marks a significant development in the ongoing crisis between the U.S. and Iran.
Sources had indicated that a deal was in the offing to extend a truce in place since early April for another 60 days, allowing oil and gas shipments to resume through the strategic waterway while negotiators tackle tricky issues such as Iran's nuclear program.
The potential deal has sparked hopes of a reduction in tensions between the two countries, but also raises concerns about the implications for regional stability and global security.
Trump stated that Iran must agree to never possess a nuclear weapon or bomb, and that the Hormuz Strait must be immediately open with no tolls for unrestricted shipping traffic.
The U.S. has been seeking to dismantle Iran's nuclear program since 2018, when the Trump administration withdrew from the Joint Comprehensive Plan of Action (JCPOA) agreement with Iran.
Iran's top negotiator Mohammad Baqer Qalibaf had sounded sceptical about the deal, stating that 'words are not enough' and that actions must be taken before any agreement can be reached.
The ongoing conflict has already claimed thousands of lives in Iran and Lebanon, and has pushed up energy prices globally due to Iran's closure of the Strait of Hormuz.
A successful deal could ease global economic pain, while a failure could lead to further instability and increased tensions between the U.S. and Iran.
The deal's success hinges on Iran's willingness to disarm and cooperate.
