Proposed U.S.-Iran deal would unblock Hormuz, lift U.S. sanctions – reports in International Shipping News 12/06/2026 A proposed peace deal between the U.S. and Iran would include a commitment from Tehran to reopen the Strait of Hormuz and a promise from Washington to lift oil sanctions, according to reports in Iranian state media on Friday. Iran’s Mehr news agency said that a Memorandum of Understanding (MoU) with the U.S. would also include the release of frozen Iranian funds, adding that final negotiations will focus on nuclear and economic issues. However, discussions about Iran’s missile program will be excluded, Mehr reported. The draft requires the finalization by relevant authorities, the report said. Brent crude futures, the global oil benchmark, were last down by 4.3% at $86.47 a barrel. The contract slipped below $90 a barrel on Thursday after U.S. President Donald Trump suggested that an agreement to end the war in Iran, now in its fourth month, may be close. On Thursday, Trump said a deal had been reached with Iran and that a final document could be signed soon, perhaps even over the weekend. Speaking to reporters, Trump said the U.S. and Iran had reached a deal to unblock the Strait of Hormuz — a vital conduit for a fifth of the world’s oil and gas which has been effectively shuttered for months — and end an American naval blockade of Iran’s ports. “We just made a great settlement of the war with Iran, and we’re going to be subject to finalization of documents, which should get done over the next few days. We’ll probably have a signing, maybe in Europe,” Trump said. He later told supporters at a virtual rally “we ended the war with Iran today,” and that the country had agreed “never to have a nuclear weapon.” Earlier, Trump backtracked on fresh attacks he had promised to launch against Iran, calling off strikes and bombings scheduled for Thursday evening. He also suggested that “discussions and final points” on a peace deal with Iran had been “approved