US-Iran deal close but military threats and differences remain

US Treasury Secretary Scott Bessent said the US and Iran are close to reaching a deal to end the war, but the deal has yet to receive President Trump's approval, and the White House wants the final plan to meet multiple core conditions.

Bessent said at the White House that the two sides have the basis for a deal and have been exchanging proposals. He stressed that the final decision is up to the president and that Trump will not accept a deal that harms US interests.

According to the US side, Iran must agree to dispose of highly enriched uranium, pledge never to develop nuclear weapons, and fully restore navigation through the Strait of Hormuz. US officials said these items would be included in a memorandum of intent.

A US official said the two sides may sign a 60-day deal, with the first 30 days gradually lifting the blockade related to the Strait. If finalized, this would be the first part of a phased framework, with the US aiming to push Iran to significantly scale back its nuclear program for decades, including eliminating its stockpile of highly enriched uranium.

Iran's semi-official Tasnim News Agency reported Thursday that Iran said the final text of the deal has not yet been completed. Iran said if a deal is reached, Pakistan, the main third-party mediator, would officially announce it.

Iran has put forward several demands, including unfreezing assets seized abroad due to US sanctions, retaining management rights over the Strait of Hormuz, and ensuring the ceasefire also leads to a long-term truce in Lebanon. Iranian officials also worry that Trump, influenced by Israel, might tear up the deal.

Trump said at a Cabinet meeting Wednesday that he would not sign a deal with Iran unless Saudi Arabia and other Arab countries join the Abraham Accords. Despite the approaching November midterm elections, Trump said he is not in a hurry to finalize the deal.

Trump has repeatedly threatened a full-scale military campaign if Iran refuses to agree, and then walked back those statements several times. Bessent reiterated the threat Thursday.

US officials said Iran's Supreme Leader Mojtaba Khamenei has previously endorsed the broad framework, but the final plan requires his formal approval. Iranian officials have also said a deal is near, while acknowledging differences remain.

The two countries had been in conflict for 39 days. Iran's military and leadership suffered heavy losses, while Iran attacked energy facilities in several Gulf states and blocked the Strait of Hormuz, through which about a fifth of global oil passes.

Since early April, the US and Iran have maintained a fragile ceasefire aimed at ending the conflict, but international energy prices have continued to rise, and the economies of Iran, the US, and the world have all felt significant impact. This week, the two sides clashed twice again, and on Thursday Iran fired a ballistic missile at Kuwait, which was successfully intercepted.

The framework agreement outlines arrangements: the US and Iran must lift mutual naval blockades within 30 days and commit to ceasing hostilities; it also specifies that Iran will receive phased benefits, gaining advantages first from lifting the blockade, and more if a comprehensive nuclear deal follows. The entire framework is valid for 60 days and can be extended.

US officials said that over the next two months, the US will proceed under the agreement, gradually unfreezing Iran's frozen funds and considering easing some sanctions, provided Iran strictly follows the terms. Bessent also said the US will continue its comprehensive economic pressure policy against Iran and announced sanctions on the Iranian agency responsible for managing navigation through the Strait of Hormuz.

If a comprehensive nuclear deal is ultimately reached, the easing of sanctions against Iran could exceed the nuclear deal signed by former President Obama in 2015. However, some former US officials and experts are not optimistic about a final nuclear deal, believing Iran may not significantly scale back its nuclear program as the White House demands. International inspectors currently cannot access most of Iran's key nuclear facilities.

US officials said the delay in final approval is partly due to Iran's complex decision-making system. Iran has repeatedly accused the White House of changing negotiating conditions and taking military action rashly during talks. The deal talks are being mediated by Pakistan, with the US also coordinating with Israel and several Gulf states.