Iran's foreign minister Abbas Araghchi said Friday June 12 a US ceasefire deal has 'never been closer,' even as the Strait of Hormuz would not revert to its prewar status. He said the waterway will fall under Iranian and Omani sovereignty and carry a transit fee. The strait moves roughly 20% of seaborne oil. Pakistan's PM Shehbaz Sharif, mediating, said a 'final, agreed-upon text' exists to end the Twelve-Day War. Sticking points remain: Tehran wants more than $6B in frozen assets released; Washington has not moved. Talks exclude Iran's nuclear program, which Israel insists must be dismantled.
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A Hormuz toll rewrites free passage
The strait carried about 20 million barrels a day prewar, near 20% of seaborne oil. A sovereign transit fee turns an international waterway into a tollgate, and markets price the risk. US energy CPI rose 23.5% year-over-year in May, partly driven by this conflict.
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Frozen assets are the real blocker
Tehran says Washington agreed at the outset to release assets, then stalled. The head of Iran's parliamentary security committee called Trump untruthful. The asset dispute is what is keeping a signed text from landing.
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The nuclear file is parked, not resolved
Netanyahu said that as long as he is prime minister, Iran will not have nuclear weapons. Current talks cover Hormuz navigation, sanctions, and reconstruction. The nuclear and ballistic programs are set aside for now.
A ceasefire that leaves Hormuz tolled and centrifuges spinning is a pause, not peace. Watch energy: every Hormuz disruption shows up in US pump prices within weeks.
Sources
- ✓ Wikipedia — Portal:Current events June 2026 — 2026-06-13
- ✓ CNN — US and Iran say an agreement is close, but questions remain — 2026-06-12
- ✓ Wikipedia — Twelve-Day War ceasefire — 2026-06-12
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