PANews reported on May 26 that, according to a report by Nikkei citing a Middle Eastern diplomatic source, the United States and Iran are discussing a plan to open the Strait of Hormuz approximately 30 days after the two countries reach an agreement to end hostilities. Once an agreement is reached, Iran will clear mines from the strait within 30 days. Afterward, ships from all countries will be able to navigate freely and safely, and Iran will cease charging transit fees. The report also stated that the ceasefire agreement reached in early April will be extended for 60 days. During this two-month ceasefire period, the two sides plan to negotiate on Iran's nuclear program.

Furthermore, according to Al Arabiya, a draft agreement has been reached between the US and Iran. The draft agreement allows for the free opening of the Strait of Hormuz and the clearing of mines; navigation in the Strait of Hormuz must be restored within 30 days. The agreement stipulates that the US commits to easing its blockade of Iranian ports; it allows Iran to sell and export oil; it will provide specific sanctions waivers for Iranian oil exports and will consider easing sanctions on Iranian oil in stages, depending on Iran's fulfillment of its commitments. The agreement also stipulates continued nuclear negotiations to reach a long-term consensus.

According to Al Jazeera, a source familiar with the talks between a senior Iranian delegation and Doha officials said that Qatar's mediation has facilitated an understanding with the United States regarding the frozen financial assets of Iran. The source added that, given the agreement reached on this crucial issue for the Iranians, the US and Iran are likely to announce the agreement tomorrow.