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The US government has flatly rejected an Iranian state media report claiming a draft peace deal exists to reopen the Strait of Hormuz, the narrow waterway through which around 20% of the world’s oil supply flows.
What Iran claimed, and what Washington says
On May 27, Iranian state media reported that a draft agreement had been reached to restore Strait of Hormuz shipping to pre-war levels within one month.
Washington’s response was blunt: no such deal exists.
Between May 23 and May 25, Trump told reporters that the broader US-Iran deal was “largely negotiated” and stressed that the naval blockade of Iranian ports would remain in place until everything was finalized.
Iranian officials have disputed US characterizations of the agreement’s details. Tehran insists that any deal must preserve Iranian oversight of the strait’s management, in cooperation with Oman.
The negotiations are being mediated by Pakistan and Qatar, with the goal of converting an April 2026 ceasefire into something more durable. The ceasefire itself followed a period of escalating conflict that began in February 2026, culminating in the US imposing a naval blockade on Iranian ports starting April 13.
The crypto angle no one expected
In early April 2026, Iranian entities began seeking cryptocurrency payments as tolls for safe passage through the Strait of Hormuz during the ceasefire period. Iran, facing extensive sanctions that limit its access to the global banking system, turned to crypto as a workaround for collecting transit fees from international shipping companies.
Whether any formal agreement between the US and Iran would incorporate cryptocurrency payment mechanisms remains unclear. There are limited confirmed details regarding crypto asset integrations into the proposals.
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