• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Jensen Huang made his $172 billion fortune on AI chips. His family's $75 million gift to Vanderbilt argues art decides what technology is for

2

'The demographic dividend of the last 40 years is ending': J.P. Morgan says the world is running out of the two things that kept interest rates down

3

The $39 trillion U.S. national debt isn’t as high as Japan’s and Singapore’s relative to economy size—and yet it's still worse somehow

1

Jensen Huang made his $172 billion fortune on AI chips. His family's $75 million gift to Vanderbilt argues art decides what technology is for

2

'The demographic dividend of the last 40 years is ending': J.P. Morgan says the world is running out of the two things that kept interest rates down

3

The $39 trillion U.S. national debt isn’t as high as Japan’s and Singapore’s relative to economy size—and yet it's still worse somehow
Middle EastIran

A deal to the end the U.S.-Iran war could be finalized within 24 hours. Tehran wants to charge ships crossing Hormuz ‘for services rendered’

By
The Associated Press
The Associated Press
Down Arrow Button Icon
By
The Associated Press
The Associated Press
Down Arrow Button Icon
June 13, 2026, 10:28 AM ET
Vessels sail at Suru Beach in Bandar Abbas along the Strait of Hormuz on June 1, 2026.
Vessels sail at Suru Beach in Bandar Abbas along the Strait of Hormuz on June 1, 2026.AMIRHOSSEIN KHORGOOEI / ISNA / AFP via Getty Images
Add Fortune on Google for similar content.

The United States and Iran appear close to a deal to end the war and open the Strait of Hormuz.

Recommended Video

Pakistan’s Prime Minister Shehbaz Sharif said Saturday that a deal aimed at ending the war in the Middle East is closer than “ever before” and expected to be finalized within 24 hours. Pakistan is preparing for the electronic signing of the agreement, followed immediately by technical-level talks next week.

Previous declarations of an imminent breakthrough failed to materialize.

The apparent breakthrough in negotiations comes after Iran exchanged fire with the U.S. and Israel over three days this week, threatening to push the region into a full-scale war. U.S. Central Command late Friday said in a social media post that it intercepted several Iranian attack drones that were targeting commercial ships in the Strait of Hormuz.

The war launched by the U.S. and Israel on Feb. 28 has rattled the Middle East and virtually shut down oil and natural gas shipments from the Persian Gulf. A fragile ceasefire has been in place since April 7.

Here’s what to know:

Iran’s nuclear program terms to be finalized within 60 days of the agreement.

Iranian Foreign Minister Abbas Araghchi said Friday the terms of dealing with Iran’s nuclear program would be finalized in the 60 days after the initial agreement is signed and that the parties could decide to extend that period.

Iran’s nuclear program has been a key point of division. The U.S. and Israel fear it could lead to an atomic weapon — a main reason their leaders cited for going to war. Tehran has insisted its nuclear efforts are for peaceful purposes.

A senior U.S. administration official, who briefed reporters on condition of anonymity under ground rules set by the White House, said Friday that the emerging agreement would begin the process of destroying or removing Tehran’s highly enriched uranium.

The official said the 60-day period after both sides sign the deal would be used to work out technical details for removing Iran’s enriched uranium. The official did not detail who the U.S. envisions taking charge of removing the uranium, believed to be entombed under three nuclear sites that were battered by American strikes last year.

The deal will include conditions to reopen the Strait of Hormuz, official says

The U.S. official said the emerging agreement includes provisions for reopening the strait.

Araghchi said Iran wants a deal that allows Tehran to charge ships “for services rendered” when they transit the Strait of Hormuz. Iran has imposed a toll system during the war, which the U.S. and other nations say violates international law.

Transit through the Strait of Hormuz, a vital shipping lane for oil and natural gas, has been disrupted and crimped global energy supplies, driven up fuel prices and made food and other basics more expensive well beyond the region.

The agreement is set to include Iranian sanctions relief

Three regional officials said the emerging deal is also expected to include the phased lifting of sanctions on Iran and the release of frozen Iranian assets. The officials spoke on condition of anonymity because of the sensitivity of the negotiations.

They said they expect a signing ceremony for the agreement in the coming days after officials in Washington and Tehran approve it.

What will happen to Lebanon remains unclear

Iran has insisted throughout that any deal must also include a ceasefire in Lebanon, where Israel has been fighting Hezbollah, Iran’s proxy militia.

Israeli Defense Minister Israel Katz warned Friday that Israel could still act independently toward Iran and that the country would not pull out of the zones it is occupying in Lebanon, Syria and Gaza, nor would it withdraw from the northern refugee camps of the Israeli-occupied West Bank.

Fighting continued in southern Lebanon on Saturday.

Subscribe to Fortune Gulf Brief. Every Tuesday, this new newsletter delivers clear-eyed, authoritative intelligence on the deals, decisions, policies, and power shifts shaping one of the world’s most consequential regions, written for the people who need to act on it. Sign up here.
About the Author
By The Associated Press
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Middle East

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • TikTok icon
  • YouTube icon

Latest in Middle East

Money talks—as the Iran war continues, options for the Strait of Hormuz are coalescing around one solution— tolls
Middle EastShipping
Money talks—as the Iran war continues, options for the Strait of Hormuz are coalescing around one solution— tolls
By Melissa HancockJuly 21, 2026
4 days ago
Shipping transits slow to a trickle as Strait of Hormuz faces “worst-case scenario” 
NewslettersFortune Gulf Brief
Shipping transits slow to a trickle as Strait of Hormuz faces “worst-case scenario” 
By Melissa HancockJuly 21, 2026
4 days ago
Markets brace for return to all-out war in Iran amid rising U.S. death toll, while former NATO commander warns Suez Canal could be next
Middle EastIran
Markets brace for return to all-out war in Iran amid rising U.S. death toll, while former NATO commander warns Suez Canal could be next
By Jason MaJuly 19, 2026
5 days ago
U.S. military announces the death of another service member, blaming the ‘controlled detonation’ of a downed Iranian drone in Iraq
Middle EastIran
U.S. military announces the death of another service member, blaming the ‘controlled detonation’ of a downed Iranian drone in Iraq
By Jon Gambrell, Sam Metz, Ben Finley and The Associated PressJuly 19, 2026
5 days ago
The world is looking ahead toward a post-Iran oil market that offsets most Hormuz volumes in a few years as ships reject a U.S.-backed alternate route
Middle EastOil
The world is looking ahead toward a post-Iran oil market that offsets most Hormuz volumes in a few years as ships reject a U.S.-backed alternate route
By Jason MaJuly 19, 2026
5 days ago
Iran claims U.S. hit its nuclear site — satellite images show mostly dirt. But return to all-out war is nearly inevitable
Middle EastIran
Iran claims U.S. hit its nuclear site — satellite images show mostly dirt. But return to all-out war is nearly inevitable
By Jon Gambrell, Sam Metz and The Associated PressJuly 19, 2026
5 days ago

Most Popular

Jensen Huang made his $172 billion fortune on AI chips. His family's $75 million gift to Vanderbilt argues art decides what technology is for
Big Tech
Jensen Huang made his $172 billion fortune on AI chips. His family's $75 million gift to Vanderbilt argues art decides what technology is for
By Sydney LakeJuly 23, 2026
2 days ago
'The demographic dividend of the last 40 years is ending': J.P. Morgan says the world is running out of the two things that kept interest rates down
Economy
'The demographic dividend of the last 40 years is ending': J.P. Morgan says the world is running out of the two things that kept interest rates down
By Eleanor PringleJuly 24, 2026
19 hours ago
The $39 trillion U.S. national debt isn’t as high as Japan’s and Singapore’s relative to economy size—and yet it's still worse somehow
Economy
The $39 trillion U.S. national debt isn’t as high as Japan’s and Singapore’s relative to economy size—and yet it's still worse somehow
By Sasha RogelbergJuly 23, 2026
1 day ago
The millennial generation has split, new Fed research shows: Those over 35 are edging toward boomer-style wealth, while everyone else falls behind
Real Estate
The millennial generation has split, new Fed research shows: Those over 35 are edging toward boomer-style wealth, while everyone else falls behind
By Nick LichtenbergJuly 22, 2026
2 days ago
Current price of oil as of July 24, 2026
Personal Finance
Current price of oil as of July 24, 2026
By Joseph HostetlerJuly 24, 2026
17 hours ago
Turns out Dead Internet Theory was right: AI agents are eating the Web, growing by nearly 8,000% and rewiring the Internet's business model
AI
Turns out Dead Internet Theory was right: AI agents are eating the Web, growing by nearly 8,000% and rewiring the Internet's business model
By Mia OsmonbekovJuly 23, 2026
1 day ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.