Hormuz Opens But US Naval Blockade on Iran Holds

The Strait of Hormuz is open to commercial traffic, but the US naval blockade on Iran remains in place pending a final agreement, President Trump confirmed Friday on Truth Social. Iranian Foreign Minister Abbas Araqchi tied the opening explicitly to the Lebanon ceasefire, while Trump insisted the maritime and Lebanon arrangements are legally separate tracks. The competing framings reflect each side's attempt to claim initiative without conceding leverage ahead of a critical negotiating round expected over the weekend, possibly in Islamabad. US and Iranian negotiators are close to a three-page framework, according to Axios, with the central financial mechanism being roughly $20 billion in unfrozen Iranian assets exchanged for Tehran's enriched uranium stockpile and a moratorium on enrichment. Trump publicly denied any cash transfer, though he did not directly address the frozen-assets proposal. The US separately considered releasing around $6 billion for humanitarian imports; Iran had sought as much as $27 billion in earlier rounds. Multiple US officials told Axios that gaps remain on critical issues. Pakistan is mediating with behind-the-scenes support from Egypt and Turkiye. Foreign Minister Ishaq Dar said Islamabad's goal is a permanent end to hostilities, not a ceasefire extension. UN Secretary-General António Guterres welcomed the Hormuz opening as a step toward restoring full navigational rights. Iran's presidential spokesperson warned that the partial, conditional opening creates obligations for the opposing side, with unspecified consequences for non-compliance. Watch: whether the weekend Islamabad talks produce a signed framework; how Trump reconciles his no-money statement with the $20 billion asset proposal; and whether Iran's 450kg of 60-percent-enriched uranium disposal is verifiably locked in before blockade terms ease.