For nearly three months, the Eagle Verona sat heavy in the Persian Gulf, holding roughly 2 million barrels of Iraqi crude. On May 23, 2026, the supertanker finally moved out into open water. It was one of 33 vessels that crossed the Strait of Hormuz in the following 24 hours, all cleared by Iran's Revolutionary Guard Navy.
Behind this quiet exit lies one of the year's most fragile diplomatic moments. The United States and Iran have drafted a memorandum of understanding that would extend their February ceasefire by another 60 days. The deal does not end the crisis, but it buys time.
Under the framework, Iran would clear the naval mines it laid across the Strait of Hormuz, through which roughly 20 percent of the world's seaborne oil travels. In exchange, the U.S. would dismantle its naval blockade on Iranian ports and issue sanctions waivers. The Strait would reopen to commercial traffic with no Iranian tolls.
The nuclear question has been pushed down the road. The memorandum does not resolve Iran's nuclear program but defers it to a 30-to-60-day follow-on negotiation. Pakistan's Army Chief Field Marshal Asim Munir has served as the principal mediator. Qatar's role has expanded, with an Iranian delegation including Foreign Minister Abbas Araghchi arriving in Doha on May 25.
President Trump has publicly declared that an agreement has been largely negotiated. However, Iran has disputed this characterization. Oil markets, sensing progress, have softened, with prices falling to their lowest levels in weeks.