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Donald Trump says a deal with Iran is basically done. Iran says he's performing for an audience.
Trump declared this week that a U.S.-Iran agreement had been "largely negotiated" and was ready to be announced — one that would reopen the Strait of Hormuz to shipping levels not seen since before the conflict.
Tehran wasn't buying it.
Iran's IRGC-affiliated Fars News Agency fired back almost immediately, citing sources who claim U.S. officials privately admitted Trump's remarks were meant more for American domestic consumption than actual diplomacy. Promotional. Media-facing. Not a reflection of where negotiations actually stand.
On the Strait of Hormuz specifically, Iran's position is firm — it stays under Iranian control, full stop. The idea of unrestricted passage without broader concessions from Washington is, as far as Tehran is concerned, not on the table.
The reality on the ground is messier than either side's public statements suggest. Indirect talks are ongoing, mediated in part by Pakistan. Iran has floated the possibility of allowing limited increases in ship traffic — but that's a far cry from a full reset to pre-war conditions.
The gap between what Trump is announcing and what Iran is actually agreeing to is wide. And that gap is showing up in oil markets, where the back-and-forth is feeding volatility and keeping risk assets on edge.
For now, one side is declaring victory. The other is calling it theatre.
