US-Iran Draft Peace Deal 'Within 24 Hours'; Trump: Deal 'Largely Negotiated'; Vance, Witkoff, Kushner, Qalifbaf Approve Draft; 60-Day Bridge Ceasefire; Hormuz Reopening on Table

On May 23, 2026, the Washington Times reported exclusively that the United States and Iran were expected to announce a draft peace agreement within 24 hours — the most significant diplomatic breakthrough since the April ceasefire. The Washington Times reported that senior negotiators — Vice President JD Vance, Special Envoy Steve Witkoff, Jared Kushner, and Iranian Parliament Speaker Mohammad Bagher Qalifbaf — had approved the draft proposal. President Trump confirmed publicly that the deal was 'largely negotiated' and separately stated that the Strait of Hormuz would reopen under the framework. The mechanism under negotiation is a 60-day ceasefire extension serving as a bridge to formal nuclear talks — structured to decouple the immediate military standoff (de facto ceasefire, Hormuz blockade, ~750 vessels trapped) from the complex long-term nuclear framework. Key unresolved issues as of May 23 include: the disposition of Iran's enriched uranium stockpile (~400–460 kg at 60% purity, upgradeable to weapons-grade in 1–2 weeks); sanctions relief sequencing (Iran demands sanctions lifted before enrichment curtailment; US demands curtailment before relief); and Strait of Hormuz transit fees. Pakistan's Army Chief General Asim Munir is playing a key intermediary role, continuing Pakistan's function as the principal US–Iran diplomatic conduit since the collapse of direct Islamabad rounds in April. NPR confirmed Trump's statement that the deal is 'largely negotiated' and that Hormuz reopening is part of the package. Bloomberg reported Iran-US signals of progress. The Washington Post confirmed the US is seeking a ceasefire extension while maintaining war threats as leverage. Arab News, citing Gulf diplomatic sources, reported both parties saying they could be close to agreement. The Hormuz blockade entering its 12th week has created the greatest global shipping disruption since the Suez Crisis. Iran's inflation is running at approximately 53.7%. A 60-day ceasefire bridge — if agreed — would be the most consequential peace milestone in the US–Iran conflict since the April 10 ceasefire declaration.