The Strait of Hormuz will be opened in phases.

According to Al Jazeera of Qatar on the 25th, Iranian officials stated that the Strait of Hormuz will be opened in phases.

According to Iranian media reports on the 25th, Iranian Foreign Ministry spokesperson Baghaei stated that Iran charges vessels passing through the Strait of Hormuz a 'navigation service fee,' not a 'transit toll.'

Additionally, as reported by Islamic Republic of Iran Broadcasting (IRIB) on the 25th, Baghaei said that Iran’s memorandum of understanding with the United States does not address specific details regarding the management of the Strait of Hormuz, adding, 'The management of the strait is a matter for the littoral states themselves.'

Several U.S. media outlets have recently reported that the United States and Iran are nearing an agreement that may include provisions to restore navigation through the Strait of Hormuz, while the issue of Iran’s nuclear program will be deferred to subsequent negotiations.

On the 25th, U.S. President Trump posted on social media that any deal with Iran must either be 'a great and meaningful agreement' or 'no deal at all,' stating he would not sign an agreement that paves the way for Iran to acquire nuclear weapons.

In capital markets, European and U.S. stock markets rose across the board during the evening of May 25 Beijing time. As of this report, most European indices were up more than 1%. All major U.S. equity index futures advanced, with Nasdaq 100 futures rising over 1%.

Editor/melody