In a stunning development that could reshape the Middle East and global energy markets, President Donald Trump announced late Friday that peace negotiations with Iran have reached a decisive breakthrough. Iran has publicly declared the Strait of Hormuz completely open to all commercial ship traffic for the remainder of the current ceasefire, a move Trump hailed as Tehran “capitulating on all points.”

In a striking Oval Office moment on March 24, President Donald Trump revealed that Iran had delivered a major “present” — an oil-and-gas-related concession tied to the Strait of Hormuz — calling it proof that the U.S. is now “dealing with the right people” in Tehran. The announcement was made during a swearing-in ceremony for new Homeland Security Secretary Markwayne Mullin.

One month after the United States and Israel launched “Operation Epic Fury,” the joint military campaign—bolstered by Saudi Arabia and the United Arab Emirates—has delivered devastating blows to Iran’s nuclear program, ballistic missile arsenal, air defenses, and navy. Over 8,000 strikes have sunk more than 130 Iranian vessels in what officials call the largest naval elimination since World War II

The 2026 Iran War, which erupted on February 28 with joint U.S.-Israeli strikes codenamed Operation Epic Fury (U.S.) and Operation Roaring Lion (Israel), has entered its 12th day. Iran’s retaliatory missile and drone campaign continues daily against Israel and multiple Gulf Cooperation Council (GCC) nations, even as coalition airstrikes have degraded Tehran’s ballistic missile and drone capabilities.

Operation Epic Fury (U.S.) and Operation Roaring Lion (Israel) have entered their second week as of March 5, 2026, now in their sixth day since launching on February 28. The joint operations continue to intensify, with expanded strikes deeper into Iranian territory, achieving significant degradation of Iran's retaliatory capabilities amid ongoing Iranian missile and drone barrages across the region.