Trump says a U.S.-Iran deal is imminent, covering nuclear weapons and an immediate Hormuz reopening, with sanctions relief possible but no cash transfer; Iran has not confirmed. Summary: Source: Wall Street Journal (gated)Trump planned to issue an imminent statement confirming a U.S.-Iran agreement, to be signed by himself or Vice President JD VanceIran had not confirmed it would agree to the deal at the time of reportingKey terms include Iran committing not to obtain nuclear weapons and an immediate Hormuz reopeningTrump said extraction of nuclear material from Iran was not urgent and could come laterInspections of Iranian nuclear activity would be required but no mechanism was specifiedIran would receive no cash, though sanctions relief remained a possibilityTrump credited the naval blockade as the more effective lever, calling it more powerful than military strikesPresident Donald Trump said the United States had reached an agreement with Iran covering nuclear weapons and the Strait of Hormuz, and indicated he planned to announce it imminently, with the deal to be signed either by himself or Vice President JD Vance.The Wall Street Journal reported the terms Trump outlined: Iran would commit not to obtain nuclear weapons and would immediately reopen the Strait of Hormuz to international shipping. On the question of existing nuclear material inside Iran, Trump expressed no urgency, saying removal could follow later. He said inspections would be part of the arrangement but offered no detail on the enforcement mechanism.Financially, Trump said Iran would not receive a cash payment, though he left open the possibility of sanctions being eased as part of the framework. He also made a pointed assessment of the military campaign, saying the naval blockade imposed on Iran had proved more consequential than the direct strikes, describing it as the more powerful instrument.The significant qualifier in the reporting is that Iran had not, at the time the Wall Street Journal published, confirmed it would accept the deal. Trump's announcement framing therefore describes an agreement that remains, at least publicly, unilateral. Whether Tehran's confirmation follows or whether the gap between Trump's statement and Iran's position proves wider than suggested will determine how markets absorb what is, on its face, the most consequential diplomatic development of the conflict.---A confirmed Hormuz reopening would be the single most significant near-term crude supply signal of the year, removing the choke point premium that has dominated energy pricing through the conflict period. Markets will trade the headline aggressively but the absence of Iranian confirmation is a material caveat: this is Trump's characterisation of a deal, not a signed one. This article was written by Eamonn Sheridan at investinglive.com.