By The South Asia Times

NEW DELHI - US Secretary of State Marco Rubio announced Sunday that a potential agreement with Iran could be announced within hours, raising hopes of a de-escalation in the strategic Strait of Hormuz and a potential pathway to broader nuclear negotiations.

"I do think perhaps there is the possibility that in the next few hours the world will get some good news," Rubio told reporters in New Delhi, where he was attending a Quad foreign ministers' meeting.

The top US diplomat said the emerging deal would primarily address Washington's concerns over the Strait of Hormuz, a vital chokepoint through which approximately 20% of the world's oil passes. Iran has largely blocked the strait in response to a joint US-Israeli military attack, disrupting global energy supplies and sending oil prices soaring.

Rubio added that the agreement would initiate "a process that can ultimately leave us where the president wants us to be, and that is a world that no longer has to fear or worry about an Iranian nuclear weapon."

- Terms of the Potential Deal

Iranian semi-official media outlets, including Tasnim News Agency, have outlined key provisions of a reported memorandum of understanding (MoU) between the two countries.

According to Tasnim, the number of ships permitted to transit the Strait of Hormuz would return to pre-war levels within 30 days. The naval blockade, imposed by Iran following the US-Israeli attack, must be completely lifted within the same timeframe under the terms of the MoU.

The agency also reported that the potential agreement includes an end to the war "on all fronts," with Washington granting waivers on Iranian oil sanctions during the negotiation period.

Part of Iran's frozen funds—assets held overseas that have been inaccessible due to US sanctions—would be released in the first phase of the agreement, Tasnim added.

- Nuclear Issues Deferred

Crucially, Iran's nuclear program—long a central point of contention between Tehran and Western powers—is not part of the preliminary agreement.

A senior Iranian source told Reuters that Tehran has not agreed to hand over its stockpile of highly enriched uranium, which has raised concerns among non-proliferation experts about how close Iran may be to weapons-grade material.

"The nuclear issue will be addressed in negotiations for a final agreement and are therefore not part of the current deal. There has been no agreement over Iran's highly enriched uranium stockpile to be shipped out of the country," the source said.

Tasnim echoed this, reporting that "Iran has accepted no actions whatsoever in the nuclear domain at this stage." The outlet said nuclear negotiations have been deferred "until after the potential end of the war and the implementation of certain measures by the United States during this period."

The potential agreement reportedly allocates 30 days for procedures related to the Strait of Hormuz and 60 days for separate nuclear talks.

- Supreme Leader Must Approve

Despite the optimism from Washington, Iranian President Masoud Pezeshkian issued a note of caution, emphasizing that no final decision can be made without the approval of Iran's Supreme Leader, Mojtaba Khamenei.

"Any statement, analysis or position that leads to division in society is, in effect, pouring water on the enemy's damage," Pezeshkian said, according to Tasnim.

"No decision in the country will be made outside the framework of the Supreme National Security Council and without the permission of the Supreme Leader. The administration of the country requires a single decision and collective obedience," he added.

With Rubio signaling an imminent announcement and Iranian media publishing detailed terms, the coming hours could mark a significant diplomatic breakthrough. However, the deferral of nuclear talks and the requirement for Supreme Leader approval suggest that any final agreement remains fragile and dependent on further negotiations.

Global markets and shipping industries will be watching closely for official confirmation from Washington and Tehran.