Has the US accepted Iran’s demand to settle Hormuz first, nuclear later?

Key Points:

• The US Navy began escorting commercial vessels through the Strait of Hormuz on Monday but paused the operation by Tuesday, following requests from Pakistan and other countries amid progress toward a peace agreement with Iran.
• US Secretary of State Marco Rubio declared the military campaign "Operation Epic Fury" concluded and emphasized the US now seeks a memorandum of understanding (MoU) to outline future negotiations with Iran, signaling a shift from demanding immediate nuclear concessions.
• Pakistan has played a key mediating role between the US and Iran, with Pakistani Prime Minister Shehbaz Sharif citing Saudi Crown Prince Mohammed bin Salman as influential in persuading the US to suspend military actions in the Strait.
• Despite recent missile and drone attacks attributed to Iran's IRGC on UAE targets and ongoing disputes over naval incidents, US officials have avoided escalation, maintaining that the ceasefire "holds" and acknowledging a shift in the balance of deterrence toward Iran.
• Significant gaps remain between US and Iranian positions, particularly regarding the governance of the Strait of Hormuz, with Iran seeking a new mechanism for the waterway and the US rejecting any arrangement that implies paying Iran a "toll"; upcoming diplomatic deadlines and regional pressures increase the likelihood of a limited agreement but not a comprehensive deal.