Trump Says Hormuz Will Open: A Deal Takes Shape as Iran Expands the PGSA

At a Glance Operational Overview The Hormuz operating environment moved through one of its most consequential five-day windows of the conflict between May 20 and May 24, with Iranian administrative escalation, sustained U.S. enforcement, partial export recovery, and the first publicly announced diplomatic framework all advancing in parallel. Iran’s PGSA extended its claimed zone to…