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Those hostages were released as a result of a treasonous deal by Reagan with Iran to keep the hostages until after the election and he would treat them favorably (spare parts, etc. for F4H and other military equipment in Iran inventory). The hostages were released during the Innaugaration ceremony to show Iran's honoring their end of the deal.
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The story I heard was that Carter went to Iran begging them to release the hostages so that the "crazy, volatile" Reagan would not be elected and turn Iran into a sheet of slag.
Joke of the time: "What's flat, black, and glows in the dark?" Answer: "Iran after Reagan's elected."
So it might well have been fear of what Reagan would do that prompted Iran to release the hostages. Or maybe they figured that they had enough revenge on Carter.