Update(1345ET): Both sides are continuing to be mostly tight-lipped in terms of offering confirmation of what precisely is in the deal, with President Trump having earlier said he’s in no hurry. But this weekend contains some of the most positive momentum towards an actual peace deal and extended ceasefire to date. Per some of the latest from NYT:
Iran’s leaders or official state media have not publicly commented on what is in any potential agreement or what is being discussed. Over the last 24 hours, Iranian and U.S. officials have offered some conflicting depictions of what a deal might contain. On Sunday, the U.S. official said a deal had not yet been signed and was still subject to final approval from President Trump and Iran’s supreme leader, which could take days.
The senior U.S. official said the mechanism by which Iran would dispose of its highly enriched uranium was still being negotiated. Mr. Trump has insisted that the United States seize the material as part of his vow to curb Iran’s nuclear program.
Mr. Trump said in a social media post earlier on Sunday that he had ordered his negotiators “not to rush into a deal,” after saying a day earlier that a preliminary agreement between the two countries was “largely negotiated.”
But Trump is catching some political heat both at home and in Israel, for potentially agreeing to a deal which cedes too much ground to Tehran – or at least that’s the growing criticism of the hawks. He issued the below Truth Social on Sunday, seeking to bat down this criticism, and once again asserting his deal will the the EXACT OPPOSITE of Obama’s JCPOA. But time will soon tell…
Trump also shared this statement from Fox’s correspondent. Tehran has remained insistent that it will never transport its enriched uranium outside it borders:
Not quite yet at the goal line, per Reuters:
Iranian media: There is still a possibility of canceling the agreement due to Washington’s obstruction of some clauses
— First Squawk (@FirstSquawk) May 24, 2026
* * *
Top U.S. and Iranian officials signaled they are inching closer to an initial peace deal to wind down the U.S.-Iran conflict and reopen the Strait of Hormuz, though major details remain murky, especially around the future of Iran’s nuclear program.
President Trump said the peace deal has been “largely negotiated” and will be announced “shortly,” with the reopening of the Hormuz chokepoint among its key components.
🚨 “An Agreement has been largely negotiated, subject to finalization between the United States of America, the Islamic Republic of Iran, and the various other Countries, as listed…” – President Donald J. Trump pic.twitter.com/Z49bOkkUoh
— The White House (@WhiteHouse) May 23, 2026
Secretary of State Marco Rubio said earlier that “significant progress” has been made, but no final deal has been reached.
Rubio added that the world could learn “over the next few hours” about progress on resolving the shipping disruption at the Hormuz chokepoint.
Secretary of State Marco Rubio cited ‘significant’ progress in the past 48 hours toward a deal with Iran that could help resolve the situation around the Strait of Hormuz https://t.co/AgaPjulhKo pic.twitter.com/QwFObVmuhv
— Reuters (@Reuters) May 24, 2026
The proposed deal aims to reopen Hormuz, end or pause fighting across multiple fronts, and restart tanker flows through the strait, as the world is dangerously close to an energy cliff. If disrupted for another month, this could spark even more severe economic trouble for the global economy.
Iranian officials said the deal would also lift the U.S. naval blockade, halt fighting involving Israel and Hezbollah, reopen Hormuz without tolls, and release $25 billion in frozen Iranian assets.
The biggest unresolved issue is Iran’s nuclear program. U.S. officials said the framework includes a commitment by Tehran to give up enriched uranium, though the mechanism for that commitment would be negotiated later.
However, Iran’s semi-official Fars news agency dismissed Trump’s claim of an imminent deal as “far from reality.”
Fars reported that, under the latest text exchanged, management of Hormuz would “remain exclusively under the authority and discretion of the Islamic Republic of Iran” if a deal is reached.
Earlier, Fars reported that Iran’s nuclear program, blocked funds, and the status of Hormuz remained “serious points of disagreement” in talks with the U.S.
Iran had indicated that a final draft of the deal was under review.
Iranian state television cited Foreign Ministry spokesman Esmail Baghaei as saying, “Over the past week, the process has been moving toward a convergence of views.”
Latest Headline Round-Up
Peace Deal Progress
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Trump said Saturday that a peace deal with Iran has been ‘largely negotiated’ and he plans to announce an agreement shortly that would reopen the Strait of Hormuz.
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Secretary of State Marco Rubio said Sunday there may be ‘some good news’ regarding the blocked Strait of Hormuz in the coming hours
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Pakistan’s military cited ‘encouraging progress towards a final understanding’ after intensive negotiations over the last 24 hours
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Iran and the US are still at odds over ‘one or two provisions’ of a potential peace agreement, according to Tasnim news agency
Peace Deal Terms
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The agreement involves a 60-day ceasefire extension during which the Strait of Hormuz would be reopened, and Iran would be able to freely sell oil, according to a U.S. official
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A draft agreement stipulates that the US and its allies commit not to attack Iran or its allies under any circumstances, with Iran making a similar commitment, according to Fars news agency
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Iran’s nuclear program, blocked funds and the status of the Strait of Hormuz are ‘serious points of disagreement’ in talks, according to Fars News
Regional Involvement
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Several Arab nations joined Pakistan in trying to push for a resolution to the Iran war as they urged Trump to allow more time for negotiations
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Pakistan’s Prime Minister congratulated Trump on his ‘extraordinary efforts to pursue peace’ after a phone call involving leaders of Saudi Arabia, Qatar, Turkey, Egypt, the UAE, Jordan and Pakistan
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President Trump’s Iran deal will ensure the US military stays in the region for at least the next 30 days, per Fox News.
Macro Impact
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US forces have redirected 100 commercial vessels during its six-week-long blockade of Iran’s ports, according to Central Command
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A liquefied natural gas tanker carrying a shipment for India has exited the Strait of Hormuz for the first time since the Iran war began months ago
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The European Central Bank is heading for an interest-rate increase next month unless a sustainable peace deal between the US and Iran can be found, according to the ECB’s Martin Kocher
Polymarket
Odds of Hormuz traffic returning to normal by the end of June stand at 61%.
Yes 62% · No 39%
View full market & trade on Polymarket
The US-Iran permanent peace deal, as of May 26, stands at 35%.
Yes 35% · No 65%
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WTI and Brent crude oil prices crashed on Hyperliquid (via Augur Infinity):
S&P500 soars on Hyperliquid (via Augur Infinity):
Bitcoin’s chart continues to trend higher, with price action on an “up and to the right” trajectory.
Must Reads:
Why the US needed an urgent peace deal, as explained by UBS:
Friday’s US-Iran Wrap
Saturday’s US-Iran Wrap
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