Washington, D.C.: U.S. President Donald Trump on Friday (May 29, 2026) announced he is making a “final determination” on whether to strike a peace deal with Iran, while Iranian officials stated that no final agreement has been reached and negotiations remain unresolved despite ongoing talks through mediators . Trump concluded a session in the White House Situation Room with his advisors without revealing his ultimate decision on whether to endorse a proposal to suspend the ongoing conflict with Iran.
In a lengthy social media post on Truth Social, Trump outlined several demands Iran must fulfill for him to consider the agreement . Iran “must agree” to permanently forgo nuclear weapons and never possess them, according to Trump’s statement . He also demanded that the Strait of Hormuz be “immediately open” to unrestricted shipping with no tolls enforced, and that Iran complete the “immediate removal” of mines in the strategic waterway . Trump further stated that “no money will be exchanged, until further notice,” clarifying his position on financial transactions.
The draft deal under consideration would extend the current ceasefire between the U.S. and Iran for an additional 60 days while initiating nuclear discussions . A White House official confirmed that the U.S. and negotiating teams established a 60-day memorandum of understanding to prolong the delicate ceasefire and commence negotiations on Iran’s contentious nuclear program . However, the specific details of the proposed agreement remain unclear, and the draft does not mention Iran dismantling or destroying its nuclear materials . Addressing Iran’s highly enriched uranium and enrichment objectives will be top priorities during the 60-day period, with the draft also paving the way for discussions on sanctions relief and the release of frozen Iranian assets.
Iranian officials have confirmed that no final agreement has been reached with the United States, though talks continue through mediators . Tehran insists on guarantees, the release of frozen assets, and sanctions relief, while warning it is prepared to resume war if necessary . An Iranian official stated that “the exchange of messages is continuing, but an understanding has not been finalized regarding other points that have been mentioned, including the nuclear issue”. Iranian foreign spokesman Eail Baghei referenced a “memorandum of understanding” on state television, indicating Tehran is finalizing a framework consisting of 14 points, allowing for further discussions within 30 to 60 days ultimately leading to a final agreement . Despite Trump’s claim that a deal has been “largely negotiated,” Iranian officials characterized this as “inconsistent with reality”.
Following Trump’s social media post, oil prices experienced a decline as markets reacted to the potential for de-escalation . However, the fate of the negotiations themselves remains “very unclear,” with Iranian officials not confirming that an agreement is imminent . The situation reflects major disagreements that persist over Iran’s nuclear program, the Strait of Hormuz, and broader regional tensions, echoing previous failed negotiations in April 2026 when Vice President JD Vance confirmed talks ended without a deal after 21 hours in Islamabad.