Trump Convenes Situation Room Meeting on Tentative Iran Deal — But No Decision Announced

The core of the proposed agreement is a 14-point MOU that would extend the existing April 8 ceasefire by 60 days, reopen the Strait of Hormuz without tolls or harassment, and initiate long-awaited negotiations on Iran's nuclear program . According to U.S. officials, the draft requires Iran to remove all naval mines from the strait within 30 days, while the U.S. would lift its naval blockade on Iranian ports — though the blockade lift would be gradual, tied to the restoration of commercial shipping . Trump has publicly stated that no money will be exchanged "until further notice" , but Iran sees it very differently.

Key sticking points threaten to scuttle the deal before it can be signed. The most contentious issue is the unfreezing of Iranian assets: Tehran insists its frozen funds must be addressed as a prerequisite for any preliminary agreement, while Trump has flatly ruled out releasing them for now . The IRGC-affiliated Tasnim news agency dismissed Trump's claim of lifting the blockade as "unilateral" and echoed this demand .

Another major obstacle is the nuclear file itself. While the U.S. portrays the MOU as a gateway to new talks on Iran's nuclear ambitions, Tehran has publicly rejected any nuclear concessions or uranium handover. One Iranian official was quoted as declaring "we are not signing any agreement with the US," and state media has warned negotiations could be cancelled . Vice President JD Vance acknowledged on May 28 that negotiators were still debating "a couple of language points" and said it was unclear whether Trump would approve the proposal .

Public statements from both sides reflect the uncertainty. Trump used his Truth Social account to list non-negotiable demands — Iran must never have a nuclear weapon, the Hormuz Strait must open immediately, and all mines removed — but gave no indication of his decision after the Situation Room meeting . Vance, speaking to reporters on Thursday, said the U.S. and Iran were "very close" to a deal but cautioned that significant details remained unresolved . Iran's Foreign Ministry spokesperson, Esmaeil Baghaei, countered that "no final understanding" had been reached and that "no one can say we are close to reaching an agreement" .

The standoff has direct implications for global oil prices. The Strait of Hormuz is a vital chokepoint for roughly one-fifth of the world's oil transit. Continued closure and the threat of renewed hostilities keep upward pressure on fuel costs. A signed MOU would provide a 60-day window for a more comprehensive peace accord, but with neither Trump nor Iranian Supreme Leader Mojtaba Khamenei yet signed off, the window remains a prospect rather than a certainty . Analysts warn that without final approval, the current reprieve is fragile — and a diplomatic stall could send markets reeling again.