U.S., Iran near deal on extended truce pending Trump approval

U.S. President Donald Trump listens to members of his Cabinet speak during a meeting in the Cabinet Room of the White House on May 27, 2026 in Washington, DC. Photo by Win McNamee /Getty Images

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The US and Iran have reached a preliminary deal to extend a ceasefire by 60 days and discuss the future of Tehran’s nuclear program, a person with knowledge of the matter said, buoying hopes for a resolution to a three-month conflict that has killed thousands and roiled the global economy.

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The person, who spoke on condition of anonymity because the negotiations are private, confirmed an earlier report from Axios. President Donald Trump has yet to agree to the terms. Both countries have previously hailed progress, with Trump repeatedly indicating the US was close to securing an agreement — only for the standoff to drag on.

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Underscoring the tension, Mohammad Bagher Ghalibaf, the speaker of Iran’s parliament and a key figure in Iran’s wartime leadership, said on Friday “we have no trust in guarantees or words, the only criterion is action; no action will be taken before the other side acts.”

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U.S. President Donald Trump (C-L) speaks during a Cabinet meeting in the Cabinet Room of the White House on May 27, 2026 in Washington, DC. Photo by Win McNamee /Getty Images

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“The winner of any agreement is the one who is better prepared for war the day after,” Ghalibaf said in a post on X, without elaborating.

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Vice President JD Vance told reporters Thursday that the US and Iran are “going back and forth on a couple of language points,” including over issues relating to Tehran’s nuclear capabilities. Iran appears to be negotiating in good faith and progress is being made, he added.

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Iran’s semi-official Tasnim news agency said the text of the possible memorandum of understanding hadn’t been finalized and had changed in recent days, without giving details and citing a source it didn’t identify. Tasnim, which is affiliated with the Islamic Revolutionary Guard Corps, added that reports in the Western media about the contents of the draft agreement were inaccurate, without being specific.

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US Treasury Secretary Scott Bessent declined on Thursday to confirm an interim deal had been reached, saying only that negotiations continued. He reiterated Trump’s three “red lines” — reopening the Strait of Hormuz, Iran surrendering highly enriched uranium and ending its nuclear program — remain in place.

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Treasury Secretary Scott Bessent answers questions during a press briefing at the White House on May 28, 2026 in Washington, DC. Bessent spoke about the new “Trump Accounts” for children which launch today, as well as other issues related to a proposed peace deal between Iran and the United States. Photo by Win McNamee /Getty Images

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A fragile truce has been in place since early April, interrupted by isolated military strikes. Axios reported that Trump asked for “a couple of days” to think about the agreement.

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In a post on X, Iranian President Masoud Pezeshkian says he had “emphasized Iran’s commitment to diplomacy” in calls with the prime ministers of Malaysia and Pakistan.

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Pakistan, a mediator in the negotiations, said Foreign Minister Ishaq Dar will be in Washington on Friday for a meeting with US Secretary of State Marco Rubio to discuss “Pakistan’s efforts to promote regional peace and stability through dialogue and diplomacy.”

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The MSCI All Country World Index, the broadest measure of global equities, climbed to an all-time high on Thursday as easing tensions fueled expectations for lower oil prices and stronger economic growth. Brent crude fell as much as 2.1% to $91.73 a barrel, down from as high as $126.41 a month ago.