US and Iran 'very close' to deal but 'not there yet', Vance says

May 29, 2026

The United States and Iran are negotiating a framework agreement to extend their ceasefire and address nuclear concerns, but significant obstacles remain unresolved. Vice President JD Vance indicated that while progress has been made, several contentious issues still require resolution, particularly regarding Iran's uranium enrichment capabilities. The proposed framework would reportedly reopen the Strait of Hormuz to shipping, lift US sanctions on Iranian oil sales, and extend the current ceasefire by 60 days to enable further negotiations on Iran's nuclear program.

Who is affected

The United States and Iran (primary parties to the negotiations)
President Donald Trump and Iran's leadership (decision-makers)
Gulf state allies pressuring for peace
Democrats and some Republicans in Congress concerned about the conflict
Global shipping and energy markets dependent on the Strait of Hormuz
International communities relying on liquefied natural gas and oil passage (one-fifth of global supply affected)
US military forces in the region
Iran's Islamic Revolutionary Guard Corps (IRGC)

What action is being taken

US and Iranian negotiators are going back and forth on language points in the agreement
Both countries are accusing each other of ceasefire violations
Iran's IRGC targeted a US base in the region on Thursday
The White House is keeping the option of returning to combat operations on the table

Why it matters

This potential agreement matters because it could end active hostilities between two major powers and reopen the Strait of Hormuz, a critical chokepoint through which one-fifth of the world's liquefied natural gas and oil normally passes. The negotiations address not only the immediate ceasefire but also the longer-term concern of Iran's nuclear program and its stockpile of highly enriched uranium, which theoretically could be used for nuclear weapons. The outcome will significantly impact global energy markets, regional stability in the Middle East, and the broader nuclear non-proliferation framework.

What's next

President Trump will take a couple of days to consider the proposed framework before deciding whether to sign off on it
If approved, the ceasefire would extend for 60 days
Iran would have 30 days to remove mines from the Strait of Hormuz
US and Iranian teams would discuss more complicated technical issues regarding Iran's nuclear program and uranium stockpile during the extended ceasefire period
Potential discussions about reconstruction for Iran would occur after a deal is finalized

Read full article from source: BBC