U.S. Vice President JD Vance said Washington and Tehran are “very close” to reaching an agreement

2026, May 29

Iran

U.S. Vice President JD Vance said Washington and Tehran are “very close” to reaching an agreement, but cautioned that negotiations are still incomplete and several major issues remain unresolved.

According to reports, the proposed framework would:

extend the current ceasefire by 60 days,

reopen shipping through the Strait of Hormuz,

and begin broader negotiations over Iran’s nuclear program.

Vance said the two sides are still debating details involving uranium enrichment and Iran’s enriched uranium stockpile. He added that President Donald Trump has not yet formally approved the draft memorandum of understanding.

The talks follow months of escalating tensions, failed negotiations in April, naval confrontations around the Strait of Hormuz, and recent U.S. and Iranian military exchanges.

Oil markets reportedly reacted positively to signs of progress, as traders hope any agreement could stabilize Gulf shipping routes and reduce the risk of a broader regional conflict.