Trump Situation Room Meeting on Iran Deal Ends Without Decision
President Trump spent roughly two hours in the Situation Room discussing a tentative Iran peace agreement, but did not announce a final decision on whether to approve a deal that would open the Strait of Hormuz and begin nuclear talks.
What Happened
President Donald Trump's meeting in the Situation Room to make a "final determination" on a tentative Iran deal concluded after roughly two hours. Despite Trump's earlier suggestion that the meeting would end with a decision, it remained unclear afterward whether he planned to sign off on the emerging agreement with Iran to open the Strait of Hormuz and start nuclear talks. Participants in the session included Secretary of State Marco Rubio and Vice President JD Vance.
The Potential Deal
Vice President JD Vance says the U.S. is "very close" to a memorandum of understanding with Iran that would see both sides cease fire for 60 days while talks over Iran's nuclear program continue. Vance said the emerging agreement would also reopen the Strait of Hormuz to commercial traffic, with Iran given 30 days to remove all sea mines. President Trump has yet to give his final approval, and Iran's Tasnim News Agency reports the text of the framework has not yet been finalized or confirmed.
Economic and Diplomatic Context
Overall, oil prices are down more than 18% in May, the biggest monthly decline since the start of the Covid-19 pandemic in March 2020, Deutsche Bank added. Pakistan's Foreign Minister Ishaq Dar met with his US counterpart Marco Rubio as President Donald Trump signaled he was moving toward a "final determination" on a tentative deal with Iran. Pakistan has emerged as a key mediator between the US and Iran in recent months during the war in the Middle East, playing a leading role in negotiating a temporary ceasefire in April. At the meeting in Washington, Rubio acknowledged Pakistan's "sincere diplomatic and mediatory efforts for peace and stability in the region and beyond," according to a readout from Pakistan's foreign ministry.
What's Next
The outcome of Trump's deliberations remains unclear, with no timeline announced for a final decision. This comes as The New York Times reports the White House has been quietly working with Gulf Arab states to develop alternative financing mechanisms to pay for Iran's postwar reconstruction, including unfreezing Iranian funds held in Qatar.