US and Iranian negotiators have reportedly reached a tentative agreement to extend their ceasefire by 60 days and start a new round of talks on Iran’s nuclear programme.
Vice president JD Vance on Thursday evening confirmed there was a tentative agreement, but said it was unclear if president Donald Trump would approve it.“It’s hard to say exactly when or if the president’s going to sign,” Vance told reporters.
“We’re going back and forth on a couple of language points,” he added. The president has previously insisted that any deal include the Strait of Hormuz being opened, Iran committing to not pursue a nuclear programme, and giving up its supply of enriched uranium.
US officials said the MOU will allow “unrestricted” shipping through the Strait of Hormuz, while Iran will reportedly have to remove all mines from the oil passageway within 30 days.
The US naval blockade would also have to be lifted, and Iran would commit not to pursue a nuclear weapon, Axios reported.
Key Points
- US and Iran 'reach agreement on memo to end war': Axios
- Agreement has yet to be finalised, Iranian media reports
- US patience over deal is 'not unlimited', Bessent warns
- Iran's uranium stock to be aggressively negotiated during ceasefire
- Fresh sanctions imposed on Iran's military oil sales, Treasury says
- Vance says US 'not there yet' on deal with Iran, but close
Israel continues to bomb Lebanon
06:00 , Alisha Rahaman Sarkar
US denies Iranian reports of American aircraft downed in southern Iran
05:45 , Alisha Rahaman Sarkar
A US official has denied Iranian state media claims that a US aircraft was destroyed near Bushehr in southern Iran.
Iran’s state television reported that a US aircraft was downed in the area, without providing details on the type of aircraft.
Iran made 'significant concessions' in new deal, says Trump aide
05:36 , Alisha Rahaman Sarkar
The White House deputy chief of staff has claimed that Iran has made "many other concessions" besides agreeing to a complete reopening of the Strait of Hormuz.
Stephen Miller told Fox News that the concessions have been “significant, material, and dramatic”, adding that they “would have been impossible only a short time ago”.
“But again, there is no deal until there is a deal; nothing is final until it is final,” he said.
“President Trump has been clear that he reserves the option now or any time in the future to do whatever is necessary to defend and protect America’s national security,” he added.
Is Trump’s threat to ‘blow up’ Oman a sign he regrets his war with Iran?
05:15 , Alisha Rahaman Sarkar
The president’s casual menacing of a longstanding Gulf ally may yet be a turning point for US relations with several Middle East states, Israel included, says Mary Dejevsky.
Is Trump’s threat to ‘blow up’ Oman a sign he regrets his war with Iran?
Saudi Arabia may lower July oil prices to Asia
05:00 , Alisha Rahaman Sarkar
Saudi Arabia is likely to cut its official selling prices (OSPs) for crude oil to Asia in July for a second month, a Reuters survey showed, as spot premiums eased on sluggish demand despite supply disruptions stemming from tensions in the Middle East.
The July OSP for flagship Arab Light crude may slide to a premium of $7.50 to $12.50 a barrel above the average Dubai and Oman quotes, five industry sources said in the survey, $3 to $8 a barrel lower than the OSP for June.
The expected cut follows a price decline and tepid trading in the spot market in May.
Iran's uranium stock to be aggressively negotiated during ceasefire
04:45 , Alisha Rahaman Sarkar
Among the first issues to be negotiated during the 60-day ceasefire is what will happen to Iran’s highly enriched uranium, a US official said.
The Islamic Republic has 440.9kg of uranium that is enriched up to 60 per cent purity, a short, technical step from weapons-grade levels of 90 per cent, according to the International Atomic Energy Agency.
Vice president JD Vance said yesterday evening that negotiators were trying to strike general terms on the highly enriched uranium settled in the tentative agreement, with the specifics to be hammered out in the ensuing talks.
Vance said the continued back and forth involved “a couple of issues on the nuclear stuff, the highly enriched stockpile, and also the question of enrichment".
Strait of Hormuz tolls among major talking points in ceasefire deal
04:39 , Alisha Rahaman Sarkar
The memorandum to extend a fragile US-Iran ceasefire makes clear that Iran will not be able to impose tolls on the Strait of Hormuz and that Iran will have to remove all mines from the vital waterway within 30 days, according to an official.
During the war, Iran has effectively closed the strait, which had been the conduit for about a fifth of the world’s traded oil and natural gas.Its closure has sent oil prices skyrocketing around the world.
US treasury secretary Scott Bessent told a news briefing on Thursday that the cost of oil could “come down very quickly” once a deal is finalised.
Iran has said it’s letting some commercial vessels pass – about two dozen daily in recent days, compared with more than 100 a day before the war – but the Islamic Republic also has charged tolls for at least some ships.
It set up a formal gatekeeper agency earlier this month, spurring a new round of US sanctions this week.
Under the tentative agreement, the US would gradually lift its naval blockade on Iranian ports and would also agree to relax sanctions, allowing Iran to sell more of its oil.
Rubio to meet Pakistani counterpart in Washington
04:19 , Alisha Rahaman Sarkar
US secretary of state Marco Rubio will meet Pakistani foreign minister Muhammad Ishaq Dar today as negotiations between the US and Iran gained speed.
The visit comes as Islamabad is attempting to negotiate a peace pact to permanently end the US-Israeli war with Iran.
Dar will meet Rubio “to review bilateral relations and exchange views on regional and global developments of mutual interest”, Pakistan's foreign ministry said in a statement.
Iran negotiators agree to extend ceasefire - report
04:02 , Alisha Rahaman Sarkar
The US and Iranian negotiators have reached a tentative agreement to extend the ceasefire by 60 days and launch negotiations on Iran's nuclear program, according to a US official familiar with the matter.
The official, who spoke on condition of anonymity to the Associated Press, said that president Donald Trump still needs to sign off on the emerging memorandum of understanding.
Watch: Scott Bessent addresses Trump-Iran 'deal'
03:40 , Jane Dalton
US-Iran war in numbers: Trump’s war costs more than $29bn in three months
03:15 , Nicole Wootton-Cane
The conflict in the Middle East is entering its fourth month with negotiators yet to make a breakthrough, which would pave the way for an enduring peace.
And while the Pentagon has priced the conflict at around $29bn, analysts say the true cost could swell to $1 trillion once hidden costs are tallied.
James C. Reynolds has this report:
US-Iran war in numbers: Trump’s war costs more than $29bn in three months
Watch: Trump says he doesn't care about midterms when asked about Iran negotiations
03:00 , Nicole Wootton-Cane
US military denies claim that Iran downed one of its aircraft
02:00 , Rachel Dobkin
The US military has denied a claim that Iranian forces downed one of its aircraft near Bushehr, a southern port city.
🚫CLAIM: Iran's state TV claimed Iranian forces downed a U.S. aircraft near Bushehr. FALSE.
— U.S. Central Command (@CENTCOM) May 28, 2026
✅TRUTH: No U.S. aircraft were shot down. All U.S. air assets are accounted for. pic.twitter.com/2EaKJ2Fj3d
Trump threatens to ‘blow up’ Oman in off-the-cuff Cabinet meeting remark
01:00 , Nicole Wootton-Cane
Donald Trump on Wednesday threatened to “blow up” the country of Oman if it didn’t bow to his wishes around control of the Strait of Hormuz as the US president seeks a peace agreement with Iran to reopen the strait.
The president hosted a Cabinet meeting at the White House on Thursday and reiterated his insistence that Oman and other nations sign on to his Abraham Accords, a US-led treaty which encourages the normalisation of diplomatic ties between Arab nations and Israel.
He also took a question from reporters, one of whom asked about a potential short-term deal that would allow for shared control of the Strait of Hormuz between Iran and Oman, which border the key waterway. In response, the president issued a direct threat to Oman, a US ally.
You can read more below:
Trump threatens to ‘blow up’ Oman in off-the-cuff Cabinet meeting remark
Watch: Zelensky writes urgent letter to Trump over critical air defence shortage as Iran war depletes American stockpiles
Thursday 28 May 2026 23:59 , James Reynolds
US official denies claim US aircraft destroyed in Iran's Bushehr
Thursday 28 May 2026 23:24 , Nicole Wootton-Cane
No US aircraft were shot down near Bushehr, Iran, despite a claim made on Iranian state TV, said a US official, speaking on the condition of anonymity.
Iran's state TV said early on Friday that a US aircraft was destroyed in Iran's Jam governorate in Bushehr, citing its governor Masoud Tangestani.
Vance says US 'not there yet' on deal with Iran, but close
Thursday 28 May 2026 23:02 , Nicole Wootton-Cane
US Vice President JD Vance on Thursday told reporters that Washington was "not there yet" with Iran but that the parties were close, adding that the US was in a position where it could substantially set back Tehran's nuclear program.
It comes after reports earlier suggested an agreement had been reached but was with President Donald Trump for final approval.
Iranian media denied that an agreement had been finalised.
"It's hard to say exactly when or if the president is going to sign the MOU. We're going back and forth on a couple of language points," vice president Vance said.
"I can't guarantee that we're going to get there, but right now I feel pretty good about it.”
Where are US and UK military bases in the Middle East as Iran launches new strikes?
Thursday 28 May 2026 23:00 , James Reynolds
Iran targeted an American airbase early on Thursday morning in retaliation for renewed US strikes on the country’s south, hours after US president Donald Trump rejected a report he was close to agreeing a deal.
The Islamic Revolutionary Guard Corps (IRGC) said it had targeted an unnamed American air base at 4.50am local time, claiming the site was responsible for earlier attacks near Iran’s Bandar Abbas Airport.
Where are the US and UK military bases in the Middle East?
Analysis: Trump’s board of peace is flailing – just like the president
Thursday 28 May 2026 22:15 , James Reynolds
A pattern is emerging where, amid glittering ceremonies and bombastic press conferences, Trump tries to take centre stage in the resolution of crises he has either supported or even initiated, writes chief international correspondent Bel Trew:
Trump’s board of peace is flailing – just like the president
Iran intercepts US drone, state media says
Thursday 28 May 2026 22:00 , Nicole Wootton-Cane
Iranian media has reported its military has intercepted a US drone.
It said a US aircraft had been intercepted near Bushehr - where Iran’s only nuclear power plant is located.
US imposes fresh sanctions on Iran's military oil sales, Treasury says
Thursday 28 May 2026 21:35 , Nicole Wootton-Cane
The US said on Thursday it has imposed new sanctions on Iran's military oil trade, despite some reports that Washington and Tehran have reached a tentative agreement to extend their ceasefire and lift restrictions on shipping through the Strait of Hormuz.
The Treasury Department said it had sanctioned eight vessels involved in transporting Iranian crude oil and petroleum products to global markets. The vessels included the Marshall Islands-flagged oil tanker Flora, the Comoros-flagged crude oil tanker Hauncayo and the Panama-flagged tanker Ill Gap.
"We will not allow the Iranian government to increase its oil revenue for the purpose of reconstituting its armed forces and military capabilities," Treasury Secretary Scott Bessent said in a release.
President Donald Trump has yet to approve the deal , and Iranian media denied one had been finalised.
Iran 'attacks targets with missiles'
Thursday 28 May 2026 21:04 , Jane Dalton
Iran’s armed forces have launched missiles from southern regions of the country towards “specified targets”, according to the country’s Fars news agency.
More information soon.
Surging prices drives consumer spending as Americans are forced to dip into savings
Thursday 28 May 2026 21:00 , James Reynolds
Surging prices are flattering the dollar amount of spending as the Iran war drives inflation in the United States.
Consumer spending, which accounts for more than two-thirds of economic activity, increased 0.5% last month after surging 1.0% in March, new data shows.
Hefty tax refunds have provided a cushion for consumers, especially lower-income households.
Consumers are also tapping into savings, with the saving rate dropping to 2.6% last month. That was the lowest level since June 2022 and was down from 3.2% in March.
Income was unchanged. After adjusting for inflation, income at the disposal of households fell 0.5%.
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