Vance Confirms US-Iran Tentative Ceasefire Deal as Trump Weighs Approval

United States and Iranian negotiators reached a tentative 60-day ceasefire extension in late May, pending President Donald Trump's final approval, according to Vice President JD Vance and multiple officials. The memorandum of understanding, signed on May 28, would extend the Pakistan-mediated truce that began in April and launch talks on Iran's nuclear program.

The tentative deal also includes the reopening of the Strait of Hormuz, a critical chokepoint for global oil shipments that had been disrupted during hostilities. Axios reported the terms citing two U.S. officials and a regional source, while the Associated Press confirmed Vance's statement that the agreement was tentatively reached.

Trump said on May 23 that an agreement with Iran had been "largely negotiated," signaling diplomatic momentum days before the MOU was finalized. The White House has not yet announced whether Trump will approve the extension, leaving a formal U.S. announcement uncertain as the June 30 deadline approaches.

The market price for a U.S. announcement of a new Iran agreement or ceasefire extension by June 30 has risen sharply, reflecting growing anticipation that Trump will sign off on the deal. However, no official confirmation has come from the White House or Iranian authorities as of June 12.