Overview
- Negotiators have drafted a 60‑day memorandum to extend the April ceasefire and restore navigation through the Strait of Hormuz, but multiple officials say the text is not final and it awaits President Trump’s approval.
- President Trump publicly listed strict conditions for any pact and held a White House security meeting that ended without a signed agreement, leaving the proposal in limbo.
- Iranian officials and state‑linked media deny that nuclear concessions are in the draft and insist on the immediate release of about $12 billion in frozen assets as a key demand.
- Military pressure has continued while talks proceed with U.S. Central Command reporting operations that disabled a merchant vessel and shot down Iranian drones, signaling the ceasefire’s fragility.
- Markets moved on the prospect of a deal with international oil prices falling and analysts warn that failure to finalize the memorandum could quickly revive wider hostilities and further disrupt global energy flows.