US and Iran reportedly reach major breakthrough in deal negotiations

Updated: 6:38 PM PKT — May 29, 2026

Sources indicate the United States and Iran have reached a preliminary agreement to extend a ceasefire, permit shipping through the Strait of Hormuz, and lift a US blockade and some sanctions. However, the deal is not yet final, as it awaits approval from US President Donald Trump. US Vice President JD Vance stated, “We’re not there, but we’re very close,” while Iranian sources have also indicated the text of the agreement has not been finalized.

The memorandum of understanding reportedly aims to halt the war and provide a 60-day window for negotiators to reach a final deal on more contentious issues. These include the future of Iran’s nuclear program, the full scope of sanctions relief, and the inclusion of Israel’s conflict with Hezbollah in Lebanon.

Updated: 5:06 PM PKT — May 29, 2026

Progress on a potential US-Iran deal appears to have stalled, with reports indicating that US President Donald Trump has yet to approve the agreement and Iranian state media stating it has not been finalized. The uncertainty has caused a ripple effect in global commodity markets, with copper prices edging lower as investors await further news on the extension of a ceasefire and the lifting of shipping restrictions through the Strait of Hormuz.

Meanwhile, Iranian President Masoud Pezeshkian thanked Pakistan and Malaysia for their diplomatic efforts to de-escalate regional tensions. In a statement, he praised Pakistan’s role in pursuing a ceasefire and a potential agreement, reiterating Iran’s preference for a political solution through negotiation and its policy of enhancing cooperation with Muslim and neighboring countries.