TOP STORIES
U.S. and Iran Reach Deal but Need Trump’s Final Approval, Officials Say | Axios
“U.S. and Iranian negotiators have reached an agreement on a 60-day memorandum of understanding to extend the ceasefire and launch negotiations on Iran’s nuclear program, but President Trump has yet to give his final approval, two U.S. officials and a regional source involved in the mediation efforts tell Axios. Iran has also not confirmed its acceptance. . . . The U.S. officials said the 60-day MOU will state that shipping through the Strait of Hormuz will be ‘unrestricted.’ A U.S. official said this means no tolls and no harassment and that Iran will have to remove all mines from the strait within 30 days. The U.S. naval blockade will also be lifted, but that will happen in proportion to the restoration of commercial shipping, a U.S. official said. The U.S. would also issue some sanctions waivers to allow Iran to sell oil freely. The MOU will include an Iranian commitment not to pursue a nuclear weapon, the officials said. It will also state that the first issues to be negotiated during the 60-day window will be how to dispose of Iran’s highly enriched uranium and how to address Iranian enrichment. The U.S. will commit to discuss sanctions relief and the release of frozen Iranian funds as part of the negotiations. . . . The MOU would also state that the war between Israel and Hezbollah in Lebanon would end . . .”
U.S. and Iran Move Toward Agreement to Reopen the Strait of Hormuz | New York Times
“Mr. Trump has told advisers he will not sign off on any deal in which the United States can be said to be giving direct cash payments to Iran. One U.S. official described this as a ‘public relations’ challenge, acknowledging that some form of financial relief would be required for Iran. Mr. Trump has attacked President Barack Obama for years over sending ‘pallets of cash’ to Iran to settle a decades-old financial dispute, timed after Mr. Obama’s 2015 nuclear deal. Given that political reality, Mr. Trump’s team has been developing ideas that would involve other countries, including the Qataris, releasing funds to the Iranians o that the U.S. could say it did not replenish the coffers of Iran’s regime. But it is not clear whether that political sleight-of-hand would quiet the many critics who are already noting that while Mr. Obama shipped $1.7 billion to Iran, Mr. Trump is looking at potentially unfreezing many times that amount. Mr. Trump and his team have quietly lobbied the Gulf Arab states to underwrite Iran’s postwar reconstruction, contingent on the Iranians agreeing to acceptable terms. . . . Another measure under discussion would ease Iran’s economic strain by lifting the freeze on some Iranian funds held in Qatar, allowing the money to be spent on medicine and feedstock for Tehran. Qatar would then turn those items over to Iran, according to one of the officials.”
Bessent Says Iran Sanctions Relief Not on Table Until Hormuz Opens, Uranium Demands Met | Fox News
“Treasury Secretary Scott Bessent said Thursday that sanctions relief for Iran will not be on the table unless Tehran reopens the Strait of Hormuz, turns over highly enriched uranium and agrees it cannot have a nuclear program.”
UANI IN THE NEWS
“A shadowy new partnership appears to have formed between two of the most powerful figures in Iran’s Islamic Revolutionary Guard Corps (IRGC). Yet in the West it has been almost entirely overlooked. . . . In March, we revealed that Ahmad Vahidi, the IRGC’s new commander-in-chief, was in fact the main power in the regime—a report that has subsequently been corroborated by Western intelligence sources. But this is only half of the story. Although Vahidi is certainly a key—if not the key—igure in the regime, he has been absent from the IRGC’s command in recent years due to fulfilling key roles in the state bureaucracy, including serving as interior minister under the late Ebrahim Raisi in 2021 and heading the Supreme National Defense University from 2018. . . . This is where Mohammad Ali Jafari (aka Aziz Jafari) a former IRGC commander-in-chief—and perhaps the second most powerful individual in Iran right now—comes in. Jafari is the man with the solutions to Vahidi’s problem. And our understanding is that a murky alliance has formed between Vahidi and Jafari, both of whom are strong rivals to [Parliament Speaker Mohammad Bagher] Ghalibaf.”
Trump’s Room to Maneuver Narrows as US, Iran Close in on Framework Deal | Reuters
“‘If these terms [reported by the media] are accurate and if a deal is concluded, the Islamic Republic appears to be getting more in the MOU than the U.S.,’ Jason Brodsky, policy director of United Against Nuclear Iran, a nonprofit policy organization, said on X. ‘A pledge for more nuclear talks? Be wary.’”
MILITARY MATTERS & STRAIT OF HORMUZ CRISIS
Oman Has Assured Us It Won’t Toll Strait of Hormuz, Bessent Says | CNN
“Treasury Secretary Scott Bessent said Thursday that he received assurances from Oman that it does not plan to toll the Strait of Hormuz. ‘I had a call with the Omani ambassador this morning, and he assured me that there were no plans for tolling the strait,’ Bessent told reporters at a White House briefing. ‘As he said, our countries have had 200 years of good relations. He wants to have another 200 more, and, you know, I told him that this was a non-starter, and he did not want to risk either the Omani individuals or Omani financial institutions getting sanctioned,’ Bessent said. Earlier Thursday, Bessent had threatened Treasury action against Oman if it supported Iran in tolling the strait.”
Centcom Cites “Egregious Ceasefire Violation” After Previously Downplaying Iranian Provocations | CNN
“Pretty much ever since the ceasefire began, the Trump administration has strained to downplay provocative actions from Iran, in an apparent effort to hold together the truce. But the administration’s response Thursday was different. For once, it directly accused Iran of violating the ceasefire—and used pretty strong language. A statement from US Central Command accused Iran of an ‘egregious ceasefire violation’ and cited ‘unjustified Iranian aggression.’”
US Denies Iranian Reports Claiming American Aircraft Was Shot Down: Officials | Fox News
“Two U.S. officials told Fox News on Thursday that no American assets were shot down by Iran, pushing back on Iranian state media reports claiming a U.S. aircraft had been downed.”
Bigger Proportion of Non-Iran Ships Crossing Hormuz Strait: Data | Agence France-Presse
“The proportion of vessels not linked to Iranian ownership that are transiting the key Strait of Hormuz has risen, according to data from maritime firm Lloyd’s List Intelligence shared Thursday. . . . China, South Korea, India and Japan have coordinated with the Iranian government to ensure safe passage, according to Lloyd’s List Intelligence.”
DIPLOMACY
A Draft U.S.-Iran Plan Is Said to Be on the Table. Here’s What to Know | New York Times
“Iranian negotiators are sticking to their contention that Iran and Oman, whose territory borders the strait, have the right to determine whether to impose some form of service fee for passing vessels after that period, mediators say. On Wednesday, President Trump repeated his assertion that the international waterway should ultimately remain open to all, without any tolls or fees. Some U.S. negotiators have suggested that the longer-term status of the strait be pushed into a second round of talks, the diplomat said. . . . Perhaps the most surprising, and apparently recent, addition to the agreement is a reference to an investment fund for Iran. The Iranian official and one diplomat put it at $300 billion, but other officials involved in mediation would not confirm the amount. The Iranian official described it as a ‘reconstruction program’ that would be promised to Iran in the event a final agreement was signed. . . . Two diplomats briefed on the latest draft called it an international “investment fund,” which the United States would help facilitate in the event of a final deal.”
Vance Says U.S. and Iran Are “Very Close” to a Deal | Axios
“Vice President JD Vance said Thursday that the U.S. and Iran were ‘very close’ to a memorandum of understanding (MOU) that would extend the ceasefire by 60 days, reopen the Strait of Hormuz, and launch talks on limiting Tehran's nuclear program. . . . ‘We’re going back and forth on a couple of language points. We’ve made a lot of progress here,’ Vance said. Hopefully, we’ll continue to make progress and the president will be in a position where he can endorse the agreement, but obviously that's still TBD,’ he added. ‘I can’t guarantee that we're going to get there . . . but right now I feel pretty good about it.’”
Bessent Says US Patience with Iran Is Limited | Iran International
“US Treasury Secretary Scott Bessent said on Thursday that Washington does not have ‘unlimited patience’ with Iran and suggested military strikes could resume if diplomacy fails.”
Rubio and Pakistani Counterpart to Meet Tomorrow in Washington, DC, Pakistan Says | CNN
“Pakistan said its Foreign Minister Mohammad Ishaq Dar will meet with US Secretary of State Marco Rubio in Washington, DC, tomorrow to discuss ‘regional and global developments,’ including Islamabad’s recent efforts to promote peace.”
Where the Iran Talks Stand Now | Wall Street Journal Editorial
“Like it or not, the U.S. military threat becomes less credible the longer talks drag on. Despite Iran’s reneging on Hormuz and repeated attacks on U.S. forces and Gulf allies, the cease-fire has gone on longer than the war. The regime may conclude Mr. Trump won’t return to the fight—especially 60 days closer to midterm elections. Ending the dueling blockades in the deal’s first phase would help the global economy, and especially Iran’s. But the Strait was also open before the war. Merely trading blockade for blockade would offer the President a way out of the war, but it’s no victory. A good deal would remove what remains of Iran’s nuclear program. That means all the enriched uranium and the underground sites, with intrusive inspections and an enrichment ban. Major gaps remain on these second-phase matters, and for one reason only: Iran’s regime still intends to pursue nuclear bombs. It negotiates with that in mind.”
PROTESTS & HUMAN RIGHTS
“After taking part in two rounds of anti-government protests, Karvan, 22, and his brother Kavian, who’s two years younger, finally made the decision to leave Iran on May 13, after living in hiding for months. They left everything behind—family, friends and their university studies. . . . ‘During the war, the situation was chaotic, but after the ceasefire the regime became even more extreme against the people,’ Kavian [said]. . . . Karvan told CBS News they hope the world will see how Iranians are suffering and push for the change that President Trump offered more than four months ago—and not just a new deal on the Strait of Hormuz or Iran’s nuclear program.”
TRANSNATIONAL REPRESSION
US Citizen Sentenced in Iranian Murder-for-Hire Plot Targeting Dissident in New York | BBC News
“A former truck driver has been sentenced to 10 years in prison for his role in a plot to kill an Iranian-American activist targeted for death by the Iranian government, according to authorities. Jonathan Loadholt, 37, pleaded guilty to conspiracies to stalk and launder money in the plot targeting Masih Alinejad in her Brooklyn home in 2024, the US State Department said.”
SANCTIONS, BUSINESS RISKS & OTHER ECONOMIC NEWS
US Treasury Secretary Says Lifting Iran Sanctions Not on the Table Yet | Al Jazeera
“[Secretary Scott] Bessent has addressed whether Washington is considering lifting US sanctions against Iran. ‘Nothing is going to be on the table until we see the Strait of Hormuz open, and the Iranians agree they have to turn over the highly enriched uranium,’ he said.”
US Imposes Fresh Sanctions on Iran’s Military Oil Sales, Treasury Says | Reuters
“The U.S. said on Thursday it has imposed new sanctions on Iran’s military oil trade, even as Washington and Tehran 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 U.S. also imposed sanctions on more than 15 entities including Worth Seen Energy Limited in Hong Kong, Symphony Shipping and Maritime Management Inc in Dubai, and Mehdiyev Trading Co, also in Hong Kong.”
“Treasury Secretary Scott Bessent said Thursday he will be ‘shutting down’ Iranian airlines—after a Post op-ed called attention to their illicit cash flow—and also slapped sanctions on the new Iranian entity set up to toll the Strait of Hormuz.”
HOSTAGES
British Hostage Couple at ‘Breaking Point’—Son | BBC News
“A British couple detained in Iran are at ‘breaking point,’ their son has told the BBC. Lindsay and Craig Foreman went on hunger strike in May after their phone access was ‘cut off.’ The pair were detained in January 2025 by Iranian authorities—widely viewed as an attempt to get leverage over the UK government.”
IRANIAN INTERNAL DEVELOPMENTS
Pezeshkian Says Iran Must “Accept Hardships” in Standoff with US | Iran International
“Iranian President Masoud Pezeshkian said Iranian people must endure economic and political pressure as part of its confrontation with the United States, adding that Iran would not pursue ‘humiliating’ diplomacy or seek nuclear weapons. ‘If we stood against the world’s strongest power, we must accept the hardships,’ Pezeshkian said on Thursday, according to the state media.”
EUROPE & IRAN
EU’s Kallas Seeks More Vessels to Secure Hormuz Once Iran War Ends | Al Jazeera
“Securing freedom of navigation through the Strait of Hormuz after the US-Israel war on Iran ends will require more ships, said Kaja Kallas, the European Union’s foreign policy chief. They will include more vessels from Europe, and the expansion of the current EU naval mission, she added. The EU mission in the Red Sea—dubbed Aspides from the Greek for ‘shield’—is comprised of three vessels protecting shipping from attacks by Houthi rebels in Yemen. Kallas said after a meeting of the bloc’s foreign ministers that the operational plans for Aspides may have to be amended, depending on additional requirements. such as specialist mine-clearing vessels. ‘But it mostly needs more ships,’ she said, adding that an additional vessel will join the Aspides operation, without providing details.”