Vance: US and Iran are close but 'not there yet' on deal

The United States and Iran are reportedly close to an agreement that would extend their ceasefire and lift restrictions on shipping through the Strait of Hormuz, though final approval from US President Donald Trump is pending. US Vice President JD Vance described the parties as being near a deal but acknowledged that "not there yet" on all aspects.

Vance told reporters that several sticking points remain in the talks with Tehran, specifically concerning Iran's enriched uranium stockpile and its enrichment activities. He indicated that the US is in a position to significantly impede Iran's nuclear program. "I can't guarantee that we're going to get there, but right now I feel pretty good about it," Vance said, referring to the ongoing negotiations.

Sources familiar with the matter told Reuters that the proposed agreement would extend the current truce for another 60 days, allowing traffic to resume through the vital waterway while negotiators address more complex issues like Iran's nuclear program. If approved, this would represent the most significant step toward peace since the conflict began on February 28.

The news of the potential agreement comes after a period of escalating tensions and reciprocal attacks between the two nations, despite a ceasefire taking effect in early April. The reports have already influenced global markets, with oil prices falling on hopes of a potential reopening of the Strait of Hormuz, a critical transit route for approximately one-fifth of the world's oil and liquefied natural gas supply.

“

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. I can't guarantee that we're going to get there, but right now I feel pretty good about it.