U.S. Vice President JD Vance said Thursday that the United States and Iran are very close to a cease-fire agreement [1].
The potential deal aims to halt renewed fighting and reopen the Strait of Hormuz, a critical maritime chokepoint for global shipping and energy markets [1, 4].
Speaking on May 28, Vance said that while progress has been made on the truce, the agreement is not yet finalized [1, 2]. The negotiations center on extending the current cease-fire and restoring commercial traffic to the strategic waterway [1, 5].
"We are 'very close' to a deal, but we are not there yet," Vance said [2].
According to reports from Deutsche Welle, negotiators have reached a tentative agreement, though it remains subject to the approval of President Donald Trump [1]. The deal would address the immediate volatility of the Iran-U.S. conflict, which has threatened regional stability [3, 5].
Vance said the United States and Iran have made progress on the deal, but emphasized that the process is ongoing [1]. The urgency of the negotiations is driven by the need to secure the Strait of Hormuz, where disruptions can cause significant spikes in global oil prices [4, 5].
Officials have not yet provided a specific timeline for when the president will review the terms. The deal remains tentative until the White House provides formal authorization [1, 5].
“"We are 'very close' to a deal, but we are not there yet."”
The reopening of the Strait of Hormuz is a primary objective for global markets, as the waterway is the world's most important oil transit chokepoint. A successful extension of the cease-fire would reduce the risk of a wider regional war and stabilize energy costs, though the reliance on a single presidential sign-off creates a narrow window of diplomatic vulnerability.
