U.S. and Iranian negotiators have reached a preliminary agreement to extend the ceasefire and begin nuclear talks, but the deal awaits President Trump’s approval.
U.S. and Iranian negotiators have reached a preliminary agreement to extend the ceasefire and begin nuclear talks, but the deal awaits President Trump’s approval.
U.S. and Iranian negotiators have reached a preliminary agreement to extend the ceasefire and begin nuclear talks, but the deal awaits President Trump’s approval.
U.S. and Iranian negotiators have reached a tentative agreement to extend the ceasefire for 60 days and launch talks on Iran’s nuclear program, according to a U.S. official familiar with the matter who spoke to The Associated Press on condition of anonymity because they were not authorized to comment publicly.
President Donald Trump still has to sign off on the agreement, and Iran has not publicly confirmed it.
Treasury Secretary Scott Bessent did not confirm the existence of the deal but commented on its potential impact during Thursday’s White House press briefing.
“There are almost 2,000 ships waiting to come out of the Gulf. And I think the oil market is going to be very well supplied on the other side of this, and that we could see prices come down very quickly,” Bessent said.
The agreement reportedly includes ending the U.S. blockade of Iranian ports and Iran allowing normal shipping through the Strait of Hormuz, a vital waterway where ships carrying oil, fertilizer, and other commodities have been stuck for weeks due to the war. This disruption has contributed to rising gas prices in the U.S.
Energy experts warn that even if diplomacy progresses quickly, relief at the pump may not come immediately.
“For us to see the fuel prices, the diesel oil, the jet fuel, gasoline prices go down, it’s going to take peace breaking out and return to stability in oil markets. And that really cannot happen for at least eight months,” said Ed Hirs, an energy fellow at the University of Houston.
If President Trump approves the deal, negotiators will have 60 days to work toward a permanent agreement. The U.S. seeks limits on Iran’s nuclear program, the elimination of enriched uranium, and a stable ceasefire to keep the Strait of Hormuz open. Iran, meanwhile, wants relief from U.S. sanctions, access to frozen funds, and an end to the blockade of its ports.
Inflation continues to rise, driven in part by the economic pressures of the war. The Federal Reserve’s preferred inflation gauge showed a 3.8% increase compared to April of last year, marking the highest rate in three years. Energy prices have been a significant factor, with ripple effects on gas, groceries, shipping, and air travel.
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