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Or sign-in if you have an account.U.S. President Donald Trump listens to members of his Cabinet speak during a meeting in the Cabinet Room of the White House on May 27, 2026 in Washington, DC. Photo by Win McNamee /Getty ImagesThe US and Iran have reached a preliminary deal to extend a ceasefire by 60 days and discuss the future of Tehran’s nuclear program, a person with knowledge of the matter said, buoying hopes for a resolution to a three-month conflict that has killed thousands and roiled the global economy.Enjoy the latest local, national and international news.Exclusive articles by Conrad Black, Barbara Kay and others. 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Plus, special edition NP Platformed and First Reading newsletters and virtual events.Unlimited online access to National Post.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles including the New York Times Crossword.Support local journalism.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorThe person, who spoke on condition of anonymity because the negotiations are private, confirmed an earlier report from Axios. President Donald Trump has yet to agree to the terms. Both countries have previously hailed progress, with Trump repeatedly indicating the US was close to securing an agreement — only for the standoff to drag on.Underscoring the tension, Mohammad Bagher Ghalibaf, the speaker of Iran’s parliament and a key figure in Iran’s wartime leadership, said on Friday “we have no trust in guarantees or words, the only criterion is action; no action will be taken before the other side acts.” U.S. President Donald Trump (C-L) speaks during a Cabinet meeting in the Cabinet Room of the White House on May 27, 2026 in Washington, DC. Photo by Win McNamee /Getty ImagesGet a dash of perspective along with the trending news of the day in a very readable format.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of NP Posted will soon be in your inbox.We encountered an issue signing you up. Please try again“The winner of any agreement is the one who is better prepared for war the day after,” Ghalibaf said in a post on X, without elaborating.Vice President JD Vance told reporters Thursday that the US and Iran are “going back and forth on a couple of language points,” including over issues relating to Tehran’s nuclear capabilities. Iran appears to be negotiating in good faith and progress is being made, he added.Iran’s semi-official Tasnim news agency said the text of the possible memorandum of understanding hadn’t been finalized and had changed in recent days, without giving details and citing a source it didn’t identify. Tasnim, which is affiliated with the Islamic Revolutionary Guard Corps, added that reports in the Western media about the contents of the draft agreement were inaccurate, without being specific.US Treasury Secretary Scott Bessent declined on Thursday to confirm an interim deal had been reached, saying only that negotiations continued. He reiterated Trump’s three “red lines” — reopening the Strait of Hormuz, Iran surrendering highly enriched uranium and ending its nuclear program — remain in place. Treasury Secretary Scott Bessent answers questions during a press briefing at the White House on May 28, 2026 in Washington, DC. Bessent spoke about the new “Trump Accounts” for children which launch today, as well as other issues related to a proposed peace deal between Iran and the United States. Photo by Win McNamee /Getty ImagesA fragile truce has been in place since early April, interrupted by isolated military strikes. Axios reported that Trump asked for “a couple of days” to think about the agreement.In a post on X, Iranian President Masoud Pezeshkian says he had “emphasized Iran’s commitment to diplomacy” in calls with the prime ministers of Malaysia and Pakistan.Pakistan, a mediator in the negotiations, said Foreign Minister Ishaq Dar will be in Washington on Friday for a meeting with US Secretary of State Marco Rubio to discuss “Pakistan’s efforts to promote regional peace and stability through dialogue and diplomacy.”The MSCI All Country World Index, the broadest measure of global equities, climbed to an all-time high on Thursday as easing tensions fueled expectations for lower oil prices and stronger economic growth. Brent crude fell as much as 2.1% to $91.73 a barrel, down from as high as $126.41 a month ago. Motorists drive their vehicles past a billboard referencing U.S. President Donald Trump and the Strait of Hormuz along Valiasr Square in Tehran on May 26, 2026. Photo by ATTA KENARE / AFP via Getty ImagesThe US-Iran memorandum of understanding would guarantee that shipping through the Strait of Hormuz remains unrestricted, Axios reported. Iran would have to remove all mines from the strait within 30 days, according to the report.The US struck Iranian military targets twice this week, including Iranian drones fired at a commercial ship and a launch unit near Hormuz, which it characterized as defensive. Both sides have condemned the other for violating the truce.The effective closure of Hormuz since the start of the war in late February has curbed about a fifth of the world’s oil and liquefied natural gas supplies, leading to a surge in prices and boosting inflation.The US Treasury Department said it took action against Iran’s Persian Gulf Strait Authority, accusing it of launching a new attempt “to monetize its campaign of state-sponsored terror by extorting vessels transiting the Strait of Hormuz.”Iran has expanded its claimed jurisdiction and set out new rules for vessels seeking to transit the waterway. That involves seafarers dealing with the new Iranian agency and sometimes getting payment requests of as much as $2 million for safe passage. An auto rickshaw carrying a poster featuring U.S. President Donald Trump moves along a road on May 15, 2026 in Delhi, India. Photo by Ritesh Shukla /Getty ImagesEarlier on Friday, a report on Iranian state TV said 24 ships had transited the Strait of Hormuz in the space of 24 hours in coordination with both the IRGC and Iran’s Ministry of Foreign Affairs. The report said the number of vessels with permission to cross was “much higher” but traffic was being managed in order reduce congestion.The US president has enforced his own blockade of Iranian ports and called for allies to assist with the effort to open the strait so commercial vessels can resume safe passage. He’s also threatened to resume major airstrikes against Iran — all to little avail.Trump finds himself caught between Iranian demands for financial relief and an end to attacks, pressure from Republican hawks not to compromise, and his own past criticism of previous agreements. Beyond Tehran’s nuclear program, negotiators still need to decide how much of Iran’s $24 billion in frozen assets will be released and how quickly.— With assistance from Tooba Khan, Eltaf Najafizada, Fiona MacDonald, Meghashyam Mali, Catherine Lucey, Derek Wallbank, John Harney and Richard Henderson.Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark nationalpost.com and sign up for our daily newsletter, Posted, here. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.