What are the key terms of the US-Iran preliminary ceasefire deal, and what remains pending approval?

The US and Iran have reached a preliminary deal to extend a ceasefire by 60 days and discuss the future of Tehran’s nuclear program; the agreement would guarantee unrestricted shipping through the Strait of Hormuz, with Iran required to remove all mines from the strait within 30 days. However, President Donald Trump has yet to approve the terms, and the memorandum of understanding has not been finalized — with both sides still negotiating language points, particularly regarding Iran’s nuclear capabilities, and the US retaining its three red lines: reopening the Strait of Hormuz, Iran surrendering highly enriched uranium, and ending its nuclear program.

How has the conflict affected global energy markets, and what market reaction followed news of the potential deal?

The effective closure of the Strait of Hormuz since late February has curbed about a fifth of the world’s oil and liquefied natural gas supplies, spurring a surge in prices and boosting inflation — Brent crude rose as high as $126.41 a barrel before falling as much as 1.4% to $92.37 following reports of the potential deal. Concurrently, the MSCI All Country World Index climbed 0.4% to an all-time high, reflecting investor optimism about easing tensions, lower oil prices, and stronger economic growth.

US, Iran Reach Deal on Extended Ceasefire Pending Trump Approval

May 28, 2026

The US and Iran have preliminarily agreed to extend a ceasefire by 60 days, aiming to reopen the Strait of Hormuz and stabilize global oil supplies. Talks also cover nuclear program restrictions and asset releases pending Trump's final approval.

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