US Iran News Highlights: Trump says Hormuz blockade to be lifted, wants no-nuclear-weapon assurance from Iran

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The management of the Strait of Hormuz must be decided by Iran and Oman, according to Iran's Foreign Ministry spokesperson Esmaeil Baghaei, reported Reuters.

A senior Iranian source has told Reuters that Tehran and Washington have reached a “political understanding,” though the agreement has not yet been finalised.

Iranian sources told the Fars news agency that Trump's comments on the deal were a "mixture of truth and lies."

In a post on Truth Social, the US President said, “Iran must agree that they will never have a Nuclear Weapon or Bomb. The Hormuz Strait must be immediately open, no tolls, for unrestricted shipping traffic, in both directions. All water mines (bombs), if any, will be terminated (we have removed, through detonation, numerous such mines with our great underwater mine sweepers. ”

Hopes that a ceasefire deal could pave the way for an end to the Iran conflict drove stocks toward a historic streak of weekly gains, with the market also buoyed by the artificial-intelligence trade, Bloomberg reported.

A nearly 20% surge in the S&P 500 from war-driven lows left the index on track for its ninth straight weekly advance, the longest stretch since 2023

US President Donald Trump said he was making his final decision on a potential deal with Iran on Friday, as Tehran insisted any agreement on ending the Middle East war hinged on Washington dropping its "excessive demands".

Iran's top negotiator had said earlier Tehran would only trust Washington's actions, not its words, after US Vice President JD Vance said progress had been made on a deal to extend a ceasefire and provide a framework for peace talks.

US President Donald Trump has claimed that Iran is obligated to reopen the Strait of Hormuz without imposing any charges, even though no such provision exists in the agreement, according to Reuters.

Iran has stressed that once the US blockade is lifted, it will reopen the Strait of Hormuz in accordance with its own predetermined arrangements, state media outlet Fars reported.

US President Donald Trump said in a social media post that he would convene a meeting in the White House Situation Room on Friday to take a final call on an agreement with Iran. He said, “I will be meeting now, in the Situation Room, to make a final determination.”

Pakistan Foreign Minister Ishaq Dar met US Secretary of State Marco Rubio on Friday amid reports suggesting Washington and Tehran are nearing an agreement to end the three-month-long conflict, as per PTI.

The meeting came days after US President Donald Trump urged countries involved in mediating the US-Iran negotiations to join the Abraham Accords, which aim to normalise diplomatic, economic, and security relations between Israel and Arab nations.

Iranian Foreign Minister Abbas Araqchi said on Friday that he held talks with Omani Foreign Minister Badr Albusaidi on the Strait of Hormuz and its future administration, stressing that the discussions were held within the framework of both countries’ sovereign responsibilities and international law, according to Reuters.

In a post on X, Araqchi also expressed Iran’s support and solidarity with Oman against any potential threats.

Iran’s chief negotiator and Parliament Speaker Mohammad Bagher Ghalibaf said Tehran secures concessions through its missile capabilities rather than negotiations, noting that talks are aimed only at making the other side “understand” Iran’s position, as per Al Jazeera.

He took to X and said, “We have no trust in guarantees or words – only actions are the measure. No action will be taken before the other side acts.”

“The winner of any agreement is the one who is better prepared for war from the day after,” he added.

Iran is set to hold an investment and reconstruction conference as the country appears to be moving closer to an agreement with the United States that could potentially lead to a lasting truce between the two sides, according to Bloomberg.

The event, titled “Iran Project,” is being organised by Bonyad-e Mostazafan — a powerful charitable foundation sanctioned by the US. According to a flyer released by state-run Islamic Republic of Iran Broadcasting, the programme is being presented as an “international exhibition” and will be held from May 31 to June 1.

Iran’s semi-official Tasnim news agency, citing an informed source, reported that the text of a possible memorandum of understanding between Tehran and Washington has undergone changes in recent days and has not yet been finalised, reported Al Jazeera.

The unnamed source also dismissed some media reports surrounding the proposed agreement, saying several details being circulated were “inaccurate.”

US Vice President JD Vance said that Washington was ‘not there yet’ with Iran on an agreement but that the parties were close. The vice president said that the US was in a position where it could substantially set back Tehran's nuclear program.

The United States and Iran reached an agreement on Thursday (US time) to extend their ceasefire and lift restrictions on shipping through the Strait of Hormuz, pending US President Donald Trump's approval, according to media reports quoting sources.

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Fifteen children were killed and 62 others injured in Lebanon over the past week despite the ceasefire between Israel and Hezbollah, the United Nations said on Friday, as per AFP.

UNICEF described the toll as “staggering” and emphasised that international humanitarian law requires children to be protected at all times during armed conflict.

Oil production at the Chevron-led Tengiz field, Kazakhstan’s largest oilfield, declined sharply on May 26 following an accident, two industry sources told Reuters on Friday.

According to its sources, daily output at Tengiz, which had only recently recovered from an earlier disruption, dropped to between 5,000 and 10,000 metric tons on Tuesday, compared to its normal production level of around 125,000 tons, or nearly 995,000 barrels per day.

US and Iranian negotiators on Thursday tentatively agreed to extend the ceasefire in the three-month-old conflict by another 60 days and begin a fresh round of negotiations over Iran’s nuclear programme, according to a US official familiar with the discussions, as per AP.

Iran has not officially confirmed the agreement. However, Vice President JD Vance said on Thursday evening that a preliminary deal had been reached, though he added that it remained uncertain whether President Donald Trump would approve it.

Iran’s Foreign Ministry spokesperson Esmaeil Baghaei has condemned what he described as “brutal” Israeli attacks on Lebanon, including strikes targeting southern Beirut, as per Al Jazeera.

Speaking to Iran’s state broadcaster IRIB, Baghaei accused the United States of being “accomplice” in Israel’s actions in Lebanon, as well as in Palestine and across the wider Middle East