Live Updates: Vance says it's "still TBD" whether Trump will

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A Tentative Truce Amidst Lingering Tensions

The proposed 60-day extension of the ceasefire, which has been in place since April 8, represents a critical, if fragile, step in the three-month-old war. According to AP News, the agreement also mandates the commencement of a new round of negotiations specifically targeting Iran’s nuclear program. Despite the progress, the situation on the ground remains volatile; just hours before the announcement, U.S. Central Command reported that Kuwait had intercepted missiles fired from Iran. The memorandum of understanding reportedly addresses one of the primary drivers of the conflict: the strategic Strait of Hormuz. Under the terms of the deal, Iran would be required to remove all mines from the waterway within 30 days and explicitly abandon the imposition of tolls on maritime traffic. The strait, a vital artery for approximately one-fifth of global oil and gas trade, has been effectively closed for the duration of the war, causing energy prices to fluctuate globally.

Vance Maintains Caution on Presidential Approval

While the tentative deal marks a diplomatic breakthrough, the administration is managing expectations regarding its finality. Speaking to reporters on Thursday evening, Vice President JD Vance acknowledged the progress but declined to guarantee that the agreement would be ratified by the White House. The administration’s hesitation reflects the complex nature of the ongoing negotiations. While the U.S. has signaled a willingness to gradually lift its naval blockade on Iranian ports and relax certain sanctions—potentially allowing Iran to resume a greater volume of oil sales—the economic pressure campaign continues in parallel.

Treasury Department Continues Economic Pressure

Even as diplomatic channels remain open, the U.S. Treasury Department has continued to exert financial pressure on Tehran. On Wednesday, the Treasury announced new sanctions targeting the Persian Gulf Strait Authority, a Tehran-based agency established to collect transit fees for the Strait of Hormuz. According to CBS News, Treasury Secretary Scott Bessent framed the agency’s fee collection as an extortion attempt, warning that any entity paying these tolls risks exposure to sanctions for providing support to Iran’s Revolutionary Guards. The Treasury Department’s actions are part of a broader strategy that officials claim has already blocked tens of billions of dollars in revenue from reaching the Iranian regime. Despite this, Iran’s foreign ministry spokesman, Esmaeil Baqaei, has maintained that the country is simply collecting fees for “navigational services” rather than imposing tolls, insisting that Tehran will continue to manage traffic in the region.

The Nuclear Hurdle and Future Negotiations

The path forward hinges on the unresolved status of Iran’s nuclear capabilities. According to the International Atomic Energy Agency, Iran currently possesses 440.9 kilograms—or approximately 972 pounds—of uranium enriched up to 60% purity. This level of enrichment is viewed by international observers as a short, technical step away from the 90% purity required for weapons-grade material. Addressing these stockpiles will be a primary focus of the talks scheduled for the 60-day ceasefire period. While Treasury Secretary Bessent predicted that global oil costs could “come down very quickly” once a final deal is reached, the success of these negotiations remains contingent upon both sides reconciling their remaining disagreements over language and security guarantees. For now, the world awaits a definitive signal from the White House on whether this diplomatic opening will lead to a lasting resolution or remain a tentative, unfinalized accord.