Iran

Maybe This Time

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Liz Wolfe | 5.29.2026 9:30 AM

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The boy who cried we have a deal to open the Strait of Hormuz: We've done this over and over again, but maybe this time, it's real. Anonymous sources within the government are telling news outlets that they've drafted up a "memorandum of understanding" with Iran (which still needs approval from President Donald Trump) that would deal with reopening the Strait of Hormuz and extend the ceasefire.

"Should an agreement be finalized, it could give Mr. Trump an off-ramp from a war that has driven up oil prices and grown deeply unpopular at home," reports The New York Times. "It could also eventually allow Iran to regain access to frozen overseas assets and provide a route for Tehran to get billions of dollars of oil revenue flowing again."

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Vice President J.D. Vance confirms that the administration is "very close" to a deal; one sticking point appears to be that Trump wants Iran to get rid of its enriched uranium, which might not end up happening. Mediators have, over the past few weeks, struggled to agree on a lasting deal, with ceasefires happening in tiny spurts and tensions flaring back up again. It doesn't help that the entire region's been running hot, so mediators sometimes struggle to figure out whether an agreement between the U.S. and Iran should also attempt to........

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