US President Donald Trump concluded a two-hour Situation Room meeting on 30 May without announcing a final decision on a proposed agreement with Iran, according to multiple media reports. The White House offered no indication after the session that a determination had been reached, despite Trump having earlier signalled he would deliver a verdict on the proposal.

What Was on the Table

The proposed framework, according to reports citing The Washington Post, involves a memorandum of understanding that would extend the current ceasefire between the two sides for 60 days while Washington and Tehran negotiate the terms of a broader agreement. Central to those talks is the future of Iran's enriched uranium stockpile.

Before the meeting, Trump outlined conditions he said Iran would need to satisfy: reopening the Strait of Hormuz, removing mines from the waterway, committing never to develop a nuclear weapon, and allowing the United States to remove or destroy highly enriched uranium.

Where Negotiations Stand

Iran signalled that talks remain incomplete. Iranian Foreign Ministry spokesman Esmaeil Baghaei reportedly said contacts between the two capitals were continuing but that a memorandum of understanding had not yet been finalised. Reports citing The New York Times noted that Iranian officials continue to object to several US demands, and that internal opposition from hard-line factions within Tehran remains a significant hurdle.

Despite the impasse, officials on both sides appeared to suggest the process was still active. Administration officials were quoted as believing the two sides are close to an agreement, though several issues remain unresolved, including the possible unfreezing of Iranian funds. Iranian negotiators are reportedly seeking the release of frozen assets and broader relief from economic restrictions.

The Strait of Hormuz Factor

The Strait of Hormuz sits at the heart of the negotiations. Roughly one-fifth of the world's oil supply transits through the strategic waterway connecting the Persian Gulf to global markets. Notably, Iran's Revolutionary Guard navy reportedly fired warning shots at four vessels near the strait on Friday, claiming they were attempting to pass through without prior authorisation — a reminder of how quickly the situation can escalate.

The heads of the International Energy Agency, International Monetary Fund, World Bank Group, and World Trade Organization have warned, according to reports, that prolonged disruption to shipping through the strait could increase risks to fuel security and broader economic stability.

Market Reaction and US Pressure Moves

Financial markets responded positively to signs that diplomacy remained active, with oil prices falling and US stocks rising on hopes that negotiations could eventually restore normal shipping through the waterway. Separately, Treasury Secretary Scott Bessent said the United States had seized approximately $1 billion in Iranian cryptocurrency assets as part of its ongoing pressure campaign against Tehran.

Broader Context

The negotiations follow months of conflict involving the United States, Israel, and Iran that have heightened fears of a wider regional confrontation and disrupted global energy markets. This is the latest in a series of high-stakes diplomatic engagements that have so far stopped short of a binding agreement. Whether the two sides can bridge their remaining differences — particularly on uranium stockpiles and frozen assets — will determine the trajectory of both regional security and global oil supply in the weeks ahead.