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No Signs of Peace in the Gulf

Trump said the deal must keep Iran from nuclear weapons as oil prices fell on news of a possible Hormuz reopening.

  • On Friday, President Donald Trump announced he will soon decide on a proposed 60-day ceasefire extension with Iran, though the two nations remain deadlocked on significant conflict issues.
  • The conflict, launched by America and Israel on February 28, 2026, closed The Hormuz Strait, causing global economic instability and rising energy prices.
  • Treasury Secretary Scott Bessent reported a potential agreement to release $12 billion in frozen assets, though Trump stated no money would be exchanged "until further notice" amid ongoing disputes.
  • Oil prices fell and stocks rose on Friday on news of the potential deal, as Trump faces immense pressure to reopen the strait and lower gasoline prices ahead of congressional elections.
  • Demanding the immediate opening of The Hormuz Strait without tolls, Trump warned that nuclear material would be "unearthed" by America if Iran refuses to abandon its nuclear ambitions.
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Any changes to the proposal could further delay an agreement to end the Middle East war and reopen shipping traffic through the Strait of Hormuz, following weeks of negotiations held amid heated rhetoric…

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The Week broke the news on Friday, May 29, 2026.
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