US and Iran Near Diplomatic Agreement Amid Ongoing Tensions
The US and Iran are reportedly close to a diplomatic breakthrough, with negotiators agreeing on a draft Memorandum of Understanding. This agreement aims to extend a ceasefire and initiate a 60-day negotiation period focused on Iran's nuclear program in exchange for economic relief. The proposed deal awaits President Donald Trump's approval. Under this framework, commercial shipping through the Strait of Hormuz would resume, and both sides would discuss sanctions relief and humanitarian access. The nuclear issue would take precedence during negotiations, with Iran expected to refrain from pursuing nuclear weapons. The ongoing conflict has led to increased tanker insurance costs and chaotic shipping schedules, impacting global energy markets and ordinary Americans, as gasoline prices in the US reach $4.50 per gallon.
Published 2 days ago • 28 May 2026, 09:28 PM IST