US-Iran MOU on 60-day ceasefire extension reached, but Trump must approve, source says - Finance news and analysis from Global Banking & Finance Review
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US-Iran MOU on 60-day ceasefire extension reached, but Trump must approve, source says

Published by Global Banking & Finance Review

Posted on May 28, 2026

2 min read

· Last updated: May 28, 2026

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US-Iran MOU on 60-day ceasefire extension reached, but Trump must approve, sources say

Details and Implications of the US-Iran Ceasefire Extension Agreement

By Jonathan Landay, Steve Holland, Gram Slattery and Humeyra Pamuk

Background of the Agreement

WASHINGTON, May 28 (Reuters) - The U.S. and Iran have reached an agreement on a memorandum of understanding to extend their ceasefire for 60 days, but U.S. President Donald Trump has yet to approve it, four sources familiar with the matter told Reuters.

Key Provisions of the Memorandum

The agreement will state how to address Iran's stockpile of highly enriched uranium, which will be among the first issues discussed during the 60-day window, according to an earlier report by Axios, which broke the news.

The White House declined to comment.

Political Dynamics and Reactions

Previous Negotiation Attempts

The Trump administration has several times said a deal to end the fighting was close, only to have Iran dispute or downplay the claims.

Trump's Statements on the Conflict

Trump initially said the war would last four to six weeks, but ⁠it is now three months old. At times, he has suggested the ​conflict could end within days, only to later suggest it could go on for ​some time.

Recent Developments

Over the weekend, expectations of a deal soared when Trump canceled his weekend plans to stay in Washington and skipped his son's wedding, citing "circumstances pertaining to government." On Sunday, a senior Trump administration official downplayed an imminent deal, but said there was agreement in principle over the broad contours of a deal.

Domestic and International Pressures

Pressure from Political Allies

Trump has come under growing pressure from Iran hawks in his own party, who have urged him not to make any agreement that fails to immediately address Iran's nuclear program.

Economic Concerns and Voter Sentiment

Growing voter disquiet about high prices, especially for gasoline, has added to political pressure ​on Trump’s Republican Party, which is widely expected to struggle to keep control of the House ‌of ⁠Representatives and possibly the Senate.

US and Iranian Positions on Nuclear Program

Trump has said his key aim in the war is to prevent Iran from developing a nuclear weapon with its highly enriched uranium. Tehran has consistently denied it has plans to do that.

(Reporting by Jonathan Landay, Gram Slattery, Steve Holland and Humeyra Pamuk; Editing by Don Durfee, Rod Nickel)

Key Takeaways

  • A draft MOU agreed by negotiators would extend the ceasefire for 60 days, reopen the Strait of Hormuz (‘unrestricted’ shipping, Iran to clear mines), and initiate negotiations on Iran’s nuclear program (axios.com).
  • The agreement would also involve lifting the U.S. blockade on Iranian ports, granting sanctions waivers, and exploring sanctions relief and frozen assets (axios.com).
  • Despite negotiators agreeing on the MOU, it remains unsigned because President Trump has yet to give his final approval (axios.com).

References

Frequently Asked Questions

What is the new US-Iran ceasefire agreement?
The US and Iran agreed on a memorandum for a 60-day extension of their ceasefire, pending approval from President Trump.
Has President Trump approved the ceasefire extension?
No, President Donald Trump has not yet approved the 60-day ceasefire extension agreement.
What are the main concerns about the agreement?
Some in Trump's party are pressuring him not to approve deals that do not directly address Iran's nuclear program.
Who reported the news of the ceasefire memorandum first?
The news of the US-Iran ceasefire memorandum was first reported by Axios.
Did the White House comment on the reported agreement?
No, the White House declined to comment on the ceasefire extension agreement.

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