Key insights
- A potential 60-day ceasefire extension between the US and Iran has been agreed upon in principle, pending President Trump's approval. However, internal political pressure from Iran hawks within Trump's party, who prioritize addressing Iran's nuclear program, creates uncertainty. This development, if finalized, could reduce geopolitical risk in the Middle East, but its approval is not guaranteed, limiting immediate market impact.
WASHINGTON, May 28 (Reuters) - The U.S. and Iran have reached agreement on a memorandum of understanding to extend their ceasefire for 60 days but President Donald Trump has yet to approve it, a source familiar with the matter told Reuters.
The news was first reported by Axios.
The Trump administration has several times said that a deal to still the fighting was close only to have Iran dispute or downplay the claims.
In recent days, Trump has come under 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.
The White House declined to comment.
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