Trump to Finalise Iran Peace Deal in Situation Room Soon
U.S. President Donald Trump has stated he is holding a crucial meeting in the White House Situation Room on Friday (29 May 2026) local time. The meeting aims to reach a final decision on a peace deal with Iran.
In a lengthy post on his Truth Social platform, Trump stated Washington is prepared to lift the naval blockade on Iranian ports, but imposed strict conditions for Tehran to immediately open the Strait of Hormuz and commit fully to never possessing nuclear weapons.
Trump detailed key points central to the negotiations, stating Iran must swiftly clear mines from the Strait of Hormuz to allow uninterrupted oil tanker traffic.
“Iran must agree it will never possess nuclear weapons or bombs. The Strait of Hormuz must be opened immediately, free of charge, for unrestricted two-way shipping,” Trump wrote in his post.
Additionally, Trump specified that Iran’s enriched uranium reserves would be excavated by the U.S. in close coordination with the Islamic Republic of Iran and the International Atomic Energy Agency (IAEA) before being fully destroyed.
Despite reports Iran is demanding financial compensation for the war, including the release of frozen assets, Trump maintained a firm stance: “No money will be exchanged until further notice,” he stressed.
It remains unclear whether Iran has accepted Trump’s terms or if the U.S. blockade has been lifted prior to the final decision. U.S. officials previously stated negotiators from both sides agreed to a 60-day ceasefire extension, though Trump has not yet signed it officially.
Open conflict between the U.S.-Israel and Iran began on 28 February. Despite Trump announcing a ceasefire on 7 April, fighting has persisted in recent days, making this Situation Room decision critical for regional stability.
Iran’s Islamic Revolutionary Guard Corps (IRGC) navy fired warning shots at four vessels near the Strait of Hormuz. Meanwhile, the U.S. threatened sanctions against Oman.
The U.S. struck Iranian military targets in the Strait of Hormuz amid a fragile ceasefire. Brent crude oil prices rose to $98.20 per barrel amid global energy supply threats.
Iran claimed to have used a new air defence system, Arash-e Kamangir, to down a U.S. MQ-9 Reaper drone in the Strait of Hormuz, demonstrating military resilience.
Ayatollah Mojtaba Khamenei accused the U.S. and Israel of attempting to destabilise Iran in retaliation for military losses in his latest written message.
Regional tensions have escalated since the U.S. and Israel launched attacks on Iran in February.
China unexpectedly cut oil imports during the Iran conflict, preventing Brent prices from soaring to $200.
The Trump administration has signalled a potential Iran peace deal. However, analysts predict oil prices will struggle to return to $60 due to geopolitical risks.
A closure of the Strait of Hormuz due to the Iran conflict has sparked global recession fears, with experts predicting Brent prices could surge to $150 per barrel if the blockade continues.
Asia faces a dual energy crisis from extreme heatwaves and the Strait of Hormuz closure, with electricity demand surging as global gas supplies are disrupted.