US-Iran war highlights: Trump Situation Room meeting ends; White House says deal must meet ‘red lines’

US-Iran war LIVE: A political understanding has been reached between Iran and the United States over the Iran war, but it has not yet been finalised, a senior Iranian source told Reuters on Friday.

The source said US Donald Trump's claim that uranium would be unearthed by the US was not true, adding that the possible memorandum of understanding between Tehran and Washington does not include any nuclear-related issues.

US-Iran war LIVE: US President Donald Trump said Friday he’s holding a White House Situation Room meeting with his advisers as he looks to make a “final determination” on moving forward with a deal to extend the Iran ceasefire and reopen the Strait of Hormuz.

Trump confirmed the high-level talks the day after The Associated Press and other news outlets reported that US and Iranian negotiators had come to terms on a tentative agreement. The deal would extend the fragile ceasefire by 60 days as new talks are held on Iran’s disputed nuclear program.

US-Iran war LIVE: Oil futures fell more than 2% on Friday and were on track for their steepest weekly decline since early April after reports that the US and Iran had reached agreement on a potential ceasefire extension.

Brent crude futures for July, which expire later on Friday, were down $1.74, or 1.86%, at $91.97 a barrel by 10:58 a.m. CDT (1558 GMT). The more active August contract was down $1.64, or 1.77%, at $91.06. WTI U.S. oil futures were down $1.35, or 1.52%, at $87.55.

It was not a smooth downward slope for futures throughout Friday, however, with comments from US President Donald Trump about an agreement and possible military action against Iran.

US-Iran war LIVE: The dollar fell against other major currencies on Friday and was on track for its second consecutive week of losses after the US and Iran reportedly reached an agreement to extend their ceasefire and lift restrictions on shipping through the Strait of Hormuz.

US President Donald Trump said he would make a final decision on Friday over a deal with Iran to extend their ceasefire. That deal would extend the truce for another 60 days and allow traffic to flow through the strategic waterway while negotiators tackle difficult issues such as Iran's nuclear programme, four sources told Reuters.

The dollar had rallied at the outbreak of the conflict, drawing safe-haven flows and benefiting from the U.S. economy’s relatively limited exposure to energy-price inflation. But the greenback has since given back those gains as uncertainty over the war’s trajectory weighed on sentiment.

US-Iran war LIVE: President Donald Trump said Friday he’s making a “final determination” on a preliminary deal to extend a ceasefire with Iran after mixed messages from both sides over when an agreement might be struck.

“I will be meeting now, in the Situation Room, to make a final determination,” Trump said in a social media post. He reiterated previous statements that Iran “will never have a Nuclear Weapon or Bomb” and that the Strait of Hormuz must be open and any mines destroyed or removed.

It wasn’t clear who Trump was meeting with to make the determination, and whether Tehran had agreed to the conditions he laid out. His statement came after uncertainty over the status of an agreement that would extend the current truce by 60 days, during which Iran and the US would discuss the future of Tehran’s nuclear program, a person with knowledge of the matter said.

The person, who spoke on condition of anonymity because the negotiations are private, confirmed an earlier report from Axios. Both countries have previously hailed progress, with Trump repeatedly indicating the US was close to securing an agreement — only for the standoff to drag on.

US-Iran war LIVE: President Donald Trump said Friday he’s making a “final determination” on a preliminary deal to extend a ceasefire with Iran after mixed messages from both sides over when an agreement might be struck.

“I will be meeting now, in the Situation Room, to make a final determination,” Trump said in a social media post. He reiterated previous statements that Iran “will never have a Nuclear Weapon or Bomb” and that the Strait of Hormuz must be open and any mines destroyed or removed.

It wasn’t clear who Trump was meeting with to make the determination, and whether Tehran had agreed to the conditions he laid out. His statement came after uncertainty over the status of an agreement that would extend the current truce by 60 days, during which Iran and the US would discuss the future of Tehran’s nuclear program, a person with knowledge of the matter said.

The person, who spoke on condition of anonymity because the negotiations are private, confirmed an earlier report from Axios. Both countries have previously hailed progress, with Trump repeatedly indicating the US was close to securing an agreement — only for the standoff to drag on.

US-Iran war LIVE: US President Donald Trump said he was making his final decision on a potential deal with Iran on Friday, as Tehran insisted any agreement on ending the Middle East war hinged on Washington dropping its "excessive demands".

Iran's top negotiator had said earlier Tehran would only trust Washington's actions, not its words, after US Vice President JD Vance said progress had been made on a deal to extend a ceasefire and provide a framework for peace talks.

US sources told AFP the deal was just waiting on Trump's sign-off following weeks of halting negotiations to end a conflict that had engulfed the Middle East and shaken the global economy.

"I will be meeting now, in the Situation Room, to make a final determination," Trump said in a lengthy social media post, reiterating long-held demands that Iran agree never to have nuclear weapons and open the vital Strait of Hormuz shipping lanes.

He said Tehran would remove mines in the strait, the US would lift its naval blockade of Iranian ports, and the two countries would coordinate on removing and destroying Iran's enriched uranium, though he did not clarify whether the points had already been agreed or were part of the deal under consideration.

US-Iran war LIVE: Israeli troops entered a southern Lebanese village early Friday, pushing deeper into the country as Lebanese and Israeli military officials began direct talks at the Pentagon over the deadly conflict.

The entrance of Israel’s troops into the village of Dibbine, near the town of Marjayoun, came as Israeli airstrikes killed at least six people. Five were killed in an airstrike on the villages of Deir Qanoun al Nahr and Abbasiyeh, while a municipal policeman was killed in the village of Ebba, state media reported.

In Washington, a six-member Lebanese military delegation was meeting on Friday with Israeli military officials in the first direct military talks between the two countries in decades.

US-Iran war LIVE: Stock markets were mixed while oil prices fell again on Friday on investor optimism that the United States and Iran would reach a deal to extend their ceasefire.

Oil markets have been up and down this week as investors assess the chances of a breakthrough agreement between Washington and Tehran that could potentially resume shipping through the crucial Strait of Hormuz.

Those hopes had been briefly dashed by new US military strikes on Iran Wednesday night, countered by the Revolutionary Guard's targeting of an American airbase in the region.

But by Thursday evening, negotiators had edged towards a deal to extend their fragile ceasefire for 60 days, pending approval from President Donald Trump, US sources told AFP.

The reports sent the S&P 500 index to another record high on Thursday, and Wall Street indices gained further at the open on Friday. Europe's main indices were mixed ahead of the weekend.

US-Iran war LIVE: Iran's top diplomat Abbas Araghchi told his Omani counterpart that reaching a deal with the United States to end the Middle East war depended on Washington dropping its "excessive demands", Tehran's foreign ministry said Friday.

"The Iranian minister of foreign affairs... indicated that arriving at a final agreement depended on ending the American party's attitude based on excessive demands and shifting and contradictory positions," the ministry said in a summary of a call between the ministers. (AFP)

US-Iran war LIVE: Pakistan's Foreign Minister Ishaq Dar met US Secretary of State Marco Rubio in Washington on Friday amid reports of the US and Iran closing in on an agreement to end the three-month war.

Dar's meeting with Rubio comes days after US President Donald Trump urged countries mediating the US-Iran talks to end the three-month war to join the Abraham Accords, which establish diplomatic, economic and security ties between Israel and Arab nations.

Pakistan, which has emerged as a key mediator in the West Asia conflict, does not recognise the State of Israel and has no diplomatic relations with it.

Dar, also the Deputy Prime Minister, was in New York at the invitation of Chinese Foreign Minister Wang Yi to attend the UN Security Council debate on "Maintenance of International Peace and Security."

US-Iran war LIVE: US President Donald Trump on Thursday laid out a series of demands for Iran as Washington considers a possible peace and security agreement with Tehran amid escalating tensions in the Gulf region.

In a lengthy statement posted on Truth Social, Trump said Iran “must agree that they will never have a Nuclear Weapon or Bomb” and insisted that the Strait of Hormuz be reopened immediately for unrestricted shipping traffic without any tolls. He also called for the removal of all water mines in the strategic waterway, claiming that US forces had already detonated several such mines during blockade operations.

Trump further announced that the “unprecedented Naval Blockade” imposed by the United States would now be lifted, allowing stranded commercial ships to begin “heading home.” Referring to Iran’s enriched nuclear material, which he described as “Nuclear Dust,” Trump claimed the US would work alongside Iran and the International Atomic Energy Agency (IAEA) to recover and destroy the material buried underground after earlier B-2 bomber strikes.

“No money will be exchanged, until further notice,” Trump added, while saying other “less important” issues had already been agreed upon. He also revealed that he was heading to the Situation Room to make a “final determination” on the proposed arrangement.

US-Iran war news LIVE: US President Donald Trump on Thursday outlined a series of demands for Iran as Washington weighs a possible agreement with Tehran. In a lengthy statement, Trump said Iran “must agree that they will never have a Nuclear Weapon or Bomb” and insisted that the Strait of Hormuz be “immediately open” to unrestricted shipping with “no tolls” in either direction.

US-Iran war news LIVE: Iran's top negotiator said Friday that Tehran would only trust Washington's actions, not its words, after US Vice President JD Vance said progress had been made on a deal to extend a ceasefire and provide a framework for peace talks.

President Donald Trump has remained notably silent about the deal despite US sources telling AFP it only needed his sign-off, underscoring the unpredictability of talks three months after the conflict engulfed the Middle East and shook the global economy.

"We place no trust in guarantees or words; only actions matter. No step will be taken before the other side acts first," Iran's Mohammad Bagher Ghalibaf wrote on X.

The parliament speaker, who led Tehran's delegation at peace talks with the US in Pakistan last month, also warned that Iran had gained leverage not "through talks, but through missiles" fired at US bases and allies in the region when war broke out on February 28.

US-Iran war news LIVE: Stock markets were mixed while oil prices fell again on Friday on investor optimism that the United States and Iran would reach a deal to extend their ceasefire.

Oil markets have been up and down this week as investors assess the chances of a breakthrough agreement between Washington and Tehran that could potentially resume shipping through the crucial Strait of Hormuz.

Those hopes had been briefly dashed by new US military strikes on Iran Wednesday night, countered by the Revolutionary Guard's targeting of an American airbase in the region.

But by Thursday evening, negotiators had edged towards a deal to extend their fragile ceasefire for 60 days, pending approval from President Donald Trump, US sources told AFP.

US-Iran war news LIVE: Pakistan Foreign Minister Ishaq Dar is set to meet US Secretary of State Marco Rubio in Washington.

US-Iran war news LIVE: Iranian Foreign Minister Seyed Abbas Araghchi said," In very productive call with FM @badralbusaidi, expressed Iran's solidarity with Oman in face of any threat. We discussed Hormuz and its future administration in line with our sovereign responsibilities and international law. We welcome consultation with all neighboring states."

US-Iran war LIVE: The US Central Command on Thursday said," US forces continue to enforce the blockade against Iran. As of May 29, 115 commercial vessels have been redirected to ensure no commerce enters or leaves Iranian ports."

Iran news LIVE: US Vice President JD Vance said Washington and Tehran are close to agreeing a deal to extend their ceasefire in the Middle East war, but the potential breakthrough still hangs on President Donald Trump's approval.

Trump remained notably silent into Friday morning, despite US sources telling AFP a deal just needed his sign-off, underscoring the volatility of talks three months after the war rattled the Middle East and the global economy.

"It's hard to say exactly when or if the President is going to sign the MOU," Vance told reporters on Thursday. "We're going back and forth on a couple of language points. We've made a lot of progress here."

Optimism around a possible US-Iran deal boosted Asian stock markets on Friday, while oil prices receded slightly.

Iran news LIVE: The US and Iran have reached a tentative deal to extend a ceasefire by 60 days and launch further talks on Tehran’s nuclear program, a person with knowledge of the matter said, raising hopes the three-month conflict could be nearing a resolution.

The person, who spoke on condition of anonymity to discuss private negotiations, confirmed an earlier report from Axios. President Donald Trump has yet to agree to the terms. Both countries have previously hailed progress, with Trump repeatedly indicating the US was close to securing an agreement — only for the standoff to drag on.

Vice President JD Vance told reporters Thursday that the US and Iran are “going back and forth on a couple of language points,” including over issues relating to Tehran’s nuclear capabilities. He said Iran appears to be negotiating in good faith, adding that progress is being made.

Iran news LIVE: Pakistani Foreign Minister Ishaq Dar arrived in Washington on Friday for talks with U.S. Secretary of State Marco Rubio that are expected to include the latest developments in negotiations on ending the Iran war.

A first round of peace talks in Pakistan concluded without a pact but Reuters cited sources as saying on Thursday that Tehran and Washington had reached an initial agreement, to extend a ceasefire announced in April and lift restrictions on shipping through the Strait of Hormuz.

U.S. President Donald Trump, however, is yet to approve the agreement and Iran's Tasnim news agency reiterated on Friday that it had not been finalised, saying it had undergone changes in recent days.

Iran news LIVE: US Vice President JD Vance said Washington and Tehran are close to agreeing a deal to extend their ceasefire in the Middle East war, but the potential breakthrough still hangs on President Donald Trump's approval.

Trump remained notably silent into Friday morning, despite US sources telling AFP a deal just needed his sign-off, underscoring the volatility of talks three months after the war rattled the Middle East and the global economy.

"It's hard to say exactly when or if the President is going to sign the MOU," Vance told reporters on Thursday. "We're going back and forth on a couple of language points. We've made a lot of progress here."

Optimism around a possible US-Iran deal boosted Asian stock markets on Friday, while oil prices receded slightly.

Iran news LIVE: Oil futures fell nearly 2% on Friday and were on track for their steepest weekly decline since early April after reports that the U.S. and Iran had reached agreement on a potential ceasefire extension.

Brent crude futures for July, which expire today, were down $1.66, or 1.77%, at $92.05 a barrel by 1059 GMT. The more active August contract was down $1.63, or 1.76%, at $91.07. WTI U.S. oil futures were down $1.55, or 1.74%, at $87.35.

The Brent benchmark has plunged by about 11% this week for its steepest weekly decline since the week ending April 6. WTI, meanwhile, has dropped by nearly 10% for its biggest weekly loss since the week ending April 13.

"While oil flows through the Strait of Hormuz remain restricted and oil inventories keep falling, the market focus remains on the possibility of a deal between the U.S. and Iran," said UBS analyst Giovanni Staunovo.

"The price drop could be forcing some market players to close their long positions."

Iran news LIVE: US Vice President JD Vance said Washington and Tehran are close to agreeing a deal to extend their ceasefire in the Middle East war, but the potential breakthrough still hangs on President Donald Trump's approval.

Trump remained notably silent into Friday morning, despite US sources telling AFP a deal just needed his sign-off, underscoring the volatility of talks three months after the war rattled the Middle East and the global economy.

"It's hard to say exactly when or if the President is going to sign the MOU," Vance told reporters on Thursday. "We're going back and forth on a couple of language points. We've made a lot of progress here."

Optimism around a possible US-Iran deal boosted Asian stock markets on Friday, while oil prices receded slightly.

Iran news LIVE: Oil futures fell nearly 2% on Friday and were on track for their steepest weekly decline since early April after reports that the U.S. and Iran had reached agreement on a potential ceasefire extension.

Brent crude futures for July, which expire today, were down $1.66, or 1.77%, at $92.05 a barrel by 1059 GMT. The more active August contract was down $1.63, or 1.76%, at $91.07. WTI U.S. oil futures were down $1.55, or 1.74%, at $87.35.

The Brent benchmark has plunged by about 11% this week for its steepest weekly decline since the week ending April 6. WTI, meanwhile, has dropped by nearly 10% for its biggest weekly loss since the week ending April 13.

"While oil flows through the Strait of Hormuz remain restricted and oil inventories keep falling, the market focus remains on the possibility of a deal between the U.S. and Iran," said UBS analyst Giovanni Staunovo.

"The price drop could be forcing some market players to close their long positions."