CNN Confirms US-Iran Tentative Agreement Reached; Trump Yet to Sign Off; Vance: 'Couple of Language Points' Remain; Hormuz Reopening on Table

May 28, 2026 — CNN confirmed that the US and Iran have reached a 'tentative agreement,' though President Trump has not yet signed off on the final text. The emerging framework mirrors the 14-point MOU baseline reported by Axios on May 24: Phase 1 would see Iran clear mines and reopen the Strait of Hormuz (no tolls), the US would lift its naval blockade on Iranian ports, and sanctions waivers would allow Iran to freely sell oil; Phase 2 would launch 60-day nuclear talks focused on suspension of uranium enrichment and removal of Iran's highly enriched uranium (HEU) stockpile. VP JD Vance acknowledged that 'a couple of language points' remain unresolved — a notable acknowledgment that the text is not yet finalized. Iran's side continues to dispute Trump's public characterization of the deal, asserting that the Strait of Hormuz remains under Iranian sovereignty and control. Secretary Rubio had stated on May 26-27 that deal language finalization could take 'a couple of days.' The US naval blockade — approximately 13 weeks in force — continues to trap approximately 750 vessels and block approximately $6B/month in Iranian oil revenues, maintaining maximum economic pressure on Tehran as negotiations reach their apparent conclusion. Oil markets moved sharply in anticipation of the deal announcement, with traders pricing in a near-term Hormuz reopening.