Trump said the U.S. and Iran have not yet reached a final agreement, though he described the proposed deal as “good” and “appropriate.” He criticized opponents of the talks, saying many critics do not fully understand the negotiations. The White House added that a formal signing is still several days away.
According to U.S. media reports, the draft agreement has not been made public. Some analysts and officials argue the current framework may not fully meet long standing U.S. objectives on Iran’s nuclear program.
U.S. Secretary of State Marco Rubio said Washington is prepared for very serious nuclear negotiations if the Strait of Hormuz is reopened. He said the U.S. wants immediate restoration of shipping through the waterway and is willing to discuss uranium enrichment, highly enriched uranium stockpiles, and an Iranian commitment not to develop nuclear weapons. Rubio stressed that President Trump’s policy of “no Iranian nuclear weapons” remains unchanged and warned that all options, including military action, would remain available if no progress is made within two months.
Axios reported that Trump told Arab and Muslim leaders during a Saturday call that he wants more countries to join the Abraham Accords if the Iran conflict ends. The effort is reportedly focused on securing a Saudi Arabia–Israel normalization deal. Trump is expected to speak with Israeli Prime Minister Netanyahu, while Jared Kushner and Steve Witkoff will continue follow up discussions. Participants on the call were reportedly surprised by the proposal.
Iranian parliamentary security committee spokesman Rezai said the management of the Strait of Hormuz will not return to its pre war arrangement. He stated that Iran remains in control of the strait and can facilitate shipping after the conflict. Rezai also rejected reports that Tehran had negotiated away its enriched uranium stockpile and said Iran would not back down from its position, insisting the United States must accept Iranian terms.
Iran also denied reports linking the release of frozen assets to the export of enriched uranium. Tehran demanded immediate access to partially frozen funds under any agreement and said no final deal has been reached. Iranian officials stated that major differences remain after indirect talks conducted through Pakistan and warned that Iran will retain leverage if Washington fails to fulfill its commitments.
Trump adviser Kevin Hassett said a U.S.–Iran agreement could lead to a sharp fall in oil prices and create room for Federal Reserve rate cuts. He argued that recent inflation pressures have been driven largely by energy costs while core inflation remains relatively stable. Iran, meanwhile, said reports about financial arrangements and nuclear commitments were inaccurate, warned that delays in unfreezing assets are a red line, and claimed the memorandum remains unfinished because of U.S. obstacles. Rubio added during a visit to India that the draft framework is supported by seven to eight Middle Eastern countries, but emphasized that the highly technical nuclear negotiations cannot be resolved within just a few days.
Gold and silver gained in early trading as hopes grew for a potential U.S.-Iran agreement to end the conflict. Investor demand and continued central bank buying supported precious metals. Konstantinos Chrysikos said the long term outlook for bullion remains constructive as ongoing central bank purchases continue to support demand.
Markets were positive, with US Futures 30 up 0.55% at 50,859.5, US 500 up 0.70% at 7,525.9, US Tech 100 up 1.21% at 29,838.5, and US 2000 up 1.06% at 2,899.6. Meanwhile, Crude Oil fell 4.20% to 92.54 and Brent crude dropped 3.91% to 99.49.
Asian markets rallied broadly, led by China and Taiwan. FTSE China A50 futures jumped over 1%, while the STAR 50 surged more than 3% intraday. China’s Shenzhen Component and ChiNext gained over 1%, with the Shanghai Composite rising 0.61%. Taiwan stocks advanced more than 3%, Japan’s Nikkei crossed 65,000 for the first time and TOPIX hit a record high. Singapore’s benchmark index reached a record 5,099.18 (+0.61%), while the Philippines benchmark climbed 1% to 6,023.57, its highest level since May 11. MSCI Asia ex-Japan rose 1.1%.
Meanwhile, the U.S. 10Y yield fell 1.57% to 4.501%, the U.S. 30Y yield slipped 0.57% to 5.082%.
Update: RUBIO: Good Iran Deal Or U.S. Will Pursue Other Options
U.S. Secretary of State Marco Rubio said an agreement with Iran is still possible and the Trump administration will exhaust every diplomatic avenue before considering alternatives. He said a “pretty solid” proposal is on the table, including a time limited framework for nuclear negotiations, and hopes a deal can be finalized soon, potentially as early as Monday.
Rubio also said the U.S. has a credible plan to reopen the Strait of Hormuz with broad support from Gulf partners and the international community. He noted progress has been slowed by Iran’s delayed response, stressed President Trump is not rushing to sign an agreement, and reiterated that Israel retains the right to self defense.
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