US and Iran still negotiating key terms as officials signal progress on peace deal

Photo illustration: Sarah Grillo/Axios. Photos: Kyle Mazza/Anadolu and Majid Saeedi via Getty Images

US and Iran still negotiating key terms as officials signal progress on peace deal

CNN-may24th2026

Here’s the latest

• Where peace talks stand: The US and Iran are signaling progress in efforts to resolve the war. Crucial details are still under negotiation and a deal is not expected to be signed Sunday, a senior US official told CNN. President Donald Trump has indicated an agreement is close but cautioned the US won’t rush into a deal.

• Key issues: The specific terms surrounding the Strait of Hormuz and Iran’s nuclear program will be critical. Tehran has committed in principle to reopening the strait and to disposing of its stockpile of highly enriched uranium, a senior US administration official said. Negotiators are still ironing out details on sanctions relief and unfreezing Iranian assets.

• Long road ahead: If a deal is reached to end the war and reopen the strait, it will be a lengthy and complex process to alleviate the world’s energy crisis and start lowering prices for consumers.

Here’s a rundown of the day’s key headlines on US-Iran peace talks

By Isaac Tellechea

An Iranian flag flutters in the wind as ships remain anchored in the Strait of Hormuz near Larak Island, Iran, on May 16.

Majid Saeedi/Getty Images

Economic outlook: As momentum builds toward a potential agreement, so are hopes that the conflict’s economic impacts will be abated. But even if a deal is reached to end the war and reopen the Strait of Hormuz, experts expect a logistical nightmare that could keep oil and gas prices stubbornly high for a long time. Top White House economic adviser Kevin Hassett tried to paint a rosier picture in an interview with CBS on Sunday, saying prices will come down soon after the strait and oil refineries reopen.
Netanyahu weighs in: Israeli Prime Minister Benjamin Netanyahu publicly responded for the first time Sunday to reports of the emerging US-Iran deal, stating that “Iran will never have a nuclear weapon.” Netanyahu said he and Trump are in touch about the negotiations and agree that any final agreement “must eliminate the nuclear danger.”
Congress reacts: Speaker of the House Mike Johnson predicted that a deal with Iran would bring gas prices down and be “a big thing” for the US midterm elections. GOP Sen. Thom Tillis said a deal would be “doomed to fail” because of a lack of congressional oversight. Democratic Sen. Cory Booker called the potential deal a form of hypocrisy from the Trump administration. And outgoing Rep. Thomas Massie said he would be in favor of a short-term deal with Iran that would allow for more negotiations on the nuclear issue.
Strait movements: Iran’s Islamic Revolutionary Guard Corps said it had authorized more than 30 vessels to traverse the Strait of Hormuz in the past 24 hours, according to the state-affiliated Fars news agency.
Key mediators: Pakistan and Qatar have emerged as important mediators between Tehran and Washington, relaying respective peace proposals and counterproposals between the two warring parties.