President Trump’s administration has pursued a framework agreement to end the months-long U.S.-Iran conflict through extended ceasefires, reopening the Strait of Hormuz without restrictions or tolls, and deferring deeper nuclear limits, while maintaining a naval blockade until terms are finalized and signed. Recent developments include Trump rejecting initial drafts and returning tougher conditions on May 30, 2026, insisting on destruction or transfer of highly enriched uranium, limits to a single operational nuclear facility, and rejection of Iranian demands for asset releases or reparations. Tentative understandings reached in late May centered on a 60-day ceasefire extension and Hormuz access in exchange for sanctions relief or asset unfreezing, yet Trump publicly stated negotiators should not rush and that he remained unsatisfied. These dynamics, alongside ongoing indirect talks involving mediators, shape trader assessments of which specific Iranian requests the U.S. side will accept by the May 31 deadline.