Ongoing indirect US-Iran negotiations, mediated by Oman and Pakistan, center on Iran's nuclear program, sanctions relief, and reopening the Strait of Hormuz after the April 2026 ceasefire. A May 28 report of a tentative 60-day memorandum of understanding to extend the truce and launch formal nuclear talks emerged from US officials, though it requires final approval from President Trump and Iranian Supreme Leader Mojtaba Khamenei. Trump convened a Situation Room meeting on May 29 to reach a decision but adjourned without announcement or resolution, later sending revised terms. Iranian President Masoud Pezeshkian has signaled openness to dialogue, while verification and security gaps persist amid continued bilateral channels. These developments shape trader assessments of whether a qualifying diplomatic meeting occurs by the May 31 deadline.