Despite reports that U.S. and Iranian negotiators had reached a memorandum of understanding, a May 29 report from Tasnim News, which is linked to Iran's Islamic Revolutionary Guard Corps, said the text had not been finalized or approved. Meanwhile, Israeli sources said Iranian Supreme Leader Mojtaba Khamenei has not yet approved the MoU, and U.S. Vice President JD Vance suggested there was language in the MoU that could prompt President Donald Trump to reject it.

The MoU reportedly includes provisions that prohibit Iran from collecting tolls from vessels transiting the Strait of Hormuz and require Iran to remove underwater mines from the strait within 30 days. In return, the United States would gradually lift its blockade on Iranian ports and relax some sanctions on Iranian oil. However, the United States is reportedly also pushing for at least a framework for Iran's nuclear program — especially regarding its highly enriched uranium — to be included in the MoU, even if additional technical details are negotiated at a later stage.