Trump Delays Final Decision on Iran Nuclear Deal; Stocks Hit Records, Oil Slumps

President Donald Trump deferred a final decision on a potential Iran nuclear agreement after a White House Situation Room meeting on Friday, May 29, 2026, ended without resolution. Officials said the two-hour session did not yield a conclusive outcome, as Trump reiterated that Iran must never develop nuclear weapons and demanded the immediate, toll-free reopening of the Strait of Hormuz. The U.S. and Iran have agreed to extend a ceasefire and start new negotiations on Tehran’s nuclear program. However, disputes persist over Iran’s enriched uranium stockpiles and the phased release of humanitarian funds held by Qatar. Vice President JD Vance noted “significant progress” on the strait but acknowledged ongoing divisions. Markets reacted positively to the diplomatic progress. The S&P 500 rose to a record, capping its ninth consecutive weekly gain—the longest streak since December 2023. The Nasdaq and Dow also closed at all-time highs. Conversely, oil prices extended their slide, with WTI and Brent crude down nearly 20% in May, their worst monthly performance since 2020, as Middle East supply risks receded.