Trump Says ‘Final Determination’ on Iran Ceasefire Extension Due Friday

President Donald Trump said on May 29, 2026, that he will make a “final determination” on a preliminary deal to extend a 60-day ceasefire with Iran, injecting fresh uncertainty into global markets. The MSCI All Country World Index hit an all-time high Thursday on hopes of easing Middle East tensions and lower oil prices. Negotiations have been deadlocked over Iran’s nuclear program and the reopening of the Strait of Hormuz, a chokepoint for a fifth of global oil supplies. Trump’s announcement follows mixed signals, with Iran’s parliament speaker saying Tehran trusts only actions, not words. Vice President JD Vance said Thursday that progress was being made on language points. A fragile truce has been in place since early April, punctuated by isolated strikes. The effective closure of Hormuz since late February has disrupted oil and LNG flows, boosting energy prices and inflation. The U.S. demands Iran’s surrender of enriched uranium and removal of strait mines.