Trump defers 'final decision' on Iran deal as Tehran calls his terms a 'mixture of truth and lies'

The Situation Room meeting

US President Donald Trump convened a high-stakes meeting in the White House Situation Room on Friday, 29 May, to make what he had described as a 'final decision' on a potential deal with Iran. The meeting lasted approximately two hours, according to the New York Times, but concluded without any decision being reached. Administration officials believe a deal is close, yet several issues remain unresolved, including the release of frozen Iranian funds.

Trump's public demands

Ahead of the meeting, Trump posted a lengthy statement on his Truth Social platform outlining his conditions. He insisted that 'Iran must accept that they will never have a nuclear weapon,' that the Strait of Hormuz 'must be opened immediately,' and that Tehran must commit to demining the waterway. He further demanded, in capital letters, that Iran's stock of highly enriched uranium be 'DESTROYED.' Trump also stated that 'no money will be exchanged, until further notice.'

Iran must accept that they will never have a nuclear weapon. The Strait of Hormuz must be opened immediately.

Tehran's rebuttal

Iranian sources cited by the Fars news agency sharply rejected Trump's characterisation, calling his remarks a 'mixture of truth and lies.' They specifically denied two central elements: that the agreement text contains any clause requiring Iran to open the Strait of Hormuz without tolls, and that it mandates the destruction of Iran's nuclear material. Foreign ministry spokesman Esmaïl Baghaï stated that 'exchanges of messages are continuing, but no final agreement has been reached yet.'

Exchanges of messages are continuing, but no final agreement has been reached yet.

The frozen assets dispute

A major sticking point is the status of frozen Iranian assets. Iranian sources told Fars that Tehran is demanding 'the immediate release of $12 billion in frozen Iranian assets' and that 'until this payment is made, Iran will not move to the next phase of negotiations.' This contrasts with Trump's assertion that no money would change hands. Analyst Alex Scheers noted that Iran's frozen assets are estimated at $120 billion overall, highlighting the scale of the financial dimension.

Nothing concrete is in place yet.

Broader regional context

The negotiations are taking place against the backdrop of a wider Middle East conflict. A ceasefire between Israel and Hezbollah in Lebanon, in effect since 17 April, has never been fully respected, and the Israeli army recently extended its combat zone further into Lebanese territory. Tehran is also demanding an end to fighting on all fronts, particularly in Lebanon where its ally Hezbollah is engaged. The conflict has shaken the global economy and disrupted shipping through the strategic Strait of Hormuz.

What comes next

Both sides acknowledge that talks are continuing, but the gap between their public positions remains wide. Iranian Foreign Minister Abbas Araghchi insisted that 'reaching a final agreement depends on the American side stopping its attitude,' while chief negotiator Mohammad Bagher Ghalibaf declared, 'We trust neither promises nor words; only actions count.' The White House has given no indication of when Trump might revisit the decision.