Trump gives Iran 60 days to reach deal or face unspecified action

• President Trump has given Iran a 60-day deadline to reach an agreement with Washington.
• Failure to reach a deal will result in unspecified actions against Iran.
• Trump warned that oil shipments through the Strait of Hormuz could be jeopardized.
• A memorandum of understanding was digitally signed by Trump and Vice President JD Vance.
• The MOU is expected to reopen the Strait of Hormuz to all traffic.
• A formal signing ceremony is scheduled for Friday in Geneva, Switzerland.

President Donald Trump has issued a stark warning to Iran, setting a 60-day deadline for the nation to reach an agreement with Washington or face unspecified retaliatory actions. Trump indicated that he does not anticipate the situation escalating to that point but emphasized the urgency.

During a public address, Trump highlighted the potential threat to global energy supplies, stating that any escalation could disrupt oil shipments through the critical Strait of Hormuz. He noted that owners of large commercial vessels would be hesitant to operate in waters threatened by missiles and mines.

Sources indicate that a memorandum of understanding (MOU) has been digitally signed by President Trump and Vice President JD Vance, which is expected to reopen the Strait of Hormuz to all maritime traffic. A formal signing ceremony is slated to take place in Geneva, Switzerland, on Friday, with details of the agreement anticipated within 24 to 48 hours.

Progress has reportedly been made regarding Iran's frozen assets, though significant disagreements persist over the amount and timing of their release. A senior advisor to Iran's Supreme Leader urged Trump to make decisions independently of Israel, lift the blockade on the Strait of Hormuz, and release the frozen assets, describing the current negotiations as being at a deadlock.

This diplomatic push follows a ceasefire that took effect on April 8 between Iran, the United States, and Israel after 40 days of conflict. A preliminary MOU was reached on May 28 to extend this ceasefire for another 60 days, initiating negotiations aimed at a permanent end to the war, with Pakistan acting as a mediator.