US-Iran Draft Deal Delayed by Lack of Approval From Iran Leadership

US and Iranian negotiators have reached a tentative agreement, but a final deal is being delayed because Iran’s top leadership has yet to approve it, according to a report. Markets are closely watching the direction of the talks between Washington and Tehran.

Walter Bloomberg reported on May 28 that the Iranian negotiating team led by Abbas Araghchi and the US team headed by Steve Witkoff had agreed on a draft proposal.

The proposal has not received approval from Iran’s top leadership, the report said. Mojtaba Khamenei has not signed off on the draft, a factor that is also delaying final approval by US President Donald Trump.

The US and Iran have recently continued talks on extending the ceasefire, normalizing passage through the Strait of Hormuz and limiting Iran’s nuclear program. Major differences remain over restrictions on uranium enrichment and the scope of sanctions relief.

Markets are assessing whether the outcome of the US-Iran talks could drive volatility across global financial markets, including international oil prices and the dollar. A final agreement remains uncertain because it still depends on approval from the two sides’ top leadership and broader political variables.