U.S. President Donald Trump has sent a draft of an Iran peace agreement to allies, including Israel, according to a report published on May 29, 2026. The move comes as both sides seek to prevent recent ceasefire violations from escalating. The draft reportedly resembles versions circulated across the Middle East in recent days.

Under the proposed terms, the Strait of Hormuz would reopen for commercial shipping, U.S. sanctions on Iranian ports would be lifted, and Iran would gain access to about $12 billion in previously frozen assets. The plan aims to restore pre-war shipping levels within 30 days and initiate up to 60 days of negotiations on Iran’s nuclear program, including uranium enrichment limits and oversight by the International Atomic Energy Agency.

U.S. Vice President JD Vance stated that both sides are close to an agreement, though key issues such as Iran’s enriched uranium stockpile and enrichment activities remain unresolved.