U.S. and Iranian negotiators have agreed to a 60-day ceasefire extension and nuclear talks. The tentative deal, following weeks of heightened military tensions, though awaits final approval from President Trump.

President Donald Trump said Friday that he’s holding a White House Situation Room meeting as he looks to make a “final determination” on moving forward on a deal to extend a ceasefire with Iran.

American and Iranian negotiators believe they have arrived at a draft agreement.

President Trump said Friday that Iran must agree to never have a nuclear weapon and to reopen the Strait or Hormuz immediately, without tolls.

President Donald Trump finds himself in a bind: he is under pressure to reopen the Strait of Hormuz and get U.S. gasoline prices down but at ​the same time faces a potential backlash from Iran hawks in his own party over any concessions to Tehran.

As negotiations between the United States and Iran edge toward a possible agreement, Tehran is increasingly signaling that any return to war would look very different from the last.

Chances of a nuclear deal between the U.S. and Iran this year haven't moved much on prediction markets after Axios reported that the two agreed to a ceasefire.

It comes after two U.S. officials said President Donald Trump was reviewing the latest version of a potential agreement with Iran but had not yet signed off on it. Oil prices fell today as hopes grew for a deal to be agreed between the U.S. and Iran to end the war that has consumed the Middle East for the past three months.

By Chibuike Oguh NEW YORK, May 29 (Reuters) - The dollar slipped against major currencies on Friday and was headed for a second straight weekly loss after reports that the United States and Iran had reached an agreement to extend their ceasefire and ease restrictions on shipping through the Strait of Hormuz.

An official, who spoke on condition of anonymity to AP, said President Trump still needs to sign off on the emerging memorandum of understanding.