Vice President JD Vance says the U.S. is “very close” to a memorandum of understanding with Iran that would see both sides cease fire for 60 days while talks over Iran’s nuclear program continue. Vance said the emerging agreement would also reopen the Strait of Hormuz to commercial traffic, with Iran given 30 days to remove all sea mines. President Trump has yet to give his final approval, and Iran’s Tasnim ⁠News Agency reports the text of the framework has not yet been finalized or confirmed.

This comes as The New York Times reports the White House has been quietly working with Gulf Arab states to develop alternative financing mechanisms to pay for Iran’s postwar reconstruction, including unfreezing Iranian funds held in Qatar. On Thursday, Treasury Secretary Scott Bessent downplayed President Trump’s threat to “blow up” Oman, a U.S. ally, during a Cabinet meeting a day earlier.

Peter Doocy: “Are you guys back there in the West Wing making plans for a new war with Oman?”

Treasury Secretary Scott Bessent: “Again, I think the president wanted to punctuate freedom of navigation in the strait. I had a call with the Omani ambassador this morning, and he assured me that there were no plans for tolling the strait.”