Live Updates: Trump holds key White House meeting on Iran deal to reopen Strait of Hormuz, destroy uranium

Trump Holds Key White House Meeting on Iran Deal to Reopen Hormuz Strait, Destroy Uranium

Live Updates: Trump holds key White House meeting on Iran deal to reopen Strait of Hormuz, destroy uranium - Updated on: May 29, 2026 / 10:39 PM EDT / CBS News

U.S. Targets Iranian Entities in Sanctions Drive Against Technology Fraud

On Friday, the U.S. government sanctioned Iranian entities accused of deceiving American businesses to obtain advanced technology. These measures, announced by the Treasury Department, focus on firms like Sorena Hushmand Samaneh, which allegedly posed as legitimate IT companies to acquire network security equipment. The gear, subject to strict export controls, was shipped to Iran to enhance its military capabilities, according to official reports. The action is part of a broader strategy to disrupt Iran’s access to critical resources and limit its technological expansion.

"The Iranian regime's efforts to exploit American firms demonstrate a calculated approach to bypass economic sanctions," said Treasury Secretary Scott Bessent. "We are taking decisive steps to sever financial ties and prevent the flow of restricted technology to Iran’s defense sector."

These sanctions also target key individuals involved in the fraudulent schemes, aiming to cut off funding for Iran’s military operations. The Treasury emphasized that the firm’s deceptive practices allowed it to siphon millions from U.S. companies, potentially enabling Iran to strengthen its strategic infrastructure with stolen technology. This development adds pressure to the ongoing negotiations, as the U.S. seeks to address both financial and technological loopholes in the Iran deal.

White House Meeting Clarifies Trump’s Commitment to Strait of Hormuz and Uranium Goals

President Trump’s two-hour White House meeting on Friday reaffirmed his determination to secure the Strait of Hormuz and dismantle Iran’s enriched uranium stockpile. The meeting, held in the Situation Room, highlighted the administration’s stance that any agreement must include clear provisions for restoring oil flow through the strategic waterway and eliminating Iran’s nuclear weapons capability. A White House official noted that the president remains firm on these objectives, even as discussions continue over the details of the deal.

"Reopening the Hormuz Strait is essential to safeguard global energy markets, and destroying uranium is a non-negotiable condition for this agreement," stated a senior administration representative. "Trump’s approach prioritizes American interests and the security of international oil supplies."

The meeting underscored the urgency of resolving the crisis, with officials emphasizing that the deal must prevent Iran from advancing its nuclear program while ensuring the critical shipping route remains open. This focus aligns with Trump’s broader policy of leveraging economic and diplomatic tools to counter Iran’s influence, particularly in the Middle East.

Global Markets Bracing for Impact of Hormuz Closure

International leaders have raised alarms over the prolonged closure of the Strait of Hormuz, which has disrupted global oil trade. The U.S. and allies warned that the situation could destabilize energy markets, as the strait accounts for approximately 20% of the world’s oil exports. With demand rising in the Northern Hemisphere, the risk of supply shortages and soaring prices looms large, prompting calls for a swift resolution to the crisis.

"The closure of the Hormuz Strait has already strained supply chains and increased volatility in energy markets," said a spokesperson from the International Energy Agency. "Restoring normal operations is vital to maintaining economic stability and preventing broader repercussions."

Analysts stress that the U.S. must act decisively to prevent further disruptions, as the strait’s reopening is seen as a key indicator of progress in the Iran deal. The meeting’s outcome will determine whether the administration can balance diplomatic negotiations with the need to secure immediate economic and strategic advantages.

Treasury Seizes $1 Billion in Iranian Cryptocurrency to Support Deal

As part of its strategy to weaken Iran’s financial position, the U.S. Treasury seized $1 billion in cryptocurrency linked to the country’s illicit activities. This move, revealed during the Reagan National Economic Forum, targets digital assets used to fund Iran’s military and nuclear programs. Secretary Scott Bessent highlighted the significance of the seizure, stating it represents a direct strike against Iran’s ability to sustain its aggressive policies.

"Cryptocurrency has become a hidden channel for Iran’s financial operations, allowing it to bypass traditional sanctions," Bessent explained. "By seizing these assets, we are ensuring the regime cannot leverage stolen funds to advance its nuclear ambitions."

The Treasury’s actions complement the White House’s efforts to finalize the Iran deal, which includes provisions to limit Iran’s access to financial resources and enforce strict compliance with international commitments. This combined approach aims to address both the immediate threat to oil supplies and the long-term risks posed by Iran’s nuclear program.

Iran’s Strategic Ambitions and the Path Forward

The ongoing discussions reveal Iran’s dual focus on expanding its nuclear capabilities and securing economic resources. Despite the sanctions and asset freezes, the country continues to seek ways to maintain its energy and military infrastructure. The White House meeting’s key takeaway is that Trump’s team remains committed to ensuring the deal includes enforceable measures to curb Iran’s progress, particularly in the development of enriched uranium.

"The Iranian leadership is determined to push forward with its nuclear program, regardless of economic pressure," noted a U.S. diplomat. "However, Trump’s firm stance on the Hormuz Strait and uranium destruction offers a clear path to containment."

With the stakes high, the outcome of the meeting will shape the next phase of negotiations. The administration’s ability to secure the deal will depend on its capacity to balance punitive measures with diplomatic flexibility, ensuring Iran’s compliance while protecting American interests in the region.