U.S. Says It Has ‘Makings of a Deal’ With Iran

Summary of U.S. Says It Has ‘Makings of a Deal’ With Iran

by The Wall Street Journal

13m•May 28, 2026
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Overview of U.S. Says It Has ‘Makings of a Deal’ With Iran

The Wall Street Journal’s PM edition of What’s News covers a broad mix of geopolitical, market, and business developments, led by Treasury Secretary Scott Bessent’s claim that the U.S. and Iran are close to a framework agreement to wind down the conflict. The episode also highlights ExxonMobil’s potential return to Venezuela, fresh inflation and GDP data, rising demand for short-term bond funds, Estonia’s wartime preparedness as a deterrent to Russia, and a new real-estate trend in New York City: the “med-a-terre.”

Iran Deal Talks: “Makings of a Deal”

Treasury Secretary Scott Bessent said the U.S. and Iran are close to an agreement, though President Trump has not yet signed off.

What the deal would require

  • Iran would need to dispose of highly enriched uranium
  • Iran would have to commit never to pursue a nuclear weapon
  • The Strait of Hormuz would need to be fully reopened

Where things stand

  • Iran says a final text is not ready
  • If reached, the agreement would be only the first phase of a broader framework
  • Negotiations could continue for another two months or more

Energy and Corporate News

ExxonMobil and Venezuela

ExxonMobil is reportedly in talks with Venezuelan officials about returning to the country after nearly 19 years away.

Key hurdles

  • Unclear royalty and tax terms
  • Major infrastructure problems, including power shortages and damaged roads
  • Significant up-front capital costs to restore aging oil fields and equipment

Why it matters

  • Venezuela’s crude is especially valuable to U.S. Gulf Coast refiners
  • Exxon appears more open now to the idea that oil and gas will remain central to the global economy

BP board fallout

BP chairman Albert Manifold pushed back against reports about his conduct after being removed from his post.

  • He said he accepts the board’s decision, but rejects the claims made about him
  • BP said it stands by its description of his behavior as unacceptable

Union Pacific–Norfolk Southern merger

A proposed $72 billion railroad merger hit a setback when regulators paused their review to ask for more information.

  • The delay could threaten the deal’s timetable
  • Union Pacific still expects a ruling around mid-2026

Markets and Economic Data

Inflation and GDP

Investors digested two important data points:

  • The PCE price index rose 0% in April month over month
  • On a yearly basis, PCE inflation rose 3.8%
  • The Commerce Department also revised first-quarter GDP growth higher

Bond market behavior

Demand for ultra-short bond funds is surging as investors grow more cautious about inflation.

Market implications

  • Investors are seeking safety and stability
  • Short-term bonds offer less return, but less exposure to inflation risk
  • Lower demand for long-term bonds can push yields higher, raising borrowing costs across the economy

Stocks

U.S. indexes rose on hopes that an Iran deal is within reach:

  • The Nasdaq led gains, finishing up 0.9%

International Security and Defense

Estonia prepares for possible conflict

WSJ national security reporter Robbie Gramer described how Estonia is building civilian and military readiness as a deterrent to Russia.

Main points

  • Estonian officials believe Vladimir Putin’s ambitions extend beyond Ukraine
  • The country is planning for a possible wider security crisis in a highly routine, practical way
  • Estonia aims to be among NATO’s highest defense spenders relative to GDP by the end of the decade, around 5.4%

Civil defense measures

  • Cities are running attack simulation exercises
  • Estonia hopes to have shelters for up to 100,000 people by 2028
  • Local officials are training everyone from kindergarten directors to mayors
  • The goal is to send a clear message of deterrence to Russia

U.S.–Kenya Ebola quarantine facility

The Trump administration reached a deal with Kenya to establish a 50-bed quarantine unit for Americans exposed to Ebola.

  • The facility will be located at Laikipia airbase
  • It is set to become operational tomorrow
  • Kenyan medical groups have raised objections

Real Estate: The Rise of the “Med-a-Terre”

A new niche in New York City real estate is emerging alongside the traditional pied-à-terre: the med-a-terre.

What it is

A home used by retirees or former New Yorkers who keep a place in the city mainly to access their doctors and medical institutions.

Who is buying

  • Older buyers who value continued access to specialists and hospital networks
  • Especially those drawn to the Upper East Side, which has high medical density

Typical profile

  • Price range: $2 million to $5 million
  • Can go up to $10 million
  • Buyers want high-service, concierge-style buildings

Broader trend

Jessica Flint noted the concept is not limited to New York; Minneapolis also attracts this type of buyer because of its proximity to the Mayo Clinic.

Bottom Line

This episode centers on a possible U.S.–Iran breakthrough, but it also shows how diplomacy, energy markets, inflation fears, and geopolitical risk are shaping business and investor behavior. At the same time, it captures a surprising real-estate trend driven by aging and healthcare access, underscoring how lifestyle and medical needs are increasingly influencing urban property demand.