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U.S. & Iran Signal Progress in Negotiations to End War; Top Iran Negotiator, Foreign Minister Arrive in Qatar for Talks; Oil Prices Drop Sharply as U.S. Signals Potential Iran Peace Deal; Fire Chief Says Threat of Catastrophic Vapor Explosion Eliminated in Southern California; Olympian Michael Phelps Stresses the Importance of Mental Health. Aired 2-2:30p ET

Aired May 25, 2026 - 14:00   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

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[14:00:17]

BORIS SANCHEZ, CNN CO-ANCHOR OF "CNN NEWS CENTRAL": Edging closer, President Trump signals there may be a breakthrough in negotiations to end the war with Iran though sticking points remain. We're going to break them down.

BRIANNA KEILAR, CNN CO-ANCHOR OF "CNN NEWS CENTRAL": Plus, travel tension. Americans face their highest Memorial Day gas prices in years. Ahead, how this could impact your summer plans.

And a CNN Exclusive, the Trump administration barring key researchers from speaking directly with the World Health Organization according to documents and sources that we spoke to. How this could impact the push to contain the Ebola epidemic.

We're following these major developing stories and many more, all coming in right here to "CNN News Central."

SANCHEZ: We're seeing encouraging signs today from both sides as the U.S. and Iran are trying to nail down a peace deal to end the war. President Trump posted that talks are proceeding nicely. U.S. officials say disputes over the language on Iran's nuclear program and the lifting of sanctions have held up a potential final deal.

KEILAR: And in another positive development, top Iranian negotiators are in Qatar today as the Iranian foreign ministry says they have reached a degree of understanding with the U.S. about a peace plan. Let's go to CNN's Fred Pleitgen who is in Berlin.

Fred, the U.S. has been looking for some firm commitments from Iran. What are the Iranians looking to achieve here?

FREDERIK PLEITGEN, CNN SENIOR INTERNATIONAL CORRESPONDENT: Hi there, Brianna. Well, the Iranians have been saying that yes, they'd be willing to speak about their nuclear program and also about the highly enriched uranium, but not yet. The Iranians are saying all this needs to happen in two phases and essentially the U.S. side has agreed to that as well. Whereas the first phase, which is what we're talking about right now, where those negotiations stand, is a memorandum of understanding. And the Iranians say that that memorandum of understanding needs to end the hostilities, needs to end the war that's been going on between Iran, Israel and the United States. And the Iranians are saying that's so important for them because they say that twice they were in negotiations with the United States in the past and as those negotiations were going on, they were attacked. So they say that needs to stop.

They also, of course, want the blockade to be lifted that the U.S. is conducting on the Strait of Hormuz. They themselves would then also open the Strait of Hormuz further than they have so far. Another point that's really important for the Iranians that I'm hearing a lot is the unfreezing of some of those assets. And you were just talking about the fact that senior Iranian officials are currently in Qatar to speak to the Qataris there.

Some of those Iranian assets are actually frozen in Qatar, so that certainly could be one of the things that they're talking about. Now, the negotiations are still very much ongoing as we're seeing and the U.S. side certainly does seem to be sort of optimistic that a deal can be reached, though it does seem as though it could take a little longer than some expected. I want to listen in to what the Secretary of State had to say about that.

(BEGIN VIDEO CLIP)

MARCO RUBIO, UNITED STATES SECRETARY OF STATE: We're still a work in progress, so we have what I think is a pretty solid thing on the table in terms of their ability to open up the Straits -- get the Straits open, enter into a very real, significant, time-limited negotiation on the nuclear matters, and hopefully we can pull it off. As the President said, he's not in a hurry, he's not going to make a bad deal. I mean, the president's not going to make a bad agreement. So, let's see what happens. We're going to give diplomacy every chance to succeed before we explore the alternatives.

(END VIDEO CLIP)

PLEITGEN: Secretary of State there speaking on his trip to India, of course, and there the U.S. obviously laid out what its side of the sole equation is. They say the Strait of Hormuz needs to be opened immediately, as fast as possible, and without any tolls, the United States is saying as well. And then, of course, that big complex of Iran's nuclear program, and especially also what happens to the highly enriched uranium. So, we're going to wait and see where all of that lands.

But again, right now for the Iranians, they are saying all this needs to happen in two phases. First, memorandum of understanding to end the hostilities and end the blockade and open the Strait. And then, a larger negotiation about Iran's nuclear program and further sanctions relief, guys.

SANCHEZ: Fred Pleitgen, thank you so much for the update from Berlin. Oil markets are also responding to all this optimism coming from negotiators. The U.S. crude oil benchmark dropped sharply today, but right now, the international benchmark is trending upward. With us now to discuss is Kevin Book. He's the Managing Director for ClearView Energy Partners. Kevin, thank you so much for being with us.

So, gas prices reaching four-year highs over Memorial Day weekend. Where do you expect they're going to go through the summer months?

KEVIN BOOK, MANAGING DIRECTOR, CLEARVIEW ENERGY PARTNERS: WELL, it depends on what happens with the negotiations. Let's assume that there is an agreement and the Strait reopens. There are a lot of things that still have to happen before supply returns to something even approaching what we thought of as normal. De-mining, you have to move the ships, evacuate the ships that are trapped in the Persian Gulf.

[14:05:00]

You have to restart the facilities that have been shuttered. All that is in the weeks to months time frame. And then from there, you've got to think about repairing damaged facilities, restocking inventories that have been drawn down. And now, you're talking in the months to years department. So it's actually still a long process from here. But if things go well, prices are already on their way, trending down.

SANCHEZ: Yeah.

BOOK: The price movement we've seen just in the last 24 hours, if it were to hold, could be $0.30 or more per gallon.

SANCHEZ: So when you hear the Economic Adviser at the White House, Kevin Hassett, said that a deal would unleash a gusher of oil through the Strait, potentially even leading to negative inflation. Is that realistic? What time frame do you see that in?

BOOK: Well, I think what he's talking about when he's referring to negative inflation is the disinflationary impact of gasoline and other fuel prices offsetting some of the other parts of the inflation portfolio. And we've seen that before. We could see that again. It might be a while. So for that to be true, we would have to get back down to a much lower gasoline price.

SANCHEZ: How long do you think it would take for global oil prices to return to pre-war levels?

BOOK: So the pre-war levels that we were looking at this year, if you looked at analysts' predictions for this year, they were looking at $55 to $65 a barrel. And right now, we're still at $98. You might ask, so why haven't we fallen back towards that? Markets, after all, look ahead. And part of that reason is probably the same reason we didn't get to $150. Markets were looking ahead and maybe saw through that this wasn't going to be a more expansive, more enduring war.

Markets may also look ahead and say, maybe this isn't going to be a more compelling, more enduring peace.

SANCHEZ: I see. So it's sort of already priced in. I wonder whether you think that oil markets would be able to trend in the same direction if Iran were to formalize its control over the Strait through this Persian Gulf authority, as they've described it. It seems like they're playing a game of semantics, in a way, from what we've seen the indications from Tehran. They don't want to say they're charging tolls, but they do want people to pay for help and guidance getting through the Strait and over environmental concerns as well.

What happens if that is actually formalized and intact after there's a deal?

BOOK: Well, as a matter of pricing, if we're talking about $2 million for a two million barrel crude oil tanker, which is the number we've seen reported, $1 per barrel isn't that -- the economics are terrible for producers, but the price effect going into the market isn't necessarily that significant for end users.

On the other hand, the broader impact of contagion to choke points around the world, the throttling of cargoes in other choke points could be much more significant. So the precedential value of that, I think, is the concern that Secretary Rubio and the president have highlighted.

SANCHEZ: So effectively, other countries might say, well, this is a very valuable waterway. You're going to have to charge us to navigate through, or we may have to charge you for environmental concerns or whatnot. I wonder what you think the Gulf allies that are in the region are going to do as a result of a potential formalization of this authority.

Do you imagine they're going to explore other logistical avenues? I know UAE has already --

BOOK: Yes.

SANCHEZ: -- set up a pipeline that essentially goes around the Strait of Hormuz. Do you imagine others may try to do the same?

BOOK: Well, actually, importers have a playbook they're playing from, which they're saying, let's diversify our sources and our routes. Producers are looking at that same playbook and thinking, how do we diversify our routes? So if the Persian Gulf Strait Authority becomes a formal entity and Oman and Iran have decided to keep it in place, the U.S. abides it, and that's part of the final bargain, then I think you will see more pressure to try to find other ways to get oil to market because, like I said, those economics aren't that good for the producer.

SANCHEZ: Yeah. Kevin Book, always appreciate the expertise. Thanks for joining us.

BOOK: Thanks for having me on, Boris.

SANCHEZ: Of course. Still to come, the danger in Southern California has eased, but it's not yet over. The latest on the toxic chemical tank forcing thousands of people to flee their homes.

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[14:13:26]

KEILAR: We continue to follow Breaking News concerning an overheated chemical tank in Southern California that has forced tens of thousands of Orange County residents to evacuate. Today, fire officials announcing the threat of a catastrophic vapor explosion has been eliminated, but they say the situation is still not under control and that it's not safe enough yet for nearby residents to return to their homes.

Let's discuss with Joseph Allen. He's a professor at Harvard School of Public Health, and he's co-author of the book, "Healthy Buildings, How Indoor Spaces Can Make You Sick -- or Keep You Well." This potential for a leak is the big concern here because, obviously, that could still affect a big area if it happens. But a chemical blast, a large one, has been averted at this point. This threat of a leak, what does that mean from a public health perspective?

JOSEPH ALLEN, PROFESSOR, HARVARD SCHOOL OF PUBLIC HEALTH: Well, Brianna, you know, we narrowly avoided a disaster. The past couple days, as you know, the concern was we were going to have either a large, massive explosion or a release of this chemical. And we got some good news this morning that, overnight, they were able to contain the worst part of this, what they call a BLEVE, which is a Boiling Liquid Expanding Vapor Explosion, so a big, massive explosion. They got that under control. The crisis is not averted. There's still two things. There can be a smaller-scale explosion or release of this chemical into air.

It is a toxic chemical. It will disperse. But that's why they're keeping the current evacuation as is until they assess what is the risk. We don't quite know what's happening in the tank, although things are starting to look good.

[14:15:00]

KEILAR: The temperature is coming down, they've said. So that is a good indicator. The EPA administrator said on Sunday that a low-volume release where local authorities are going to be able to monitor, neutralize, and contain the threat is most likely. Are there public health risks, though, still associated with a low-volume release?

ALLEN: There are, and that's what's being monitored right now. So you can imagine what's happening in this tank. This chemical likes to foam and turn into a solid. When that happens, it releases and creates heat. That is what was causing the tank to bulge. Last night, they discovered that this crack is indeed there, and it released a lot of that pressure. So thankfully, we don't have the massive pressure buildup.

You do have this low-scale release. Now I talked with the EPA. They have over 20 air quality monitors positioned around this area, and they are not detecting any of this chemical in air. So if an additional release happens, that'll be the first thing we look for, is what are those monitors picking up, if anything, or is the leak slow enough and small enough such that it disperses and it's not a public health problem.

But these are the things we're watching out for, and that's why they are very clear to say the crisis is not averted, the major explosion has been averted, but there's still a threat out there.

KEILAR: OK, so they now have these monitors to check the air for this chemical, but the venting mechanism was triggered on the tank days ago, and some residents are saying that they have experienced symptoms. One person who evacuated told CNN he forgot to close his window on Thursday night. He said the inside of his throat and nose felt sore. His wife felt dizzy. Is it possible that that is from the MMA?

ALLEN: I don't know that we have evidence that the MMA was being released early on. We do know now that since that crack appeared, it is likely that some of the venting is happening at very low levels. The monitors have been in place for a couple of days now and have not detected anything according to the EPA, so we just don't know what was happening early on in those days. It's a very volatile chemical. It should disperse.

Now, what we don't want to see is a rapid release. One, we don't want the secondary explosion to happen, but two, a massive amount of this vapor going out in whichever way the wind direction is pushing, you could have large exposures. So the best-case scenario at this point is, one, the chemical continues to solidify in the tank and you don't really get any release other than this minor release.

And that's what we're hoping for. And the monitors are in place and will detect if there is actually a release that hits a threshold or a level at which there might be a health concern. So we're actively, EPA is actively monitoring this and this is what all of us are paying attention to in the public health field.

KEILAR: So I wonder what you think about this here, we're putting up something so people know what methyl methacrylate -- I hope I'm saying that right. That's why people call it MMA.

ALLEN: You are.

(LAUGH)

KEILAR: It's a large chemical word there. But this is a highly volatile chemical, right? And what kind of concerns do you have when you see an incident like this? What concerns do you have about a highly volatile chemical like this being stored at such a large volume in such a densely populated area? This is Northern Orange County, but this kind of like bleeds in, just so people know. This sort of is like almost a continuation of Los Angeles in terms of the population if you look at it on the map. This goes sort of right into L.A. What concerns do you have about this?

ALLEN: Well, you know, we have these kind of facilities all over the country. I think, mostly, the population is unaware and that's a good thing because they're unaware because things don't go wrong. But when things do go wrong, this is when this gets exposed. This is a dense urban area. I have been, like everybody else, very, very concerned over the past couple of days. You can have this massive explosion, release of the chemical, not only shrapnel from the tank, but the release of the toxic chemical and other toxic byproducts.

You can still have this release in this dense area. I think this is why the officials are still saying the crisis has not been fully averted. They are very relieved that a massive explosion won't happen.

But the thing I'm paying attention to is where does this toxic cloud go and how far does it travel? That depends on wind speed, wind direction, how much gets released and when. Now, I said we've had these monitors in place, so we're going to have to track that. But if I lived there, I would be very cautious still.

And I know people want to get back to their homes. But that evacuation order is still in place. If it was me and I was living there, my family was there. I'd be very careful to be sure to keep my distance still because of that threat from the chemical vapor.

KEILAR: Yeah, very good warning. Joseph Allen, thank you so much for being with us.

ALLEN: Thanks, Brianna.

KEILAR: Still to come, life after swimming, Michael Phelps speaking with CNN about his new calling 10 years after his last Olympic appearance. We'll bring you that exclusive interview ahead.

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[14:24:32]

KEILAR: The most decorated Olympian of all time is finding a higher purpose outside the pool. Michael Phelps won 28 swimming medals across four Olympic Games, but he says his latest calling means much more to him than any achievement as an athlete.

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MICHAEL PHELPS, MOST DECORATED OLYMPIAN OF ALL TIME: And again, for me, winning a gold medal is not as important, way less as important than having a chance to have that moment and to save a life.

(END VIDEO CLIP)

SANCHEZ: Phelps spoke in-depth to CNN's Coy Wire about his mission to improve people's mental health and emotional resilience, especially kids.

[14:25:00]

COY WIRE, CNN SPORTS ANCHOR: Hi, Brianna and Boris. When people think of Michael Phelps, they think gold medals, world records, and a dominance in the pool unlike anything sport has ever seen. But behind the smiles and the medals was a man silently battling anxiety, depression, and moments where he wondered if life was worth living.

Now through the work of his foundation during Mental Health Awareness Month, the 23-time Olympic gold medalist is speaking out with remarkable honesty, hoping his story helps others feel less alone. Here's part of my conversation with the GOAT.

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WIRE: When you look back now, what do you wish younger Michael understood about mental health?

PHELPS: Man, I -- you know, I love getting asked that question and it hasn't changed and it's nothing because I think what I've gone through myself personally has allowed me to learn more about who I am as a human. And yeah, it has been challenging at times and uncomfortable at times, of course, but, you know, again, like for me, I'm more comfortable being my authentic self and living my life how I want to live. And you know, I feel like everybody should be searching for what is our authentic self and what does that look like and live that because we are who we are for a reason.

WIRE: It reminds me of some of my former teammate, Julio Jones, incredible wide receiver, superstar, you'd think nothing ever is wrong with this guy, but he used to say -- his line was "embrace the suck." He's like, sometimes things just suck, you know, and you need to just embrace that. It's going to make you better in the end.

PHELPS: Yeah.

WIRE: Now, there's this myth in sports that toughness means staying silent, being stoic, right? You helped change that conversation though. Was there a specific moment where you realized if I speak up, maybe I can help other people do the same?

PHELPS: I honestly think it's really when I got to that point of not wanting to be alive. You know, for me, I think once I got to that point, I was like, OK, something is wrong. I need to ask for help. And that was the first time that I ever asked for help because I just didn't know what to do. So I got help.

And then I think at that point for me, just being able to find that kind of ground to stand on and be OK, sharing the stories that I talk about because, you know, being able to see my Olympic brothers and sisters, they were going through the same thing, right? And now we see a world, a country that's going through the same thing, right? I think we saw everything during COVID really pop up where, where mental health, I think really became something that people started talking about and people started paying attention to.

And I think it's because we had to, right? So you know, for me again, like, I'm very thankful that I got the help that I needed and wanted because I wanted change. And yeah, I think with me being able to kind of implement the mental health into my foundation, along with swimming, it kind of gives me that purpose again, like I had when I was competing. You know, water safety, but also mental health for me, those two things are who I am. (END VIDEO CLIP)

WIRE: Thanks again to Michael for being so vulnerable with us. He's changing lives through his foundation. And I did ask him, Brianna and Boris, given the next summer Olympics are coming to the United States and that his fellow 40-year-old legend, Allyson Felix is making a comeback in track. Will he consider jumping in the pool one last time? Boris, Brianna, he said, no way.

(LAUGH)

WIRE: He's done. 23 Olympic golds are plenty enough, he says.

SANCHEZ: Plenty enough. Yeah.

(LAUGH)

SANCHEZ: Coy Wire, thank you so much.

And remember if you or someone you know is in need of help, please reach out to the Suicide & Crisis Lifeline. You can text or call 9-8- 8. You are not alone. Stay with CNN. We'll be right back.

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