US and Iran agree in principle to 60-day ceasefire extension, pending Trump approval

The United States and Iran have tentatively agreed to extend a ceasefire by 60 days, a deal that hinges on the approval of President Donald Trump. The agreement, first reported by Axios, aims to de-escalate tensions and facilitate further negotiations, particularly concerning Iran's nuclear program.

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The US and Iran have reached a preliminary agreement to extend a ceasefire by 60 days.

Key aspects of the proposed deal include ensuring that cargo shipments through the Strait of Hormuz face no obstacles, fees, or harassment. Iran would also be required to remove all naval mines within 30 days. In return, Washington would lift its naval blockade on Tehran's ports once commercial transport is restored. A significant point of contention, the handling of Iran's enriched uranium reserves, is also reportedly addressed, with Tehran committing to not pursue nuclear weapons.

The prospect of the Strait of Hormuz reopening has already influenced oil prices, causing them to dip. However, the path to a stable agreement remains fraught with challenges. On the same day the potential deal was reported, both the US and Iran leveled accusations of ceasefire violations against each other. The US Central Command announced it had shot down five Iranian drones and destroyed a control station, while Iran's Islamic Revolutionary Guard Corps claimed responsibility for attacking a US base in Kuwait in retaliation.

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The deal reportedly includes provisions for continued negotiations on Iran's nuclear program and the unimpeded transport of goods through the Strait of Hormuz.

President Trump has previously expressed optimism about an impending end to hostilities, but he indicated on May 27 that he was not yet satisfied with the negotiation progress. This latest development suggests a complex and ongoing diplomatic effort, marked by both potential breakthroughs and persistent friction between the two nations.

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Despite the potential breakthrough, both nations accused each other of violating the ceasefire, with the US reporting the downing of Iranian drones and Iran claiming an attack on a US base.