US and Iran agree on ceasefire extension, Strait of Hormuz shipping deal

Negotiators from the United States and Iran have reached an agreement on a draft memorandum of understanding, signaling a potential de-escalation in their protracted conflict. The proposed deal includes a 60-day extension of the existing ceasefire and aims to fully restore shipping traffic through the critical Strait of Hormuz.

The draft memorandum, according to Axios citing sources, outlines several key points. Iran would guarantee unimpeded passage for vessels through the Strait of Hormuz, free from tariffs, inspections, or delays. Within 30 days, Tehran commits to clearing mines in the strait, after which the U.S. would begin lifting its naval blockade gradually. Iran also reaffirms its commitment to not develop nuclear weapons.

In return, Washington is prepared to discuss easing sanctions and potentially unblocking frozen Iranian assets. The initial focus of future negotiations would be the disposal of Iran's stockpiles of enriched uranium. Sources indicate the terms were agreed upon on May 26, with Iran reportedly securing necessary approvals and ready to sign, although Tehran has not officially confirmed this.

American negotiators have submitted the draft agreement to U.S. President Donald Trump, who has requested a few days to make a final decision. If signed, this memorandum could represent a significant diplomatic step. However, achieving comprehensive peace will require further negotiations, particularly concerning Iran's nuclear program. Previous attempts at reaching an agreement between the U.S. and Iran have been unsuccessful.