U.S. and Iranian negotiators have reportedly agreed on a 60 day memorandum to extend the ceasefire and restart talks on Iran’s nuclear program, according to Axios. The proposed deal still needs final approval from President Trump.
The agreement would create a 60 day window for fresh nuclear negotiations between Washington and Tehran. Officials said most terms have already been finalized, but top leadership on both sides still needs to give final authorization.
Under the proposed memorandum, shipping through the Strait of Hormuz would remain unrestricted. Commercial vessels would face no transit fees, blockades, or harassment while passing through the key global oil route.
Axios reported the U.S. Navy would gradually lift its blockade in proportion to the restoration of normal commercial shipping activity in the region. Iran would also be required to remove all sea mines from the Strait of Hormuz within 30 days.
The memorandum reportedly includes an Iranian commitment not to pursue a nuclear weapon. Nuclear issues would be discussed first during the 60 day negotiation period as both sides attempt to reach a broader final agreement.
The U.S. would also commit to discussing sanctions relief and the release of frozen Iranian funds. The deal could additionally include a mechanism allowing Iran to begin receiving goods and humanitarian aid.
Markets reacted strongly to the reports. U.S. stock markets surged to fresh record highs, oil prices turned negative, and the yield on the 10 year U.S. Treasury note fell 2.8 basis points to 4.453% following the Axios report.
U.S. officials reportedly described the agreement as the biggest diplomatic breakthrough since the conflict began, though major negotiations are still expected before any permanent nuclear deal is finalized.
Meanwhile, U.S. Treasury Secretary Bessent said all countries must reject any Iranian moves that disrupt global trade, adding that Iran can no longer intimidate the region or the world. He warned the U.S. will not allow any toll system in the Strait of Hormuz and cautioned Oman that Washington could act against anyone involved.
Iran responded sharply after recent U.S. airstrikes. Iran’s deputy foreign minister said Tehran will not let the U.S. weaken its control over the Strait of Hormuz, accused Washington of violating the ceasefire, and claimed Iran’s sovereignty over the key waterway is now firmly established.
