The structure of a memorandum of understanding for a 60-day ceasefire extension has been agreed upon by American and Iranian negotiators, but US officials have revealed that President Donald Trump must still give his final approval.Since Iran blocked the Strait of Hormuz earlier this year, the war has unsettled global oil markets and crippled shipping channels. The accord, which was originally reported by US media outlet Axios, would de-escalate the situation. According to the draft Memorandum of Understanding, Iran would have to remove all mines it had placed in the canal within 30 days, and the strait would reopen to unrestricted commercial traffic, meaning there would be no tolls or hindrance.
In exchange, the US would ease sanctions, allowing Tehran to sell oil freely, and relieve its naval blockade of Iranian ports proportionately. Iran has formally committed to avoid pursuing a nuclear weapon as part of the Memorandum of Understanding. One of the first topics to be discussed within the 60-day negotiating timeframe is how to deal with Iran’s highly enriched uranium stockpile.
