Significant progress has reportedly been made on a new agreement between the US and Iran that would extend the current ceasefire for 60 days and reopen the Strait of Hormuz to commercial shipping traffic. According to Axios, the draft deal includes easing certain sanctions on Iran’s oil exports, lifting US restrictions on Iranian ports and restarting nuclear negotiations.
Under the proposal, the Strait of Hormuz would remain open for 60 days to restore normal commercial shipping operations, while Iran would be expected to remove mines previously placed in the strategic waterway. In return, Washington is reportedly considering granting sanctions waivers to facilitate Iran’s international oil sales.
The draft agreement also includes launching new talks regarding Iran’s nuclear activities and addressing the future of its highly enriched uranium stockpiles. The process is seen as a potentially important step toward easing tensions in the Strait of Hormuz, a key route for global oil trade.