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U.S. and Iran Near 60-Day Ceasefire Deal to Reopen Strait of Hormuz

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U.S. and Iranian negotiators edged toward a new 60‑day ceasefire extension and nuclear talks this week, but Vice President J.D. Vance warned the two sides were still separated by “a couple of language points” and “not there yet,” even as officials described an agreement in principle awaiting sign-off from President Donald Trump and Iran’s leadership thehindu +1. At stake is an arrangement that would reopen the Strait of Hormuz, ease some sanctions and lock in at least a temporary halt to parts of Iran’s nuclear program cbsnews +1.

The draft memorandum of understanding, reported by Axios and confirmed by multiple outlets, would prolong the fragile truce that began in April and create a narrow window to negotiate a broader peace and nuclear framework thehill +1. It comes despite fresh strikes and counterstrikes in recent days, underscoring how volatile the situation remained even as diplomats tried to finalize terms bbc +1.

What’s in the Emerging Deal — and What’s Holding It Up

According to U.S. officials and media leaks, the tentative deal would extend the ceasefire by 60 days, require Iran to clear naval mines from the Strait of Hormuz within about 30 days, and restore “unrestricted” commercial passage through the waterway in exchange for the U.S. lifting its naval blockade and issuing limited sanctions waivers for Iranian oil sales thehill +2. About one‑fifth of global oil and liquefied natural gas normally transits Hormuz, making its reopening central to calming energy markets that have swung wildly during the conflict ms.

The thorniest disputes center on Iran’s uranium enrichment and money. Washington has pushed for a lengthy moratorium on enrichment—reports have cited U.S. demands as high as 20 years—while Iran has floated five years, with some negotiators discussing a 12‑ to 15‑year compromise ms. Another major obstacle is frozen Iranian assets: Tehran is pressing for access to about $24 billion in blocked funds worldwide, while previous contacts suggested the U.S. might be willing to unfreeze a smaller tranche, around $6 billion held in Qatar ms. “There would be no sanctions relief until Iranians agree that they have to turn over the highly enriched uranium,” Treasury Secretary Scott Bessent said, framing Washington’s stance cbsnews.

Vance’s Balancing Act and Global Repercussions

Vance has emerged as a key public face of the talks, stressing that negotiators are “very close” while repeatedly cautioning that any accord ultimately rests with Trump’s decision thehindu +1. His comments followed fresh U.S. strikes on targets in southern Iran and Iranian missile and drone launches in response, with each side accusing the other of violating the existing ceasefire even as they claimed to be pursuing de‑escalation bbc +1. Iranian state‑affiliated outlets, meanwhile, have emphasized that no deal is final without Supreme Leader approval and have disputed some leaked terms as “unofficial” bbc.

In Europe and the Gulf, governments largely welcomed the prospect of an extended truce and the reopening of Hormuz, but remained wary of an accord that leaves Iran’s regional proxy network, particularly Hezbollah in Lebanon, largely untouched bbc +1. Israel and some U.S. lawmakers warned that any agreement must address those threats and include strict enforcement mechanisms. Financial markets reacted quickly: oil prices fell from recent highs on signs of progress but stayed volatile amid uncertainty over whether Trump or Iran’s leadership would ultimately accept the package ms.

The Bigger Picture

Even if the 60‑day memorandum is signed, it would mark only a pause and procedural framework, not a comprehensive peace or a full nuclear settlement. The same unresolved questions—how far Iran must roll back enrichment, how much money it gets and when, who polices the Strait of Hormuz, and how to contain Iran’s proxies—are likely to dominate the next round of talks and could yet derail them thehill +1. For now, both sides appear to be betting that a limited deal to extend the truce and reopen global energy arteries is preferable to sliding back into open war, but the final decision rests with leaders in Washington and Tehran who have repeatedly shown they are willing to walk away.