U.S. and Iranian negotiators are close to a 60-day ceasefire extension tied to Hormuz shipping and nuclear talks, but no deal has been finalized.
U.S. and Iranian negotiators have moved close to a 60-day ceasefire extension that could reopen talks over Iran’s nuclear program and ease pressure on shipping through the Strait of Hormuz, but the agreement remains unsigned and politically uncertain.
Vice President JD Vance said Thursday that the two sides were still working through language in a possible memorandum of understanding. “We’re not there yet, but we’re very close, and we’re going to keep on working at it,” he told reporters.
U.S. officials told multiple outlets that negotiators had agreed on a framework pending President Donald Trump’s approval. Iran’s semi-official Tasnim news agency, citing a source close to Tehran’s negotiating team, said the text had not been finalized or confirmed, underscoring how fluid the talks remain.
If signed, the memorandum would be the most significant diplomatic step since the war began on Feb. 28. It would also address one of the conflict’s most immediate global consequences: disruption around the Strait of Hormuz, the narrow waterway through which about one-fifth of the world’s liquefied natural gas and oil normally passes.
The reported draft terms include unrestricted shipping through the strait, the removal of Iranian mines within 30 days, a proportional lifting of the U.S. naval blockade as commercial traffic resumes and U.S. sanctions waivers that would allow Iran to sell oil. The framework would also open nuclear negotiations during the 60-day window, with Iran’s enriched uranium stockpile expected to be an early focus.
Approval remains the central obstacle. Trump has not signed off, and the Iranian side has not publicly accepted the latest version. Euronews, citing sources, reported that the deal would also require approval from Ayatollah Mojtaba Khamenei, who has remained largely out of public view since the death of Ali Khamenei on Feb. 28.
Pakistani Foreign Minister Mohammad Ishaq Dar, who has been involved in mediation between Tehran and Washington, was scheduled to meet Secretary of State Marco Rubio in Washington on Friday. A Qatari government readout said Trump also spoke with Qatar’s emir about de-escalation efforts and praised Qatar’s support for Pakistani mediation.
The most difficult issue remains Iran’s nuclear program. The United States has long demanded that Iran stop producing highly enriched uranium and deal with its existing stockpile, while Iran says its nuclear program is peaceful and has rejected giving up enrichment rights. Ebrahim Azizi, head of the Iranian parliament’s national security committee, said Iran’s red lines include uranium enrichment, maintaining enriched uranium stockpiles, control of the Strait of Hormuz and sanctions removal.
The diplomacy is unfolding amid continued military incidents. Both sides have accused each other of ceasefire violations in recent days. Iran claimed it targeted a U.S. base and downed a U.S. aircraft, while U.S. Central Command said no U.S. aircraft were shot down and that all U.S. air assets were accounted for. U.S. officials have also described recent strikes tied to threats against American forces and commercial shipping in the Gulf.
Markets have reacted quickly to signs of a possible agreement. CNBC reported that oil prices turned lower Thursday, erasing earlier gains, after U.S. sources said negotiators had reached a 60-day memorandum of understanding that still required Trump’s approval.
The next test is whether the remaining language disputes can be narrowed enough for both Trump and Iran’s leadership to accept the framework. Until then, the ceasefire extension, the reopening of the Strait of Hormuz and the start of nuclear talks all remain contingent on final political decisions.
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