US, Iran close to deal, extend ceasefire, allow Iran to sell oil: Axios
- By Agencies , Web Desk -
- May 24, 2026
The United States and Iran have reached close to an agreement, Axios revealing new details on Sunday reported potential 60-day extension in ceasefire extension and what elements of the agreement had been accepted by both parties and which are expected to remain under negotiation.
The Memorandum of Understanding (MOU) that both parties are expected to sign would include concessions from both sides, with the possibility of extension during the 60-day period.
An important element of the deal is the reopening of the Strait of Hormuz. Axios website reported that the current draft of the MOU specifies that the Strait would be opened without tolls, and Iran would clear the mines it had deployed there.
The US would lift its blockade on Iranian ports and waive some sanctions it had imposed, allowing the country to sell oil freely.
Issues relating to Iran’s nuclear capabilities and enriched uranium stockpile would still be largely under negotiation.
Axios also reported that Iran has verbally assured to restrict its uranium enrichment.
Pakistan has been the main mediator between Iran and the United States and the country’s mediation efforts being led by its Field Marshall Asim Munir.
President Trump earlier claimed that a “largely negotiated” memorandum of understanding on an Iran peace deal would reopen the Strait of Hormuz, although the Iranian Fars news agency disputed that claim.
Trump posted on social media that the emerging agreement would reopen the strait, the vital shipping passage whose closure has upended global energy markets since the U.S. and Israel launched the war on Iran in February. He did not say what else would be included in an agreement.
“Final aspects and details of the Deal are currently being discussed, and will be announced shortly,” Trump wrote on Truth Social.
But Fars reported early on Sunday that the agreement would allow Iran to manage the strait and that Trump’s assertion on the strait was “inconsistent with reality.”
The deal includes an “apparent commitment” by Iran to give up its highly enriched uranium, the New York Times reported, citing two unidentified U.S. officials.
Details of how Iran would cede that stockpile would be left for a subsequent round of talks, the newspaper quoted the officials as saying.