Washington – OnePress
The United States and Iran have reached a preliminary agreement on a 60-day memorandum of understanding aimed at extending the ceasefire and opening the door to formal negotiations over Iran’s nuclear program, but the agreement is still awaiting final approval from U.S. President Donald Trump.
The Axios website quoted US officials and a source familiar with the mediation efforts as saying that most of the terms of the agreement were agreed between the two sides, while Iranian negotiators informed the mediators that they had the necessary approvals to proceed with the signing, while President Trump requested an additional period of several days before making his final decision.
According to the report, the memorandum of understanding provides for ensuring freedom of commercial navigation in the Strait of Hormuz without restrictions, fees or harassment, with Iran's commitment to remove marine mines from the Strait within 30 days, as well as the start of intensive negotiations on Iran's nuclear program during the period of the agreement.
The understandings also include an Iranian commitment not to pursue a nuclear weapon and to begin discussions on how to deal with the stockpile of highly enriched uranium, while the United States is committed to discussing sanctions relief and the release of frozen Iranian funds in subsequent negotiations.
The deal is seen as the most significant diplomatic breakthrough between Washington and Tehran since the current crisis erupted, but U.S. sources said a final and comprehensive settlement still required additional negotiations on nuclear issues and outstanding security issues.
Global market indices reacted to the news on the agreement, as oil prices fell amid expectations of a reduction in tensions in the Gulf region and the resumption of normal traffic through the Strait of Hormuz.