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Source: https://www.axios.com/2026/05/24/iran-deal-strait-hormuz-sanctions-nuclear
What's Inside the Iran Deal Trump Is Close to Signing
(Axios) Barak Ravid - The agreement the U.S. and Iran are close to signing involves a 60-day ceasefire extension during which the Strait of Hormuz would be reopened, Iran would be able to freely sell oil, and negotiations would be held on curbing Iran's nuclear program, according to a U.S. official. Both sides would sign a memorandum of understanding (MOU) that would last 60 days and could be extended by mutual consent. During the 60-day period, the Strait of Hormuz would be open with no tolls and Iran would agree to clear the mines it deployed in the strait to let ships pass freely. In exchange, the U.S. would lift its blockade on Iranian ports and issue some sanctions waivers to allow Iran to sell oil freely. The U.S. official acknowledged that it would be a boon to Iran's economy, but said it would also give significant relief to the global oil market. The U.S. official said the faster the Iranians clear the mines and let shipping resume, the faster the blockade will be lifted. The official said Trump's key principle in the agreement is "relief for performance." The draft MOU includes commitments from Iran to never pursue nuclear weapons and to negotiate over a suspension of its uranium enrichment program and the removal of its stockpile of highly enriched uranium, the U.S. official said. The draft MOU also makes clear that the war between Israel and Hezbollah in Lebanon would end.