US and Iranian negotiators have reached a substantive agreement on a 60-day memorandum of understanding, according to an Axios report citing two US officials and one regional mediator. The proposed deal is designed to extend the current ceasefire and create room for talks on Iran’s nuclear program and US sanctions. One step remains: President Donald Trump has not given final approval.
The report said most terms were settled around Tuesday, after which both sides sent the draft back home for senior-level authorization. US officials said Iran later responded through the channel that it had secured the necessary top-level approval and was ready to sign, though Tehran has not publicly confirmed that position. After the final version was presented to Trump, he did not sign immediately and instead sent a message through mediators that he needed a few days to think.
Final decision now sits with the White House
Axios described the development as the most significant diplomatic breakthrough since the war began. The report also noted that Trump and his team had previously believed an agreement was close at several earlier points in the conflict, only to see those efforts collapse. That history helps explain the caution around the current draft. Even so, the process appears to have moved into its last approval stage.
Hormuz shipping and mine removal form the core terms
One of the central provisions in the reported MOU is the return of unrestricted commercial shipping through the Strait of Hormuz. The text would prohibit any transit fees and any harassment of commercial vessels.
Iran would also be required to clear all mines it placed in the strait within 30 days. In return, the US Navy blockade would be lifted gradually, with the pace tied to the actual recovery of commercial traffic through the waterway.
Nuclear commitments and sanctions talks run in parallel
The draft also addresses the nuclear file. According to the report, Iran would explicitly commit to not pursuing nuclear weapons. During the 60-day window, the two sides would prioritize discussions on Iran’s stockpile of highly enriched uranium and its enrichment activity.
The US, for its part, agreed to discuss possible sanctions relief and the release of Iran’s frozen overseas funds during the negotiation period. The two sides would also begin talks on a secure mechanism to allow Iran to receive essential civilian goods and humanitarian assistance.
Reported terms differ from an earlier circulated draft
Axios said the reported agreement differs sharply from an earlier version released unilaterally by Iranian state media. That earlier text included tolls for passage and references to $12 billion in frozen funds. By contrast, the terms described by US officials focus on extending the ceasefire, reopening the strait, mine clearance, nuclear commitments, and discussions over sanctions.
Oil markets and broader financial markets are now watching for Trump’s decision. If he signs off, the 60-day MOU would become the clearest framework yet to govern the current US-Iran diplomatic track.