US and Iran Reach Agree on Memorandum for 60-Day Ceasefire, But Trump Needs to Give Final Approval, Axios Reports

Key Takeaways

• The United States and Iran have reportedly reached an agreement on a 60-day ceasefire extension
• US President Donald Trump still needs to give his final approval for the deal, per an Axios report
• The MOU states that the Strait of Hormuz will reopen with “unrestricted” shipping, and talks over Iran’s nuclear program will continue

The United States and Iran have reportedly reached an agreement on a memorandum of understanding for a 60-day ceasefire extension. The two countries will also negotiate on the future of Iran’s nuclear program, per sources at Axios. US President Donald Trump still needs to give his final approval for the deal, senior US officials told Axios. Iran has also not fully confirmed the agreement on behalf of the negotiators.

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Donald Trump Says He Needs to Think about Agreeing to US-Iran Peace Deal

A senior official told Axios Thursday that the President hasn’t decided yet on approving the ceasefire with Iran. “The president conveyed a message to the mediators that he wants a few days to think about it before making a final decision,” the official said. Trump and his advisers thought they were close to a deal several times at earlier stages in the war, but none materialized into a complete ceasefire with Iran. One of the biggest talking points of the deal, Iran’s nuclear program, remains a heavy talking point, something that Trump has refused to let go.

While the Iran nuclear program and Uranium stockpile remain up for debate, the MOU does state that the Strait of Hormuz will reopen with “unrestricted” shipping. U.S. officials say this means no tolls and no harassment, and that Iran will have to remove all mines from the strait within 30 days. This deal would be a milestone on the path to ending the war, and also help the world’s oil market recover from being strangled by the Strait’s closure since February. Oil prices globally have surged due to a fifth of the oil trade not making it through the Strait of Hormuz.

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As Peace Talks Continue, Attacks and Instability Persists

Even as negotiators continue to mull over a peace deal between the US and Iran, attacks between the two countries persist. Overnight, Iran’s Islamic Revolutionary Guard Corps launched an attack targeting an American air base they say was the source of US strikes on Iranian targets hours before. The US strikes targeted Iranian drones and a launch site around the Strait of Hormuz, according to a US official.

This morning, US Treasury Secretary Scott Bessent also emphasized that Washington “will not tolerate any effort to impose a tolling system in the Strait of Hormuz”.

“Oman, in particular, should know the US Treasury will aggressively target any actors involved – directly or indirectly – in facilitating tolls for the strait and any willing partners will be penalized,” Bessent wrote.

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Furthermore, the price of oil remains at 1-year highs, but is starting to cool after the ceasefire deal was reported. Oil prices pulled back from their highs following the report at 12pm in New York. The West Texas Intermediate crude oil futures was last trading above $89 a barrel, while Brent futures traded around $95 a barrel, with both higher earlier in the morning,