US-Iran Deal to Be Simplified 60-Day Ceasefire Extension, Defer Nuke Talks
By Reuters | 24 May, 2026

The U.S. and Iran are close to signing a limited deal for a 60-day ceasefire extension during which Iran would be able to freely sell oil, deferring difficult negotiations on Iran's nuclear program, according to an Axios report.

Vessels in the Strait of Hormuz, Iran, May 22, 2026. Majid Asgaripour/WANA (West Asia News Agency) via REUTERS

The U.S. and Iran are close to signing a deal involving 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, Axios reported on Saturday, citing a U.S. official.

According to the Axios report, 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, as part of the proposed deal, the U.S. would lift its blockade on Iranian ports and issue some sanctions waivers to allow Iran to sell oil freely, the report added.

The draft agreement also 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 Axios report said.

Iran gave the U.S. through the mediators verbal commitments about the scope of the concessions it's willing to make on suspending enrichment and giving up the nuclear material, two sources told Axios.

U.S. would also agree to negotiate over lifting sanctions and unfreezing Iranian funds during the 60-day period, the Axios report said.

The White House did not immediately respond to Reuters' request for comment on the report.

(Reporting by Akanksha Khushi in Bengaluru; Editing by William Mallard and Kim Coghill)