U.S. and Iran Near Agreement on 60-Day Ceasefire Extension and Nuclear Talks Framework

The United States and Iran are nearing an agreement to extend their ceasefire by 60 days, with plans to gradually reopen the Strait of Hormuz and establish a framework for nuclear negotiations, according to mediators cited by the Financial Times.

The proposed deal includes discussions on reducing or transferring Iran's stockpile of enriched uranium, easing sanctions, and the phased unfreezing of Tehran's overseas assets. Iran's foreign ministry spokesman indicated that Tehran is finalizing a "memorandum of understanding" to end the conflict as a first phase, with broader talks to follow within 30 to 60 days.

A diplomat briefed on the talks stated, "The deal seems to be going in the right direction. It's with the Americans now for review." President Donald Trump mentioned he is "getting a lot closer" to an agreement with Iran and is scheduled to discuss the draft deal with Arab leaders, potentially making a decision by Sunday.

The current ceasefire, in place since April 8, has been fragile, with skirmishes occurring as both nations maneuver over the strategic Strait of Hormuz, a vital passage for global energy trade. The conflict has contributed to a significant global energy crisis, leading to higher energy prices in the U.S. and increased inflation, prompting expectations that the Federal Reserve may need to raise interest rates.

Pakistani and Qatari negotiators have engaged in talks with Iranian counterparts, maintaining regular contact with U.S. envoy Steve Witkoff. Iran's top negotiator conveyed to a Pakistani counterpart that Iran would not compromise its "legitimate rights" and expressed distrust toward the U.S.

A major point of contention remains President Trump's demand that Iran surrender its enriched uranium and permanently relinquish any nuclear weapons capacity. Trump has also called for the dismantling of Iran's nuclear sites at Natanz, Fordow, and Isfahan, which were targeted by U.S. forces after joining Israel's conflict with Iran last June.

Iran's foreign ministry acknowledged that the two sides remain both "very far and very close" to an agreement, noting that the U.S. had presented "conflicting stances several times." President Trump stated that the U.S. refrained from renewing attacks on Iran this week while "serious negotiations" were underway.

Gulf states, including Saudi Arabia, Qatar, and the UAE, have urged President Trump to suspend military actions, fearing Iranian retaliation and further damage to global energy markets.