U.S. and Iran Reach Tentative 60-Day Ceasefire Deal Pending Trump Approval

U.S. and Iranian negotiators have reportedly reached a tentative memorandum of understanding to extend the current ceasefire for another 60 days and launch formal nuclear negotiations. The draft agreement includes provisions for Iran to remove mines from the Strait of Hormuz and cease attempts to levy tolls on transit. In exchange, the U.S. would consider a gradual lifting of its naval blockade. However, U.S. officials have made it clear that no deal is finalized until President Trump provides his formal approval. Despite the diplomatic progress, the Trump administration is simultaneously tightening economic restrictions. The U.S. Treasury recently blacklisted eight vessels involved in Iranian oil transport and signaled new restrictions on Iranian airlines, including landing rights and refueling access. Scott Bessent emphasized that the U.S. will not accept a "weak" agreement, maintaining that Iran must surrender its stockpile of 60% enriched uranium, which currently stands at over 440 kilograms. Regional complexities continue to influence the talks, with Iran reportedly pushing for an end to military operations in Lebanon as part of a broader settlement. Meanwhile, Iranian state media has challenged the U.S. narrative, claiming that no draft text has been officially approved. These competing accounts highlight the volatility of the negotiations as energy markets react to the continued uncertainty surrounding the Strait of Hormuz.