U.S. President Donald Trump said a memorandum of understanding aimed at easing tensions with Iran is ready for signing and would lead to the immediate reopening of the Strait of Hormuz, according to details reported by Axios.
The proposed agreement includes a 60-day extension of a ceasefire, covering Lebanon as well, alongside the resumption of negotiations over Iran's nuclear program during the truce period, Axios reported.
Under the terms of the memorandum, the Strait of Hormuz would be reopened immediately to international shipping without transit fees, with maritime traffic expected to return to pre-war levels within 30 days. In exchange, the United States would lift its blockade on Iran, the report said.
The agreement also includes an Iranian commitment not to develop a nuclear weapon and to address concerns surrounding its stockpile of highly enriched uranium.
A U.S. official cited by Axios said one option under consideration would allow Iran to continue uranium enrichment at lower levels under the supervision of United Nations inspectors.
According to the report, any concrete implementation measures related to Iran's nuclear program would be addressed in a separate, more detailed agreement due to the complexity of the issue.
Neither Washington nor Tehran has publicly released the full text of the memorandum, and details of the proposed arrangements have not been independently verified.
The Strait of Hormuz, a critical shipping lane linking the Gulf to global markets, handles a significant share of the world's oil and liquefied natural gas exports. Any agreement ensuring the waterway's reopening is expected to ease concerns over energy supplies and regional stability.
Trump said the strait would officially reopen as soon as the agreement is signed, signaling what could become a major step toward de-escalating tensions between the United States and Iran.
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