Tentative 60-Day US-Iran Ceasefire Awaits Trump Approval

President Donald Trump said Saturday that a memorandum of understanding with Iran has been largely negotiated, a step that could reopen the Strait of Hormuz and ease the global energy squeeze that began when US and Israeli forces struck Iranian targets in late February.

The proposed framework centers on a 60-day extension of the existing ceasefire, during which shipping through the vital waterway would resume without tolls or harassment. Iran would clear mines it placed in the strait within 30 days, while the United States would lift its naval blockade on Iranian ports and waive select sanctions to allow Tehran to sell oil again. Talks on Iran's nuclear program, including the fate of its enriched uranium stockpile, would begin in that window.

Pakistani Prime Minister Shehbaz Sharif, who has mediated the contacts, called the latest round productive and said another session could occur soon. US Secretary of State Marco Rubio described significant progress, and Vice President JD Vance told reporters the sides remain close though final wording on enrichment and the uranium stockpile still needs work.

Trump posted on Truth Social that final details would be announced shortly after calls with leaders from Saudi Arabia, the UAE, Qatar, Turkey, Egypt, Jordan, Bahrain, Pakistan and Israel. The president framed the understanding as a path to reopening the strait, which handles roughly one-fifth of the world's oil and liquefied natural gas trade before the conflict shut most commercial traffic.

Iranian outlets close to the Revolutionary Guard pushed back on key points. Fars News Agency reported that management of the strait would stay under Iranian control, with Tehran deciding routes, timing and permits. Tasnim News Agency said the text of the memorandum had not been finalized or confirmed by Iranian leadership.

Oil markets have reacted to the diplomatic signals. Brent crude has fallen nearly 20 percent from its 2026 peak, trading around $92 a barrel in recent sessions, while US West Texas Intermediate sits near $87. Prices remain well above pre-war levels, and analysts note that any full recovery in supply will take weeks even if the strait reopens.

The months of fighting have already produced sharp effects at home. Drivers faced higher pump prices, inflation readings climbed, and strategic petroleum reserves were drawn down at record speed. Rerouting of some Gulf output through pipelines helped blunt the worst shortages, but inventories have continued to shrink.

Skeptics of the emerging framework point to Iran's past record on nuclear limits and its insistence on retaining enriched material. Vance acknowledged the uranium stockpile and enrichment levels remain sticking points, adding that negotiators believe the other side has engaged in good faith so far. Reports indicate any broader agreement on dismantling Iran's nuclear ambitions would come after the 60-day period.

Israeli Prime Minister Benjamin Netanyahu planned a security cabinet meeting to review the proposal. Regional allies have been briefed but have not publicly endorsed the details.

The tentative outline would effectively pause active combat and restore commercial traffic through Hormuz while deferring the hardest nuclear questions. Whether that pause produces a durable settlement or simply resets the clock on the same disputes that preceded the February strikes remains the central uncertainty.