High-stakes US-Iran 60-day ceasefire memorandum nears final approval: Report

Washington DC [US], May 24 (ANI): A high-stakes memorandum for a 60-day ceasefire between the United States and Iran is in its final stages, with negotiators working to close remaining gaps and avert further escalation in the region, including reopening of the Strait of Hormuz and the resumption of Iranian oil sales, according to an Axios report citing US officials.
According to a senior US official, the draft agreement hinges on a strict diplomatic architecture of "relief for performance." If implemented, the deal would immediately reopen the vital Strait of Hormuz, temporarily ease global energy market pressures, and establish a high-stakes 60-day window to negotiate the complete dismantlement of Iran's nuclear program.
A US official, as cited by Axios, described the mechanism as conditional, stating, "the faster the Iranians clear the mines and let shipping resume, the faster the blockade will be lifted."
Both US President Donald Trump and mediators reportedly suggest that an announcement could come as early as Sunday.
The deal would reportedly take the form of a 60-day Memorandum of Understanding (MoU), under which Iran would be required to clear naval mines in the Strait of Hormuz to restore safe shipping lanes. In exchange, the United States would lift port restrictions and issue sanctions waivers to allow Iranian oil exports to resume.
Iran must immediately halt its maritime tolling and clear the naval mines it deployed in the Strait of Hormuz. In lockstep, the US will lift its defensive naval blockade on Iranian ports and issue targeted sanctions waivers to allow the free flow of Iranian crude oil.
The draft MoU also includes Iranian commitments related to its nuclear program, including a pledge not to pursue nuclear weapons and to engage in negotiations on suspending uranium enrichment and removing its stockpile of highly enriched uranium.
Iran has provided verbal commitments through regional mediators to negotiate a total suspension of its uranium enrichment program and the surrender of its highly enriched uranium stockpile.
A US official, according to Axios, said billions of dollars in frozen Iranian assets and permanent sanctions relief will remain locked. They will only be released upon the verification of a final, permanent treaty. Furthermore, mobilised US military forces will maintain their footprint in the region as an active deterrent.
The draft MOU explicitly includes provisions to wind down the parallel war between Israel and Hezbollah in Lebanon. While Israeli Prime Minister Benjamin Netanyahu expressed sharp domestic and security concerns during a Saturday phone call with President Trump, U.S. officials emphasised that the architecture is not a "one-sided ceasefire."
The administration has explicitly guaranteed that Israel retains the right to launch defensive strikes if Hezbollah attempts to rearm or instigate new border incursions.
The proposed framework also reportedly seeks to reduce wider regional tensions, including between Israel and Hezbollah. A US official noted the arrangement would not be one-sided, saying, "If Hezbollah behaves, Israel will behave."
Regional coordination efforts reportedly involved Saudi Arabia, the United Arab Emirates (UAE), Qatar, Egypt, Turkey, and Pakistan, with Pakistan's army chief Asim Munir acting as a key mediator in discussions.
Despite progress, officials emphasised that the agreement remains incomplete and subject to final negotiations. The White House is reportedly aiming to resolve remaining differences within days.
A US official cautioned that the long-term outcome will depend on Iran's strategic choices, stating, "It will be interesting to see how far Iran will be truly willing to go, but if they are capable of and want to change their trajectory, this next phase will force them to make some critical decisions on what they want to be as a country."
The news report added that while diplomatic momentum is building, the durability of any deal will depend on implementation, verification, and continued political commitment from both sides. (ANI)