The United States and Iran are reportedly close to finalising a deal centred on a 60-day ceasefire extension, under which the Strait of Hormuz would reopen, Iran would be allowed to resume unrestricted oil exports, and negotiations would begin on limiting Tehran’s nuclear programme, according to an Axios report citing a US official.

As part of the proposed arrangement, the Strait of Hormuz would remain open during the 60-day period without any transit tolls.

Iran would also reportedly agree to remove mines it had deployed in the strategic waterway to ensure the free movement of commercial shipping.

In return, the United States would lift its blockade on Iranian ports and grant limited sanctions waivers allowing Tehran to sell oil on international markets, the report said.

The draft agreement also includes Iranian commitments not to pursue nuclear weapons and to enter negotiations on suspending uranium enrichment, as well as addressing its stockpile of highly enriched uranium.

According to Axios, Iranian officials have already conveyed verbal assurances through mediators regarding the extent of concessions Tehran may be willing to make on enrichment activities and nuclear material.

The report further stated that Washington would agree to hold discussions during the 60-day period on broader sanctions relief and the possible unfreezing of Iranian financial assets.