Negotiators from the United States and Iran are reportedly close to finalising a 60-day extension of the fragile ceasefire that followed months of conflict in West Asia. However, the proposed agreement is still awaiting approval from Donald Trump.
According to U.S. officials, both sides have agreed in principle to a memorandum of understanding that would extend the truce and open negotiations over Iran’s nuclear programme. The development follows repeated accusations from both Washington and Tehran over alleged ceasefire violations, highlighting ongoing tensions despite diplomatic progress.
Iranian media outlet Tasnim reported that the agreement text has not yet been fully finalised. Sources close to Iranian negotiators also indicated that Pakistan would be informed if the deal is officially completed.
Financial markets reacted positively to reports of a possible breakthrough. Asian stock markets surged on Friday, while global oil prices declined amid hopes that stability in the region could restore normal shipping through the strategically important Strait of Hormuz. Brent crude prices dropped below $93 a barrel, while U.S. crude also fell during Asian trading.
At the same time, Washington announced fresh sanctions targeting Iran’s military-linked oil trade. The U.S. Treasury Department sanctioned eight vessels accused of transporting Iranian crude oil to global markets.
Treasury Secretary Scott Bessent also warned Oman against participating in any toll system linked to the Strait of Hormuz, stating that the U.S. would aggressively penalise any entities involved.
The potential agreement is seen as a critical step toward reducing tensions and reviving nuclear negotiations in the region.
