US Says 60-Day Iran Ceasefire Deal Is Near as Hormuz Reopening Lifts Markets
Updated
Updated · BBC.com · May 25
US Says 60-Day Iran Ceasefire Deal Is Near as Hormuz Reopening Lifts Markets
11 articles · Updated · BBC.com · May 25
Marco Rubio said US and Iranian negotiators have a “pretty solid” proposal that could be agreed Monday, centered on a 60-day ceasefire extension to end the war.
The framework reportedly includes reopening the Strait of Hormuz, which carries about 20% of global oil and LNG flows, while leaving harder disputes over sanctions relief and Iran’s nuclear program for later talks.
Communication delays have slowed progress because US intelligence believes Iran’s supreme leader, injured in an early Israeli strike, is in hiding and hard for envoys to reach.
Oil prices fell sharply and Asian stocks rose on hopes of a breakthrough, even as Trump urged negotiators not to rush and defended the emerging deal against criticism from Republican senators including Ted Cruz and Lindsey Graham.
The war began after US and Israeli strikes on Feb. 28, and any interim deal would still have to address Iran’s stockpile of roughly 440 kg of uranium enriched to 60%.
Beyond a 60-day ceasefire, what prevents Iran from closing the Strait of Hormuz again?
If talks collapse, is a US operation to seize Iran's nuclear material now inevitable?
With uninspected nuclear sites, how can any deal truly verify Iran won't build a bomb?
The 60-Day Strait Reopening: US-Iran MOU, Nuclear Commitments, and the Global Economic Fallout of the 2026 Conflict
Overview
As of May 25, 2026, the US and Iran are close to finalizing a 14-point memorandum of understanding that sets a 60-day path to reopen the Strait of Hormuz. The deal includes a 60-day ceasefire extension and requires Iran to surrender its highly enriched uranium, clear any mines in the Strait, and guarantee safe, toll-free passage for commercial ships. In return, the US will ease economic pressure by lifting port blockades, issuing sanctions waivers, and unfreezing Iranian assets. This agreement aims to de-escalate tensions, restore vital maritime trade, and stabilize global energy markets.