US and Iran 'have reached a deal - and are awaiting Trump's sign-off'

By SABRINA PENTY, FOREIGN NEWS REPORTER Published: 16:47, 28 May 2026 | Updated: 16:59, 28 May 2026 The US and Iran have 'reached a deal' to extend the ceasefire and open new negotiations on Tehran's nuclear programme, Axios has reported.  Citing two US officials and a regional source involved in the discussions, the news outlet said the two countries agreed to a 60-day memorandum of understanding, but President Donald Trump has yet to give his final approval.  There was no immediate confirmation of the report, which prompted oil prices to reverse course and trade lower.  Trump has repeatedly said the end of the war is close, but told the media at a cabinet meeting on Wednesday he was not yet satisfied by the negotiations and that the US was not discussing easing sanctions, one of Tehran's demands. Under the terms of the agreement, navigation in the Strait of Hormuz will remain 'unrestricted', meaning that no tolls or any form of harassment will be permitted, according to the new report.  Iran will have to remove all mines present in the strait within thirty days, while the American naval blockade will be lifted gradually, the two officials said.  The memorandum also includes Iran's commitment to not to seek to acquire nuclear weapons.  Discussions over the next sixty days will mainly focus on Iran's enriched uranium and its overall enrichment capabilities. The memorandum of understanding is pending approval from Donald Trump, according to Axios  Under the terms of the agreement, navigation in the Strait of Hormuz will remain 'unrestricted' The US has also agreed to open discussions on easing its sanctions and unfreezing Iranian financial assets held abroad. The report comes after Iran targeted a US air base in Kuwait in the wake of American strikes on what Washington said was an Iranian drone operation. Tehran and Washington have in recent days been swapping proposals to end the war, which broke out on February 28 and engulfed the Middle East, while a fragile ceasefire has been in place since April 8.  Iran has since kept a tight control over the strategic Strait of Hormuz, a vital global energy conduit, while the US has imposed a naval blockade on Iranian ports and coasts since April 13.  It comes after US forces carried out what the Pentagon called 'defensive' strikes on missile launch sites and mine-laying boats in southern Iran on Monday. The US said it acted with 'restraint' in light of the weekslong ceasefire, while Iran decried the action as a sign of 'bad faith and unreliability.' The war has also sparked concern that it could plunge the world into a financial crisis, the European Central Bank has warned. Tehran's decision to effectively close the Strait of Hormuz for ships carrying regional oil, natural gas and other critical supplies has been a focal point of global concern and economic pain. The comments below have not been moderated. The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline. By posting your comment you agree to our house rules. Do you want to automatically post your MailOnline comments to your Facebook Timeline? Your comment will be posted to MailOnline as usual. Do you want to automatically post your MailOnline comments to your Facebook Timeline? Your comment will be posted to MailOnline as usual We will automatically post your comment and a link to the news story to your Facebook timeline at the same time it is posted on MailOnline. To do this we will link your MailOnline account with your Facebook account. We’ll ask you to confirm this for your first post to Facebook. You can choose on each post whether you would like it to be posted to Facebook. Your details from Facebook will be used to provide you with tailored content, marketing and ads in line with our Privacy Policy.