U.S. and Iran Near Memorandum to Extend Ceasefire and Lift Hormuz Blockade

The United States and Iran said over the weekend they are in the final stages of negotiating a memorandum of understanding to end their conflict. The document would extend the existing ceasefire by 30 to 60 days and lift the mutual blockades of the Strait of Hormuz.

The framework would allow a fifth of the world's oil and gas to resume transit through the waterway. Iran would pledge future limits on its nuclear program, while the United States would lift some sanctions and unfreeze some Iranian assets.

The White House has stated that Iran must surrender almost a thousand pounds of enriched uranium before receiving sanctions relief. Iran has said any deal must include a parallel end to Israel's war with Hezbollah. Ali Vaez, Iran project director for the International Crisis Group, said the memorandum lacks technical details on verification and enforcement.

He noted that similar points were available in February before the war began.

The United States and Iran had been negotiating before the war started. The United States aborted those talks and joined Israel in launching military operations. S. Ambassador and Assistant Secretary of State for the Middle East. The war has cost at least 28 billion dollars, 13 American lives, and thousands of Iranian lives.

It has also closed the Strait of Hormuz and disrupted global energy supplies.