A tentative US–Iran memorandum of understanding is close to being signed that could pave the way for a 60-day ceasefire and more room for negotiations between the two sides, Iranian state media agencies reported a few moments ago. The development comes alongside renewed pressure on oil markets, with crude prices extending losses and slipping below $89 per barrel as traders reacted to easing geopolitical risk around the Gulf.

The development comes alongside renewed pressure on oil markets, with crude prices extending losses and slipping below $89 per barrel as traders reacted to easing geopolitical risk around the Gulf.

The preliminary framework includes the following provisions:

Both sides have not officially confirmed the terms, and details remain subject to change as negotiations continue.

The MoU is said to function as an interim mechanism. It will create a two-month period for both sides to negotiate a comprehensive peace framework.

If implemented, it would mark one of the most significant de-escalation steps between the United States and Iran in recent years, particularly regarding maritime security in the Gulf region.

It would be an even bigger step for Iran, a country that has lost the majority of its senior military leadership to reckless bombing by US and Israel, including Ayatullah Syed Ali Khamenei who embraced martyrdom at the start of this war.

More details will be shared shortly.

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