The United States and Iran are reportedly nearing a memorandum of understanding (MOU) that would extend a ceasefire for an additional 60 days. Under this agreement, navigation through the Strait of Hormuz, a crucial route for 25% of global crude trade, would be reopened, and restrictions on Iranian oil trade would be lifted. US President Donald Trump announced that the MOU has been 'largely negotiated' and is in the final stages. Iranian Foreign Ministry spokesman Esmail Baghaei acknowledged a 'convergence of views' but expressed concerns about a possible U-turn by Washington. The ceasefire, initially established in early April, aims to facilitate negotiations on Iran's nuclear program and halt the Israeli military campaign against Hezbollah in Lebanon. While the lifting of other economic sanctions and unblocking Iranian funds would depend on a final agreement, Tehran's ongoing demand remains the removal of what it describes as 'illegal and inhumane' sanctions. The discussions currently focus on ending hostilities and ensuring the Strait of Hormuz's usage is determined by coastal states, not the US.