A tentative agreement has emerged between Iran and the United States to extend the ceasefire in their ongoing conflict for an additional 60 days. This memorandum of understanding stipulates that Iran must remove all mines from the Strait of Hormuz within 30 days and will not impose tolls on vessels passing through this vital waterway. The Strait is critical for global oil and natural gas trade, and its closure has previously led to soaring oil prices. The deal, which has not yet been confirmed by Iran, also includes provisions for the US to gradually lift its naval blockade on Iranian ports and relax sanctions to allow Iran to sell more oil. However, the agreement remains contingent on President Donald Trump's approval, with officials indicating that until he signs off, no formal deal exists. Iranian sources have emphasized that any announcement of a completed deal must come from Tehran, not solely from the US.