US-Iran Draft MOU Includes Reopening Hormuz, Allowing Iranian Oil Exports: Axios

The US and Iran are drafting a memorandum of understanding to extend a 60-day ceasefire, and the proposal includes reopening the Strait of Hormuz and allowing Iranian oil exports, Axios reported.

Axios, citing a senior US official familiar with the matter, reported on May 24 that Washington and Tehran are coordinating a draft 60-day MOU that could be extended by mutual agreement.

The draft calls for resumed transit through the Strait of Hormuz and for Iran to remove naval mines, the official said. In return, the US is considering lifting its blockade of Iranian ports and allowing Iranian oil exports through limited sanctions waivers. Any phased sanctions relief would hinge on Iran taking substantive steps, in line with President Donald Trump's core principles, the official added.

Negotiations over Iran's nuclear program are also expected to proceed in parallel. The draft includes terms under which Iran would refrain from pursuing nuclear weapons and begin talks on halting uranium enrichment and removing its stockpile of highly enriched uranium.

The US does not plan to lift major sanctions or release frozen funds until a final agreement is verified. Additional US forces deployed to the Middle East will remain in place until a final deal is reached.