A draft proposal, which is being termed a Memorandum of Understanding (MoU) and which is close to being agreed upon by Iran and the US, includes a 60-day extension of the ceasefire that was first reached in April, according to US media outlet Axios.During the extended truce, the Strait of Hormuz would be reopened with no tolls in place The US would lift its blockade of Iranian portsThe US would remove some sanctions on Iran to allow it to freely sell oilThe deal includes commitments from Iran that it will never try to obtain nuclear weaponsUS forces mobilized to the region will remain for the 60-day extension and will only withdraw once a permanent deal is reachedThe draft MoU also calls for an end to the war between Israel and Iran-backed, Lebanon-based militant group Hezbollah