Bloomberg
The US and Iran have reached a preliminary deal to extend a ceasefire by 60 days and discuss the future of Tehran’s nuclear program, a person with knowledge of the matter said, buoying hopes for a resolution to a three-month conflict that has killed thousands and roiled the global economy.The person, who spoke on condition of anonymity because the negotiations are private, confirmed an earlier report from Axios. US President Donald Trump has yet to agree to the terms.
U.S. and Iranian flags are seen in this illustration taken March 23, 2026.
Both countries have previously hailed progress, with Trump repeatedly indicating that the US was close to securing an agreement — only for the standoff to drag on.US Vice President J.D. Vance on Thursday said the US and Iran are “going back and forth on a couple of language points,” including over issues relating to Tehran’s nuclear capabilities.
Iran appears to be negotiating in good faith and progress is being made, he added.Iran’s semi-official Tasnim news agency wrote on X that the text of the possible memorandum of understanding between the US and Iran had not been finalized.US Secretary of the Treasury Scott Bessent declined to confirm an interim deal had been reached, saying only that negotiations continued. He reiterated Trump’s three “red lines” — reopening the Strait of Hormuz, Iran surrendering highly enriched uranium and ending its nuclear program — remain in place.A fragile truce has been in place since early last month, interrupted by isolated military strikes. Trump asked for “a couple of days” to think about the agreement, Axios reported.Iranian President Masoud Pezeshkian wrote on X that he had “emphasized Iran’s commitment to diplomacy” in calls with the prime ministers of Malaysia and Pakistan.Pakistan, a mediator in the negotiations, said Minister of Foreign Affairs Ishaq Dar would be in Washington yesterday for a meeting with US Secretary of State Marco Rubio to discuss “Pakistan’s efforts to promote regional peace and stability through dialogue and diplomacy.”The US-Iran memorandum of understanding would guarantee that shipping through the Strait of Hormuz remains unrestricted, Axios reported, adding that Iran would have to remove all mines from the strait within 30 days.Trump finds himself caught between Iranian demands for financial relief and an end to attacks, pressure from Republican hawks not to compromise, and his own past criticism of previous agreements. Beyond Tehran’s nuclear program, negotiators still need to decide how much of Iran’s US$24 billion in frozen assets would be released and how quickly.
