According to the Axios report, during the 60-day period, the Strait of Hormuz would be open with no tolls and Iran would agree to clear the mines it deployed in the strait to let ships pass freely.

Iran has announced it is expanding its control over the Strait of Hormuz into foreign territory, angering neighbouring countries.

Iran's newly created Persian Gulf Strait Authority has declared authority over strait passage as U.S.-Iran peace negotiations remain deadlocked