DUBAI: A report from Axios said that US and Iran are close to signing a memorandum of understanding, which particularly calls for the immediate reopening of the Strait of Hormuz without tolls. The MoU also states Iran will receive sanctions relief based on compliance, Axios said, quoting a diplomat from one of the mediating countries and a US official. The MOU would extend the ceasefire for 60 days, including in Lebanon, during which time nuclear negotiations would be held.

Iran has reportedly agreed in principle to a US-backed deal covering the Strait of Hormuz, frozen assets and future nuclear talks, pending final approval.

A tentative US-Iran MoU would reopen the Strait of Hormuz, extend the ceasefire 60 days, and link sanctions relief to nuclear compliance. Here's what it