US, Iran Close To Extending Ceasefire By 60 Days, Gradual Reopening Of Hormuz On Cards: Report

Last Updated:May 23, 2026, 22:07 IST

US and Iran near Pakistan backed memorandum to extend ceasefire, reopen Strait of Hormuz and start nuclear talks, Trump weighs deal or renewed strikes, outcome seen as 50 50

The United States and Iran are close to finalising a memorandum of understanding aimed at ending the ongoing conflict, with mediators pushing for a deal that could extend the current ceasefire by 60 days and open the door for wider negotiations on Tehran’s nuclear programme.

According to a report by Financial Times, the proposed arrangement includes a gradual reopening of the Strait of Hormuz, discussions on reducing or transferring Iran’s stockpile of enriched uranium, easing of the US blockade on Iranian ports and limited sanctions relief.

Regional officials and a diplomat cited by AP said both Washington and Tehran were reviewing a Pakistan-backed draft proposal that could be approved within 48 hours. The proposal reportedly seeks to end the fighting first, followed by deeper negotiations over the next 30 to 60 days.

US President Donald Trump said he would meet negotiators Steve Witkoff and Jared Kushner later on Saturday to discuss Iran’s latest response. Vice President JD Vance was also expected to attend the meeting.

Trump said he would decide by Sunday whether to continue negotiations or resume military action. “I think one of two things will happen: either I hit them harder than they have ever been hit, or we are going to sign a deal that is good," he said, while describing the chances of a successful agreement as a “solid 50/50".

The talks have focused heavily on Iran’s uranium stockpile. Trump has demanded that Tehran hand over nearly 440 kg of uranium enriched close to weapons-grade levels and accept restrictions preventing it from developing nuclear weapons.

However, Axios reported that the current letter of intent is unlikely to settle the uranium dispute in detail and is instead aimed at stopping the war and creating a framework for further talks.

Iranian foreign ministry spokesman Esmael Baghaei said Tehran was working on a “memorandum of understanding" as the first phase towards ending the conflict before entering more detailed negotiations within 30 to 60 days.

A diplomat briefed on the negotiations told the Financial Times that talks were moving in a positive direction and that Iran could show greater flexibility on nuclear energy issues once the conflict ends.

The latest diplomatic efforts also involved Pakistan and Qatar. Pakistan Army chief Asim Munir recently visited Tehran for meetings with senior Iranian officials, while Qatar reportedly sent a senior official to support Pakistan’s mediation initiative.

US Secretary of State Marco Rubio said during a visit to India that “some progress" had been made in the negotiations and hinted that further developments could emerge soon.

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