US and Iran Edge Closer to 60-Day Truce; Final Approval Rests with President Trump

Amid escalating tensions in the Middle East, the United States and Iran have reached a tentative agreement on a draft memorandum to extend the ongoing ceasefire by 60 days.

According to White House sources reported by CNN, the breakthrough is the result of intense backchannel diplomacy, though the ultimate realization of the peace deal now hinges entirely on the final nod from US President Donald Trump. The proposed framework includes key provisions such as toll-free commercial navigation through the Strait of Hormuz, lifting the US naval blockade, Tehran's commitment against developing nuclear weapons, and the easing of sanctions alongside the release of $12 billion in frozen Iranian assets. It also addresses halting the Israel-Hezbollah conflict in Lebanon.

Despite this diplomatic milestone, the security situation on the ground remains highly volatile. The last 48 hours have witnessed direct naval skirmishes in the Strait of Hormuz, and Iran's IRGC claims to have downed another US drone over Bushehr—a claim rejected by the Pentagon. Defiant in his stance, Iran’s Supreme Leader Mojtaba Khamenei declared that neither Washington nor Israel could break their national resolve. Coinciding with these events, the US Treasury has slapped fresh sanctions on the Iranian authority overseeing the Strait. Furthermore, US Treasury Secretary Scott Bessent issued a stern warning to Oman, stating that Muscat would face swift economic sanctions if it facilitates any Iranian attempt to impose transit fees in these international waters.