The United States and Iran have reportedly reached a preliminary agreement on a memorandum of understanding to extend the ceasefire by 60 days and launch negotiations regarding Iran’s nuclear program, according to Axios.

The report adds that Donald Trump has not yet given his final approval.

Information from i24NEWS suggests that the agreement currently exists only between negotiators. However, Ali Khamenei is reportedly opposed to the deal, which is said to be the reason Trump has not yet agreed to move forward.

“The president conveyed to the mediators that he wants a few days to think about it before making a final decision,” a senior U.S. official told Axios reporter Barak Ravid.

What the memorandum reportedly includes

Under the proposed memorandum, shipping through the Strait of Hormuz would become “unrestricted,” meaning without tolls or interference. Iran would also be required to remove all naval mines from the strait within 30 days.

The U.S. naval blockade would be lifted gradually, in proportion to the restoration of commercial shipping traffic.

The memorandum would also include a commitment from Iran not to pursue nuclear weapons. In addition, the first issues to be discussed during the 60-day negotiation period would concern Iran’s enriched uranium stockpile and how uranium enrichment activities would be handled.

Finally, the United States would commit to discussing sanctions relief and the release of frozen Iranian assets as part of the negotiations. The memorandum would also establish a mechanism allowing Iran to begin receiving goods and humanitarian assistance.

Renewed tensions between Washington and Tehran

The reported diplomatic progress comes amid renewed tensions between the United States and Iran, after Tehran responded to U.S. strikes on a military installation near the airport of Bandar Abbas with an attack on a U.S. air base believed to be in Kuwait.

Early Thursday morning, the U.S. announced it had carried out “defensive strikes,” claiming the target posed a threat to American troops and to commercial shipping through the Strait of Hormuz.

Axios noted that signing the memorandum would mark the most significant diplomatic breakthrough since the conflict began. However, a final agreement satisfying Trump’s demands regarding Iran’s nuclear program would still require further — and intensive — negotiations.

U.S. officials told the American outlet that most terms of the agreement had largely been finalized by Tuesday, May 26, although both sides still needed approval from their leadership.

According to the same officials, Iranian negotiators later returned saying they had secured the necessary authorization and were prepared to sign, although Iran has not publicly confirmed this. Meanwhile, American negotiators reportedly briefed Trump on the final details of the agreement, after which he asked for several days to consider it.