US and Iran are reportedly close to signing a 60-day ceasefire extension deal, which would reopen the Strait of Hormuz and bring a temporary respite in energy supply.
The proposed deal, confirmed by US President Donald Trump, would avoid a future escalation and include the reopening of the Strait of Hormuz, the lifting of US naval blockade, and the supervision of the strait by Iran.
Iran has demanded the lifting of sanctions on Iranian oil sales and the unfreezing of its overseas funds in exchange for the US demand to reopen Hormuz.
The deal would unfold in three stages: formally ending the conflict in the West Asia, resolving the crisis in the Strait of Hormuz, and starting a 30-day window for negotiations on a broader agreement.
