US‑Iran ceasefire draft offers 60‑day Hormuz opening but Iran rejects HEU handover

TL;DR: The draft agreement calls for a 60‑day ceasefire that would clear the Strait of Hormuz, allow Iranian oil exports and begin talks on limiting Iran’s nuclear programme. Iran’s senior officials say they have not agreed to hand over their highly enriched uranium stockpile.

Context Negotiators have been working on a memorandum of understanding that could pause hostilities between the US, Israel and Iran. The outline emerged after weeks of back‑channel talks and remains subject to change. Officials say the deal would also unfreeze some Iranian assets held abroad and halt fighting on multiple fronts, including Israel and Lebanon.

Key Facts Marco Rubio said the deal could achieve a completely open Strait of Hormuz without tolls if successful. The proposal includes a 60‑day ceasefire extension that would reopen the waterway, permit Iran to sell oil freely and launch discussions on limiting its nuclear programme. A senior Iranian source told Reuters that Tehran has not agreed to hand over its highly enriched uranium stockpile.

What It Means If the ceasefire holds, global oil markets could see a temporary boost from increased Iranian exports, reducing pressure on prices. The open strait would ease shipping costs for vessels moving between Asia and Europe. However, the refusal to surrender highly enriched uranium suggests any nuclear limits will rely on voluntary talks rather than concrete concessions, leaving the long‑term non‑proliferation outcome uncertain.

Watch for whether the 60‑day window leads to a formal nuclear framework or if disagreements over uranium enrichment cause the deal to collapse.