US, Iran reportedly agree 60-day ceasefire extension framework

US and Iran have reportedly reached agreement on a 60-day extension of their ceasefire, though final approval from President Trump is still pending, according to American sources. The draft deal would guarantee unrestricted commercial shipping through the Strait of Hormuz without tolls while Iran commits to clearing all naval mines within 30 days. In return, the US would gradually ease its naval blockade on Iranian ports based on restored commercial activity.

Pakistan's Foreign Minister Mohammad Ishaq Dar arrives in Washington today for discussions with US Secretary of State Marco Rubio as both sides seek to prevent renewed violations from escalating. The memorandum reportedly includes Iran committing not to pursue nuclear weapons development, though details on handling Iran's enriched uranium stockpile remain under negotiation.

This development impacts global oil markets as the Strait of Hormuz handles about 20% of world's oil trade. Nigeria as Africa's largest oil producer could see effects on pricing and market dynamics if tensions ease and Iranian oil returns to full export capacity.

SOURCE: https://dailypost.ng/2026/05/29/us-iran-agree-on-framework-for-60-day-ceasefire-extension-report/