The agreement the US and Iran are close to signing involves a 60-day ceasefire extension during which the Strait of Hormuz would be reopened, Iran would be able to freely sell oil, and negotiations would be held on curbing Iran's nuclear program, a US official told Axios.
The deal would avoid an escalation of the war and decrease the pressure on the global oil supply. However, it's unclear whether it will lead to a lasting peace agreement that also addresses President Trump's nuclear demands, said Axios report.
