The United States and Iran agree to a '60-day ceasefire'... only Trump's approval remains

[Financial News, New York = Lee Byung-chul] The United States and Iran are reported to have reached a basic agreement to extend the ceasefire by 60 days. However, President Donald Trump is said to be weighing his final approval until the last moment.
According to Reuters, Axios, and the Associated Press on the 28th local time, the United States and Iran have in principle agreed to a memorandum of understanding that would extend the ceasefire by 60 days. The plan now awaits only President Trump's final approval.
A source familiar with the matter said the two sides have also narrowed their differences on resuming talks over Iran's nuclear program during the extension period. The move is seen as an attempt to turn the fragile ceasefire, which began in early April, into longer-term peace negotiations.
International oil prices reacted immediately. Prices, which had been rising on speculation that the Strait of Hormuz could reopen, reversed course and fell. About 20% of the world's oil shipments pass through the strait, but traffic has dropped sharply since the war. According to Reuters, average daily traffic fell by about 88% after the first United States and Israel airstrikes on Iran on February 28.
President Trump, however, remains cautious about the negotiations. At a Cabinet meeting the previous day, he said, "The end of the war is near," but added, "I am not yet satisfied with the terms of the negotiations," and noted that sanctions relief for Iran, one of Tehran's key demands, is not being discussed.
Military clashes between the two sides continued. According to United States Central Command (CENTCOM), U.S. forces shot down five Iranian attack drones near the Strait of Hormuz and struck a ground control facility in Bandar Abbas that was preparing to launch a sixth drone.
The Kuwait Armed Forces then intercepted a ballistic missile fired toward Kuwait. A large U.S. military base is stationed in Kuwait. The United States described the incident as a "serious violation of the ceasefire."
In response, the Islamic Revolutionary Guard Corps (IRGC) claimed it had targeted a U.S. military base in retaliation for an attack near Bandar Abbas Airport by U.S. forces. It also warned that if the same attack is repeated, it would take a "more decisive response."
A U.S. official who requested anonymity told Reuters, "This action is a careful and purely defensive response aimed at preserving the ceasefire." Still, markets are worried that the agreement could unravel at any time, as military clashes continue even while ceasefire talks are underway.
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pride@fnnews.com Lee Byung-chul Reporter