The agreement that the U.S. and Iran are reportedly close to signing would include the reopening of the Strait of Hormuz, the lifting of the U.S. blockade on Iranian ports, and an Iranian commitment to negotiate over its nuclear enrichment program, news site Axios reports, citing an unnamed official.

Under the proposed agreement, the sides would sign a 60-day memorandum of understanding, renewable by mutual consent, the site reported.

During the ceasefire period, the Strait of Hormuz would reopen without tolls and Iran would remove mines it deployed in the waterway.

In return, the United States would lift its naval blockade and grant sanctions waivers allowing Tehran to sell oil.

Iran also commits to permanently forgo nuclear weapons and to begin negotiations on suspending uranium enrichment and eliminating its stockpile of highly enriched uranium, according to the anonymous official cited by Axios.

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