Washington DC, May 24 -- A high-stakes memorandum for a 60-day ceasefire between the United States and Iran is in its final stages, with negotiators working to close remaining gaps and avert further escalation in the region, including reopening of the Strait of Hormuz and the resumption of Iranian oil sales, according to an Axios report citing US officials.

According to a senior US official, the draft agreement hinges on a strict diplomatic architecture of "relief for performance." If implemented, the deal would immediately reopen the vital Strait of Hormuz, temporarily ease global energy market pressures, and establish a high-stakes 60-day window to negotiate the complete dismantlement of Iran's nuclear program.

A US official, as cited...