India, May 24 -- After marathon talks ongoing for weeks, US and Iran reportedly are finally close to signing a deal involving a 60-day ceasefire extension, more than a month after the two countries had agreed to a fragile ceasefire to temporarily pause the fighting.

The proposed deal, confirmed by US President Donald Trump, would avoid a future escalation and bring a temporary respite in energy supply, which has been in shambles for the last three months.

A "largely negotiated" memorandum of understanding on an Iran peace deal would reopen the Strait of Hormuz, US President Donald Trump said on Saturday.

The President said the final aspects and details of the deal are currently being discussed. Iranian media later reported that the tra...