New Delhi, May 29 -- The opening of the strategically important Strait of Hormuz and Iran's nuclear stockpile are the key sticking points in the ongoing negotiations between the US and Iran.

Iran and the US are reportedly close to an agreement to formalise a ceasefire and open the Strait of Hormuz, pending US President Donald Trump's approval.

Earlier, US Treasury Secretary Scott Bessent insisted that any deal would need to meet US President Donald Trump's demands that Iran give up its highly enriched uranium and, in addition, allow free navigation through the strait.

"It is a multifaceted agreement and nothing is going to be on the table until we see the Strait of Hormuz open and the Iranians agree that they have to turn over the high...