US claims a MoU reached with Iran as Tehran denies final agreement

US and Iranian negotiators have reportedly agreed on a memorandum of understanding (MoU) to extend the ceasefire by 60 days and launch talks on Iran's nuclear program, although US President Donald Trump has not yet given final approval.

According to a report by Axios on Thursday, US officials and a regional source said American negotiators briefed Trump on the details of the proposed deal, but the president requested additional time before endorsing it.

"The president relayed to the mediators that he wants a couple of days to think about it," a US official was quoted as saying.

However, Iranian officials pushed back against reports suggesting that a final agreement had been reached. Saeed Aghaloo, a member of the media team for the Iranian negotiating delegation, said on Thursday that Tehran had not approved any memorandum of understanding nor informed Pakistani mediators that such a document had been finalized.

He also stressed that Iran had made no commitments regarding its nuclear program during talks with the United States.

A source close to the Iranian negotiating team said the draft text remains under discussion and has not been formally confirmed. The source dismissed Western media reports claiming that a final agreement had already been concluded as "inaccurate," adding that Tehran would publicly announce any finalized deal only after formally notifying Pakistani mediators.

Trump has drawn 'red lines' for Iran talks

According to the Axios report, the proposed 60-day MoU would guarantee unrestricted commercial shipping through the Strait of Hormuz, including a ban on transit tolls and harassment of vessels. Iran would also be required to remove all naval mines from the waterway within 30 days.

The draft agreement reportedly calls for the lifting of the US naval blockade on Iranian ports, but that will happen in proportion to the restoration of commercial shipping, one of the US officials said, adding that Washington would also issue some sanctions waivers to allow Tehran to sell oil freely.

The MoU will include an Iranian commitment not to pursue a nuclear weapon, the officials said. It will also state that the first issues to be negotiated during the 60-day window will be how to dispose of Iran's highly enriched uranium and how to address Iranian enrichment.

According to the report, the White House would also commit to discussing sanctions relief, the release of frozen Iranian funds, and mechanisms to facilitate the delivery of humanitarian aid and commercial goods to Iran.

The proposed framework would additionally seek an end to the conflict between Israel and Hezbollah in Lebanon, an issue that reportedly caused tension between Trump and Israeli Prime Minister Benjamin Netanyahu during recent discussions.

Speaking at a briefing on Thursday, US Treasury Secretary Scott Bessent said negotiations with Iran were continuing, but stressed that Trump had drawn several "red lines" and would not accept what he described as a "bad deal."

According to Bessent, Trump has demanded that Iran surrender its highly enriched uranium, abandon any pursuit of nuclear weapons, and ensure free navigation through the Strait of Hormuz. Bessent warned that Washington was prepared to make other decisions if diplomacy failed.

Bessent also revealed that he had spoken with Oman's ambassador to the United States earlier on Thursday and received assurances that Oman had no intention of imposing transit fees in the strategic waterway. He warned that any country attempting to restrict freedom of navigation could face US sanctions.

Trump said on Wednesday that Washington was still dissatisfied with some terms under discussion and remained prepared to resume military action if US demands were not met. "We're not satisfied with it, but we will be," Trump said. "Either that or we'll have to just finish the job."

Abraham Accords face challenges

As ceasefire negotiations enter a critical phase, Trump has also revived calls to expand the Abraham Accords to additional Arab and Muslim-majority countries, including Saudi Arabia, Qatar, Turkiye, Egypt, Jordan and Pakistan. None of the countries mentioned has publicly responded.

The so-called Abraham Accords, launched by Trump in his first term, led to normalization agreements between Israel and the United Arab Emirates (UAE), Bahrain and Morocco in 2020. The US president has long expected an expansion of the accords.

Trump has also said Iran should join the Abraham Accords if a deal with Washington is reached.

Iranian Deputy Secretary of the Supreme National Security Council Ali Bagheri Kani criticized the accords on Thursday, saying they had increased regional insecurity and instability.

Speaking at an international security conference in Moscow, Bagheri accused Israel of seeking regional dominance through "aggressive actions" and said the Abraham Accords were intended to normalize relations between regional states and Israel at the expense of regional stability.

Global crude oil inventory falls below warning line

The ongoing tensions between Washington and Tehran have continued to strain global energy markets. Reports citing calculations by Goldman Sachs said global crude oil inventories could fall below the equivalent of 100 days of global demand as early as the end of May.

According to the estimates, global oil inventories stood at roughly 101 days of demand at the end of April and could decline to 98 days by the end of May. Reports also indicated that only a limited number of ships are currently able to transit the Strait of Hormuz each day, potentially disrupting more than 10 million barrels of global oil supply daily.

Iran's Islamic Revolutionary Guard Corps (IRGC) said on Thursday that 26 vessels crossed the Strait of Hormuz over the previous 24 hours after coordinating with its naval forces.

In a statement published by Sepah News, the IRGC claimed several vessels attempted to enter the Persian Gulf without authorization after disabling or manipulating their navigation systems. Iranian naval forces reportedly intercepted two ships and warned others to turn back.

The IRGC said it was exercising "smart control" over the strategic waterway and emphasized that only its navy was authorized to manage transit operations there. It warned that any disruption would face a "decisive response."