According to Nikkei, the US and Iran agreed to extend the ceasefire from early April by 60 days, the newspaper reported, citing a source.
The article states that Iran would clear the mines in the Strait of Hormuz within a 30-day window after reaching an agreement, freeing ships and vessels of all countries using the strait, as before the closure. Tehran would stop charging transit fees.
A resumption of Iran’s nuclear talks would happen within this two-month pause in hostilities. Washington is expected to lift sanctions on Iran’s assets, but the process would be phased.
The deal is expected to be approved by the Iranian Supreme Leader, Ayatollah Mojtaba Khamenei.
Market’s reaction
Oil prices extended their losses, with West Texas Intermediate (WTI) reaching a three-week low beneath $90.00 per barrel, down nearly 7% on the day.
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