The United States and Iran are reportedly close to finalizing a memorandum of understanding to fully restore shipping in the Strait of Hormuz within 30 days. According to The Washington Post, the framework includes a 60-day ceasefire extension to negotiate a permanent end to hostilities, during which the strait will be cleared of mines. The agreement also involves a commitment from Iran not to acquire nuclear weapons, with discussions on implementation mechanisms set to continue. Upon signing, Iran is expected to immediately reopen the strait and restore it to pre-war conditions. The phased reopening will see the U.S. unfreeze $12 billion in Iranian assets and lift blockades, while mine-clearing operations begin. Although the memorandum does not include a nuclear agreement, it commits to future negotiations on the issue, with further details anticipated on May 25.