The US and Iran are close to signing a deal involving a 60-day ceasefire extension, during which the Strait of Hormuz would be reopened, Iran would be able to freely sell oil and negotiations would be held on curbing Iran’s nuclear programme, Axios reports, citing a US official.

According to the Axios report, during the 60-day period, the Strait of Hormuz would be open with no tolls and Iran would agree to clear the mines it deployed in the strait to let ships pass freely, Reuters noted.

In exchange, as part of the proposed deal, the US would lift its blockade on Iranian ports and issue some sanctions waivers to allow Iran to sell oil freely, the report added.

The draft agreement also includes commitments from Iran to never pursue nuclear weapons and to negotiate over a suspension of its uranium enrichment program and the removal of its stockpile of highly enriched uranium, the Axios report said.