US and Iran Reach Framework for 60-Day MOU Pending Trump’s Approval

US Treasury Secretary Scott Bessent has signalled a possible diplomatic breakthrough between Washington and Tehran, stating that the two sides now have the "makings of a deal" after weeks of high-stakes negotiations focused on regional security, energy stability, and nuclear restrictions. This marks the first major sign of diplomatic progress since the conflict erupted three months ago, though final approval rests with President Donald Trump .

Bessent outlined Washington's core demands, requiring Tehran to completely dispose of its highly enriched uranium stockpile, formally commit to never pursuing a nuclear weapon, and fully reopen the strategic Strait of Hormuz. The vital maritime trade artery has remained effectively paralysed since the conflict began, disrupting global energy supplies and rattling financial markets worldwide .

Highlighting the historic nature of the ongoing talks, Bessent noted that such extensive concessions had eluded previous US administrations. "This administration, President Trump, has done something that no other administration was able to do," he stated, pointing to a major shift in Tehran's diplomatic stance. "We have gotten the Iranians to talk about their nuclear programme and perhaps commit to not having one. That has never happened before. It had been off the table" .

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Bessent expressed optimism that the current White House could successfully commit Iran to permanently renouncing its nuclear weapons programme as tentative ceasefire negotiations continue. "When you look at the results of the kinetic action of our economic pressure, it has worked to bring them to the table and have a discussion on this," he added, crediting US economic pressure for forcing Iran to negotiate .

Despite the progress, Bessent cautioned that "everything depends on what the president wants to do," emphasising that "President Trump is not going to make a bad deal." The Treasury Secretary made clear that any potential agreement with Iran would depend on Tehran reopening the Strait of Hormuz, surrendering its stockpile of highly enriched uranium, and abandoning its nuclear ambitions .

The tentative diplomatic breakthrough has already moved markets, with oil prices dropping 18% this month as investors priced in the possibility of eased supply disruptions. Brent crude slipped toward $93 a barrel while West Texas Intermediate traded near $88, reflecting growing optimism that the conflict could soon end and normal shipping through Hormuz could resume .

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