Exclusive: What's inside the Iran deal Trump is close to signing

The agreement the U.S. and Iran are close to signing involves 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 program, according to a U.S. official. Why it matters: The deal would avoid an escalation of the war and decrease the pressure on the global oil supply. However, it's unclear whether it will lead to a lasting peace agreement that also addresses President Trump's nuclear demands. State of play: Both Trump and the mediators have indicated the deal could be announced on Sunday, though it has not been finalized and could still fall apart. The U.S. official provided a detailed outline of the draft as it stands, much of which was verified by other sources close to the talks. Those details have not been confirmed by the Iranian side, though Tehran has also indicated a deal is getting close. What's in the deal Both sides would sign a memorandum of understanding (MOU) that would last 60 days and could be extended by mutual consent. 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. In exchange, the U.S. would lift its blockade on Iranian ports and issue some sanctions waivers to allow Iran to sell oil freely. The U.S. official acknowledged that would be a boon to Iran's economy, but said it would also give significant relief to the global oil market. The U.S. official said the faster the Iranians clear the mines and let shipping resume, the faster the blockade will be lifted. The official said Trump's key principle in the agreement is "relief for performance." Iran wanted funds unfrozen immediately and permanent sanctions relief, but the U.S. side said that would only happen after tangible concessions were made, according to the official. Nuclear issues still to be negotiated The draft...

Original source: Axios