Trump weighs 60-day Iran ceasefire framework as Hormuz access, frozen assets and nuclear talks hang in balance

The United States and Iran appear to have the draft text of an agreement to extend their ceasefire for 60 days and provide a framework to negotiate longer-term peace.

According to US Vice President JD Vance, the document is now awaiting Donald Trump's signature.

But there have been conflicting reports from sources in Washington and Tehran about what might be covered in the initial agreement -- and what is off the table.

With oil prices once again dipping lower on hopes of agreement, what do we know about what might be in the document?

US sources spoke to AFP to confirm reporting on the news platform Axios that the sides have agreed a memorandum of understanding to extend the ceasefire and launch negotiations on Iran's nuclear programme.

Under the reported deal Iran, which has been attempting to control maritime traffic through the Strait of Hormuz and charge vessels for passage, would reopen the gateway to the Gulf. 

Iran would remove any and all mines it has laid in the waterway within 30 days and, in return, the US Navy would halt attempts to enforce a blockade on shipping to and from Iranian ports.

But Iran's Tasnim news agency, citing a source close to Tehran's negotiators, said the text had not been finalised and that mediator Pakistan would be informed if a deal was reached.

Iranian sources cited by local media said any deal would be complete only when announced by Tehran, while Vance countered that the final decision to approve it or not would rest with Trump.

Iran had earlier said it was preparing a 14-point framework agreement prioritising an end to the war "on all fronts", including Lebanon, where Israel has stepped up its attacks on Iran-backed Hezbollah.

Iranian officials have publicly disclosed only broad outlines of the proposal, with further details emerging through Iranian media reports.

On Monday, senior Iranian negotiators travelled to Qatar for talks that state media described as part of the diplomatic process.

The Tasnim news agency reported that Tehran was seeking the release of around $24 billion in frozen Iranian assets abroad as part of the agreement.

Around $12 billion "should be made available at the start of the announcement of the memorandum", Tasnim said.

There is no official figure for Iran's frozen overseas assets, though Iranian media outlets have recently estimated the total at between $100 billion and $123 billion.

Iranian officials have said details related to Iran's nuclear programme, a major sticking point for Washington, would be deferred to a later stage after agreement on the framework.

Iranian media reported that nuclear enrichment levels and the fate of Iran's highly enriched uranium stockpile would be negotiated in the 60-day period after the memorandum.

But Trump insisted in a social media post that he expected Iran to surrender its enriched uranium to the United States for destruction, or destroy it inside Iran under international supervision.

It is not yet clear what the initial framework memorandum will say on the nuclear issue.

One of Tehran's key demands has been guarantees that Washington will honour any agreement -- after the United States withdrew from the 2015 nuclear deal during Trump's first term in office.

Under the reported draft framework, Tehran and Washington would enter a 60-day negotiation period after agreeing on the memorandum, though the exact topics for discussion were not specified. 

If the sides reach an agreement, the final text would be put before the United Nations Security Council for approval, the highest level of guarantee recognised in international law.