U.S. and Iranian negotiators have agreed to extend the ceasefire for another 60 days and set preliminary terms for launching talks on Iran’s nuclear program, Axios reported, citing sources.

According to the outlet, the final decision still rests with U. S. President Donald Trump. His approval is required for the draft agreement to take effect. Sources said the White House head told mediators he needed several days to consider the proposal.

Axios reported, citing two U.S. officials, that American and Iranian negotiators had reached an agreement on a 60-day memorandum of understanding aimed at prolonging the ceasefire and opening negotiations on Tehran’s nuclear program. Trump, however, has not yet given final approval.

If the U.S. president approves the arrangement, shipping through the Strait of Hormuz is expected to proceed without restrictions. Axios sources said this would mean no fees or duties for vessels passing through the waterway. Tehran would also be required to remove all mines it has placed in the strait within 30 days.

In return, Washington would begin lifting the naval blockade around Iran. The process, however, would be gradual and tied to the restoration of commercial shipping, according to the report.

The memorandum would include Iran’s commitment not to develop nuclear weapons. Axios noted that detailed negotiations on Tehran’s nuclear program would begin later. The United States would also agree to discuss easing sanctions and unfreezing blocked Iranian financial assets as part of the talks.

Financial markets have already reacted to the positive signals. On the evening of May 28, global oil prices slowed their rise.