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US and Iran working on 60-day ceasefire extension memo, Axios reports. Iran would open Strait of Hormuz in exchange for lifting of US port blockade.

According to Axios, the US and Iran are working on a memorandum that would extend the ceasefire between the two countries for another 60 days. Under the draft document, Iran would open the Strait of Hormuz for international shipping, in response to which the US would lift the blockade of Iranian ports.

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