U.S. and Iran are closing in on a 60-day ceasefire extension with nuclear framework, FT reports

A ship remains anchored on May 16, 2026 in the Strait of Hormuz near Larak Island, Iran. Negotiations between the U.S. and Iran over opening this critical waterway have largely stalled as the countries have rejected each other's proposals to end the war that began when the U.S. and Israel attacked Iran on February 28. Majid Saeedi | Getty Images News | Getty Images Mediators believe they are nearing a deal to extend the U.S. …