The US and Iran seem to be very close to having a peace treaty, but an agreement hasn’t been finalized yet. According to Vice President JD Vance, although both the nations have found a common framework through which the ceasefire would continue for another 60 days, there still exist some “sticking points,” particularly with regard to the nuclear enrichment by Iran. The deal will lead to the reopening of the Hormuz Strait for oil trade and will remove US sanctions on Iran.