US, Iran negotiating ceasefire deal in exchange for reopening Strait of Hormuz: Report

The United States and Iran are exploring a potential deal that could involve a ceasefire in exchange for Tehran reopening the Strait of Hormuz, according to a report by Axios citing three US officials. The Strait of Hormuz is a narrow shipping corridor between the Persian Gulf and the Gulf of Oman that handles roughly 20 of the world's oil and LNG supplies.