The agreement the U.S. and Iran are close to signing involves a 60-day ceasefire extension during which the Strait of Hormuz would be reopened, Iran would be able to freely sell oil, and negotiations would be held on curbing Iran's nuclear program, according to a U.S. official. Why it matters: The deal would avoid an escalation of the war and decrease the pressure on the global oil supply. However, it's unclear whether it will lead to a lasting peace agreement that also addresses President Trump's nuclear demands. State of play: Both Trump and the mediators have indicated the deal could be announced on Sunday, though it has not been finalized and could still fall apart. The U.S. official provided a detailed outline of the draft as it stands, much of which was verified by other sources close to the talks. Those details have not been confirmed by the Iranian side, though Tehran has also indicated a deal is getting close.…