The agreement gives negotiators 60 days, extendable by mutual consent, to reach a final deal|@WhiteHouse|X
The United States released a 14-point memorandum of understanding it reached with Iran over the weekend.
The MOU, e-signed by President Donald Trump and Iranian President Masoud Pezeshkian, declares an immediate end to military operations and launches negotiations for a permanent peace agreement and a nuclear accord.
Trump physically signed a hard copy of the deal during a dinner hosted by French President Emmanuel Macron at the Palace of Versailles.
The agreement is set to launch negotiations on a final settlement in Switzerland tomorrow.
Both sides pledged not to attack each other, to respect each other's sovereignty, and to end hostilities on all fronts, including in Lebanon.
The agreement gives negotiators 60 days, extendable by mutual consent, to reach a final deal.
During this period,
- Iran will reopen the Strait of Hormuz, ensuring safe passage for commercial vessels while clearing mines and restoring normal maritime traffic within 30 days.
- The US will begin lifting its naval blockade, allow Iran to resume oil exports by waiving all sanctions on Iran, and release frozen Iranian assets.
- The MOU also proposes a $300 billion reconstruction and economic development plan for Iran if a final agreement is reached.
Negotiations will also focus on Iran‘s nuclear program.
The final agreement is expected to be endorsed through a binding UN Security Council resolution.
Meanwhile, oil prices continued to fall, with Brent crude dropping from about $86.80 earlier this week to around $74.80, reflecting market optimism over reduced supply disruptions.