According to the draft interim US-Iran agreement, Iran will be permitted to immediately commence oil exports and, following the conclusion of negotiations for a permanent peace agreement aimed at resolving Tehran's nuclear issue, will receive a $300 billion economic development program.
The two sides plan to formally sign a memorandum of understanding in Switzerland on Friday to finalize the previously reached deal and pave the way for 60 days of negotiations intended to end the war and impose strict limitations on Iran's nuclear program.
An informed source stated that the United States has begun circulating the text of this interim agreement to allies at the G7 summit in France. Neither Washington nor Tehran has officially released the document.
Another source, who requested anonymity due to the private nature of the discussions, indicated that technical details are still being finalized, meaning the specific wording could still change before the formal signing.
Nevertheless, the outline of the agreement is becoming clear. A copy of the agreement seen by media shows that Iran will receive a comprehensive economic boost in exchange for ending its blockade of the Strait of Hormuz and reaffirming its commitment to never seek nuclear weapons. The US Treasury will grant exemptions for Iranian crude oil and petrochemical exports immediately after the memorandum of understanding is signed. The US will also end its maritime blockade of Iranian ports, and both countries will work to ensure maritime traffic in the Strait of Hormuz returns to pre-war levels within 30 days.
Several tankers linked to Iran have already begun repositioning. Data compiled by Bloomberg shows that four vessels have activated their transponders and appear to be moving out of the Strait of Hormuz or the Gulf of Oman, two of which are supertankers capable of carrying 2 million barrels of crude oil.
Brent crude fell below $78 per barrel, hitting its lowest level in over three months. Oil prices have dropped 15% over the past four trading sessions, marking the longest losing streak this year, as markets bet that the US-Iran deal will reopen the Strait of Hormuz and release significant supply.
Per the draft agreement, the United States and its regional partners will formulate a plan to help Iran restore and promote its economic development, involving financing of at least $300 billion. The draft is vague on the arrangements for releasing Iran's frozen assets, stating only that the US commits these funds "will be released and made fully available," without providing a timeline.
When asked for comment, a US official declined to discuss the draft specifics but stated that Iran can only receive the benefits outlined in the agreement by fulfilling its commitments. These commitments include never acquiring nuclear weapons, rendering its enrichment materials unusable, and allowing free navigation through the Strait of Hormuz.
Iran's semi-official Tasnim news agency reported on Tuesday, citing central bank governor Abdolnaser Hemmati, that Iran will seek "full guarantees" regarding the "effective access" to its frozen funds after the interim agreement is formally signed.
Hemmati stated that the US obligation to release Iranian funds is "clearly and operationally stated" in the agreement.
US President Donald Trump previously denied that the US would pay Iran $300 billion. The draft states only that the US and its partners will ensure financing of this scale.
A key challenge for future negotiations is the war between Israel and the Iran-backed armed group Hezbollah. The draft version states that the war will end on "all fronts, including Lebanon." This would require the agreement of Israeli Prime Minister Benjamin Netanyahu, who has so far refused to end Israel's war with Hezbollah on its northern border.
Iran's semi-official Mehr news agency reported that Iranian Parliament Speaker and chief negotiator Mohammad Bagher Ghalibaf stated that Israel must withdraw from the occupied territories in Lebanon.
According to the agreement's terms, the US will also commit to ending sanctions on Iran, but this will only occur as part of a final agreement reached in the next two months of negotiations. The US will also withdraw its military forces from the "surrounding region" within 30 days of a final agreement being reached.
US officials have given differing accounts on when the agreement text will be released. Trump said the text would be released sometime after Friday's signing ceremony, while a senior US official stated on Monday that it could be published within days. The Swiss Foreign Ministry said the signing ceremony is scheduled at the mountain resort Bürgenstock overlooking Lake Lucerne. Vice President JD Vance is expected to lead the US delegation, while Iran will likely be represented by Ghalibaf.
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