Recent versions of the memorandum of understanding that President Donald Trump appears close to finalizing would end hostilities with Iran while gradually reopening the Strait of Hormuz and ending the US blockade of Iranian ports, according to a person familiar with the matter.
The agreement would also include the unfreezing of some Iranian assets that are currently held in banks outside Iran.
And it would start a clock of at least 30 days for continued negotiations meant to resolve the remaining sticking points on Iran’s nuclear program, including what happens to Tehran’s stockpile of near-weapons-grade uranium.
Trump said final details were still being sorted, and it remained possible that some aspects of the memo could change.
A report by Axios’ Barak Ravid said the agreement that both sides are close to signing involves a 60-day ceasefire extension that “could be extended by mutual consent.”
During this period, the Strait of Hormuz would be reopened and the US would “issue some sanctions waivers to allow Iran to sell oil freely,” the American outlet said, citing a US official.
Negotiations on curbing Iran’s nuclear program would also take place, Axios reported – noting, however, that the deal is not yet finalized and could still fall through.
Iran’s state-affiliated Fars news agency said that Trump’s claims about the strait reopening are “not true” and “inconsistent with reality.”
“Although Iran has agreed to allow the number of passing vessels to return to pre-war levels, this in no way means ‘free passage’ as it existed before the war,” the outlet reported.