Key facts
- US and Iran have signed a preliminary framework deal to end their conflict and reopen the Strait of Hormuz.
- The agreement includes a 60-day period to negotiate a final nuclear accord.
- Sanctions on Iran's oil exports are waived, allowing it to sell crude on the world market.
- Iran's highly enriched uranium is to be 'downblended' under IAEA supervision.
- The deal promises a $300 billion fund for postwar reconstruction and unfreezing of Iranian assets abroad.
The United States and Iran have signed a preliminary framework deal aimed at ending their conflict, reopening the Strait of Hormuz, and initiating negotiations for a final nuclear agreement. The deal, signed by US President Donald Trump and Iranian President Masoud Pezeshkian, includes a 60-day negotiation period for a full settlement.
This preliminary agreement, described as a one-and-a-half-page, 14-point framework, differs significantly from the 2015 Joint Comprehensive Plan of Action (JCPOA) negotiated under President Barack Obama. While the JCPOA was a detailed document focused solely on Iran's nuclear program, Trump's approach is bilateral and broader, addressing the war, sanctions relief, and the Strait of Hormuz.
Under the preliminary deal, Iran's oil exports will be waived, allowing it to sell crude on the world market, and its highly enriched uranium is to be 'downblended' under IAEA supervision. The agreement also proposes a $300 billion fund for Iran's economic development and the unfreezing of billions in assets held abroad. This front-loads initial relief for Iran, a contrast to the phased approach of the JCPOA.
The JCPOA involved extensive international inspections, a process not explicitly called for in the new memorandum of understanding. The new deal is the diplomatic starting point for ending a war Trump launched with Israel, with a key objective being the reopening of the Strait of Hormuz, a critical oil-shipping channel Iran had effectively closed.