The United States and Iran are expected to officially sign an agreement this Friday that establishes an extended 60-day cease-fire. This interim deal, outlined in a 14-point memorandum of understanding, ends fighting on all fronts to allow time for further negotiations. While U.S. officials provided the text of the document to journalists on Wednesday after days of secrecy, Iran has not confirmed the text.
Under the terms of the memorandum, the U.S. is expected to lift sanctions and unfreeze funds and assets linked to the Iranian regime. The agreement indicates the U.S. would secure at least $300 billion to rebuild Iran and work to end sanctions if a final agreement addressing the country's nuclear program is reached. The draft suggests the U.S. would waive, but not eliminate, some wide-ranging sanctions in exchange for nuclear and security commitments.
The agreement also includes provisions for the reopening of the Strait of Hormuz. Iran will take immediate steps to reopen the strait once the tentative deal to end the war is signed and will be allowed to sell its oil without restrictions. However, it remains unclear if Iran has already begun taking steps to fully reopen the waterway.