Iran-US deal: What we know about the ceasefire, Hormuz, and nuclear talks

The United States and Iran appear to have agreed on a draft memorandum of understanding to extend their ceasefire by 60 days and establish a framework for longer-term peace negotiations. US Vice President JD Vance confirmed the document awaits President Donald Trump's signature, though conflicting signals from Washington and Tehran have left key details disputed and oil prices fluctuating on hopes of a final agreement.

What does the Iran-US deal include?

The reported memorandum would extend the ceasefire for 60 days and launch negotiations on Iran's nuclear programme. Under the agreement, Iran would reopen the Strait of Hormuz and remove all mines it has laid in the waterway within 30 days. In return, the US Navy would halt its blockade of Iranian ports.

What is the status of the Strait of Hormuz under the deal?

Iran has been attempting to control maritime traffic through the Strait of Hormuz and charge vessels for passage since the war began. The reported draft agreement would require Iran to fully reopen the strait and clear any mines within 30 days of signing. Secretary of State Marco Rubio has previously said the waterway would reopen "one way or the other."

US sources confirmed to AFP the broad outlines of the agreement, consistent with reporting by Axios. However, Iran's Tasnim news agency, citing a source close to Tehran's negotiating team, said the text had not been finalized and that mediator Pakistan would be informed once a deal was reached. Iranian sources cited by local media said any agreement would be official only when announced by Tehran, while Vance countered that the final decision rested with Trump.

What does the deal say about Iran's nuclear program?

Iranian officials have said details related to the nuclear program, a major sticking point for Washington, would be deferred to a later stage after the initial memorandum is agreed. Iranian media reported that nuclear enrichment levels and the fate of Iran's highly enriched uranium stockpile would be negotiated during the 60-day period following the memorandum. Trump, however, posted on social media that he expected Iran to surrender its enriched uranium to the United States for destruction, or destroy it inside Iran under international supervision. What the initial memorandum will say on the nuclear issue has not been officially confirmed.

What has Iran demanded in terms of frozen assets?

Tasnim news agency reported that Tehran is seeking the release of approximately $24 billion in frozen Iranian assets abroad as part of the agreement. Around $12 billion of that amount should be made available at the time the memorandum is announced, Tasnim said. There is no official figure for Iran's total frozen overseas assets, though Iranian media outlets have recently estimated the total at between $100 billion and $123 billion.

Iranian officials had earlier outlined a 14-point framework prioritizing an end to the war "on all fronts," including Lebanon, where Israel has intensified its attacks on Iran-backed Hezbollah. Senior Iranian negotiators travelled to Qatar earlier in the week for talks that state media described as part of the ongoing diplomatic process.

What guarantees is Iran seeking from the United States?

One of Tehran's core demands has been guarantees that Washington will honor any agreement, following the US withdrawal from the 2015 nuclear deal during Trump's first term. Under the reported draft framework, the two sides would enter a 60-day negotiation period after signing the memorandum, with the exact topics for discussion not yet specified. If a final agreement is reached, the text would be submitted to the United Nations Security Council for approval, the highest level of guarantee available under international law.