Iran media says draft US deal sees release of $24 billion frozen assets

Iran's Mehr news agency published details on Friday of what it described as a draft agreement with the United States, outlining the release of around $24 billion in frozen Iranian assets over a 60-day negotiation period.

Citing a source close to Iran's negotiating team, the agency said half of the frozen funds would be made available before formal talks begin. The draft also proposes a 60-day window to reach a broader agreement on Iran's nuclear program and the lifting of US sanctions.

What does the Iran-US draft deal include?

The proposed framework covers the phased release of approximately $24 billion in frozen Iranian assets, a 60-day negotiation period for a nuclear agreement, and the lifting of US primary and secondary sanctions. It also includes a provision for a permanent and immediate cessation of hostilities on all fronts, including in Lebanon, pointing to a wider regional de-escalation framework.

Iranian state media, including IRNA, reported that under the draft, Tehran would retain control over the Strait of Hormuz, rejecting any conditions that would alter its management or restore pre-conflict arrangements. The conflict began in February with US-Israeli strikes on Iran that killed Supreme Leader Ayatollah Ali Khamenei, and has since seen intermittent pauses alongside continued diplomatic efforts for a permanent settlement.

Has Iran agreed to the US deal?

Iran has not confirmed any final agreement. Foreign ministry spokesman Esmaeil Baqaei said discussions remained incomplete, acknowledging that while "most of the text" had been finalised, disagreements persisted after Washington introduced new demands and shifted its position. Iranian media outlet Tasnim noted that US President Donald Trump had made similar claims of an imminent breakthrough multiple times in recent months, urging caution until Tehran formally confirms any understanding.

Trump said talks had been approved at the highest level of Iran's leadership and suggested a signing could take place soon, adding that the timing and location would be announced later. He also said the proposed understanding had been endorsed by the United States and regional allies, including Israel. However, Iran's statements consistently stopped short of confirming that approval.

What are the sticking points in the Iran-US negotiations?

Israeli Prime Minister Benjamin Netanyahu's office said he had spoken with Trump, who reportedly insisted that any agreement must include the removal of Iran's enriched nuclear material and the dismantling of missile infrastructure. Iran has not publicly accepted those terms as part of the current draft. General Ali Abdollahi warned that any new US attack would trigger a stronger Iranian response, cautioning of wider regional instability if talks collapse.

Regional reactions remained mixed. Egypt urged both sides to seize what it called an "available opportunity" for a deal. Reports of continued military tensions persisted, including alleged Iranian activity near Kuwait that temporarily disrupted air operations. Civilians in Tehran expressed scepticism over the prospects for a breakthrough, citing economic pressure and a wide political gap between the two sides.

What is Iran's position on the Strait of Hormuz?

Iran has reiterated that it will not cede control of the Strait of Hormuz, a critical global energy shipping route that has been largely closed since the war began.

The draft deal, as reported by Iranian state media, includes provisions affirming Tehran's continued management of the waterway. Iran has said the strait will remain closed until further notice, and any arrangement that alters that position would be unacceptable to Tehran.