𝗜𝗿𝗮𝗻 𝗢𝗶𝗹 𝗘𝘅𝗽𝗼𝗿𝘁𝘀 𝗔𝗻𝗱 𝗠𝗶𝗱𝗱𝗹𝗲 𝗘𝗮𝘀𝘁 𝗣𝗲𝗮𝗰𝗲 𝗗𝗲𝗮𝗹

𝗜𝗿𝗮𝗻 𝗢𝗶𝗹 𝗘𝘅𝗽𝗼𝗿𝘁𝘀 𝗔𝗻𝗱 𝗠𝗶𝗱𝗱𝗹𝗲 𝗘𝗮𝘀𝘁 𝗣𝗲𝗮𝗰𝗲 𝗗𝗲𝗮𝗹

The United States and Iran plan to sign an interim memorandum of understanding in Switzerland this Friday. This agreement starts 60 days of negotiations to end the current conflict and limit Iran's nuclear programme.

Key terms in the draft agreement include:

• Iran resumes oil and petrochemical exports after the US Treasury issues waivers.
• The US ends its naval blockade of Iranian ports.
• Both nations work to restore maritime traffic in the Strait of Hormuz within 30 days.
• Iran agrees to never seek a nuclear weapon and ensures freedom of navigation.
• The US and regional partners establish a $300 billion economic development framework.
• The US commits to releasing frozen Iranian funds.

Oil market reactions:

• Brent crude prices fell below $78 a barrel.
• Prices dropped 15% over four trading sessions.
• Markets expect increased global supplies from the reopening of the Strait of Hormuz.

Unresolved issues:

• The draft does not address the current stockpile of enriched uranium.
• A final agreement must resolve all nuclear issues.
• The deal requires ending conflicts in Lebanon involving Hezbollah.
• Full lifting of US sanctions depends on a final settlement within two months.

The US delegation will lead by Vice President JD Vance. Mohammad Bagher Ghalibaf will represent Iran.

Source: The Times of India