A draft memorandum of understanding between Iran and the US includes a commitment by the US to lift oil sanctions and a commitment by Iran to reopen the Strait of Hormuz, Iranian state media reported on Friday.
The 14-point document stipulates that final negotiations cannot begin until half of Iran’s frozen funds are released, Iran’s oil sanctions are ended and the naval blockade is lifted, Mehr news agency reported.
President Donald Trump claimed on Thursday that the United States had “just made a great settlement in our war with Iran,” subject to “finalization of the document.”
Speaking in the Oval Office, he said the Strait of Hormuz would be reopened as soon as a deal was signed.
Global stocks rose on Friday on hopes of a peace deal. Oil prices fell, with U.S. crude oil futures for July delivery down 1.61% and international benchmark Brent crude oil futures for August delivery down 1.75%.
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