US-Iran deal includes opening of Hormuz within 30 days - Iran agency

A draft memorandum of understanding between Iran and the United States includes a commitment by the U.S. side to lift oil sanctions, and the Iranian side to resume shipping in the Strait of Hormuz within 30 days, Iranian news agency Mehr reported, CNBC quoted him as saying.

Oil fell sharply in price after that, intensifying the decline. August contracts for the benchmark Mark Brent collapsed by 4.3% and traded at about $86 per barrel. The cost of July futures for North American WTI fell to $83 per barrel.

The 14-point document dictates that the final round of talks will not begin until half of blocked Iranian funds are unfrozen, oil sanctions are suspended and the U.S. military's naval blockade is lifted, the agency claimed. Under the draft, the report said, all U.S. troops must be withdrawn from Iran and Washington and its allies must present plans to rebuild the Islamic republic to the tune of at least $300 billion.

The US did not comment on the contents of the memorandum in the Mehr statement. On the eve of June 11, President Donald Trump said a "great agreement to resolve the war with Iran" had been reached and was now to be "finalized." He said the Strait of Hormuz would be opened immediately after the signing. Iran's Foreign Ministry said the memorandum was still being negotiated, with mediators represented by Pakistan and Qatar working to resolve outstanding differences.

This article was AI-translated and verified by a human editor