A senior Iranian official disclosed Sunday the terms of a draft memorandum of understanding between the United States and Iran, describing a sweeping framework agreement that would halt the months-long conflict between the two countries, reopen the Strait of Hormuz to international shipping, and commit Tehran to never producing or acquiring nuclear weapons.

The senior Iranian official, speaking to Reuters, said the final draft memorandum covers issues ranging from Tehran’s nuclear program to the reopening of the Strait of Hormuz and U.S. waivers on oil sanctions, with a final deal to be negotiated in the 60 days following agreement by both sides.

According to the official, the draft memorandum contains the following provisions: Iran would immediately reopen the Strait of Hormuz to all commercial vessels while the U.S. lifts its naval blockade on Iranian ports; the U.S. would agree not to impose new sanctions until a final deal is reached; and Washington would waive oil sanctions on Tehran for a specified period, allowing Iran to sell oil and receive revenue.

The draft also calls for the U.S. to release $25 billion of Iran’s frozen assets, including via direct cash transfers, cooperation among regional countries, and financial credit lines.

On the nuclear side, the draft states that Tehran agrees it will neither produce nor acquire nuclear weapons, and will maintain the nuclear status quo until a final deal is reached, including by not enriching uranium and not expanding nuclear facilities. The U.S., in turn, agrees that Iran will dilute its highly enriched uranium stockpile inside Iran, with a mechanism for doing so to be discussed within 60 days.

The draft MOU as described by a U.S. official would last 60 days and could be extended by mutual consent. During that period, the Strait of Hormuz would remain open with no tolls, and Iran would clear the mines it deployed in the strait.

The conflict began with major U.S. and Israeli strikes in late February, leading to a temporary ceasefire in April and subsequent extensions. The Strait of Hormuz closure triggered an oil supply shock that has affected global growth projections.

The disclosure came as the situation on the ground remained fluid. The Reuters report makes no mention of Lebanon, where Israeli military operations against Hezbollah have continued alongside the broader regional conflict.

Significant ambiguity surrounds key provisions of the draft. The deal on the table would have Iran agree to a potential 15- or 20-year halt on enrichment and the dismantling of its nuclear sites, but that is deferred to the 60-day follow-on negotiations rather than addressed upfront. Details around the inspection and verification regime, and what dismantlement entails given facilities that were targeted in June 2025 bombings, remain unresolved.

U.S. strikes on Iran’s nuclear facilities at Fordow, Natanz, and Isfahan in June 2025 caused significant damage, with U.S. officials claiming all three sites sustained severe destruction and Iran’s nuclear program was set back around two years, though assessments of the extent of damage varied widely among U.S., Israeli, and Iranian officials.

Iran has repeatedly denied seeking nuclear weapons but has enriched and stockpiled uranium to near weapons-grade levels while openly seeking to destroy Israel.

Analysts noted that the emerging agreement does not appear to achieve several of the key goals Trump stated at the outset of the military conflict, and it remains unclear whether the president’s core objective of permanently preventing Iran from obtaining a nuclear bomb will be achieved.

President Trump has pushed for quick closure. Trump said on June 11 that a “great settlement” had been reached with Iran to end the war, adding that he expects a deal to be signed in the coming days and claiming Iran has already committed to never having a nuclear weapon.  Iranian officials have been more cautious, describing reports of an imminent signing as preliminary and noting that nuclear issues would require separate negotiations.

Both Trump and the mediators, including Pakistan and Qatar, have indicated the deal could be announced Sunday, though it has not been finalized and could still fall apart.

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