Vice President Vance says the text of the memorandum of understanding with Iran will be released by the end of the week.

“In short, what it does is open the Strait of Hormuz immediately. This is why you see oil prices down in the seventies… it also provides a framework whereby if the Iranians give us what we need on stopping the funding of terrorism, on no longer pursuing a nuclear weapon, then they can get some benefits, be reinvited into the world economy”.