DUBAI - Details began to emerge on Tuesday of the US and Iran's interim deal to end the war in the Middle East, with Donald Trump saying it will rule out a nuclear weapon for Tehran and a US official saying it allows Iran to sell oil upon signing.
Interim Deal Extends Ceasefire and Reopens Strait of Hormuz
The interim deal is set to extend a tenuous ceasefire announced in April by another 60 days and reopen the Strait of Hormuz, which Iran has effectively blocked since the US and Israel attacked Iran in February. The US president said the text of the deal states clearly that Tehran will not have a nuclear weapon, and the full agreement would be made public in a formal setting in a few days.
Speaking at the G7 meetings in France, Trump added that he liked the idea of sending the Iran deal to Congress for review, a request by some Republican lawmakers.
Conditions for Iran to Access Benefits
A senior US official said the deal allows Iran to immediately begin selling oil and fuel, and included banking, transportation and insurance services to facilitate the sales. The official added the agreement has conditions.
"Iran can only access any benefits of the MOU if they abide by all of the points they agreed to – including no nuclear weapon, neutralizing its enriched material, and not interfering with the free flow of navigation in the Strait of Hormuz."
Negotiators will address difficult issues like the future of Iran's nuclear programme during the next phase of talks, which Iranian Foreign Minister Abbas Araqchi said would start in Switzerland on Friday after the signing of the framework deal.
Vice President JD Vance and Iran's top negotiator Mohammad Baqer Qalibaf are expected to attend Friday's formal signing.
Potential Economic Benefits and Reconstruction Fund
US and Iranian officials say the deal could eventually deliver substantial economic benefits to Iran by lifting sanctions and unfreezing foreign assets. It could also set up a $300 billion reconstruction fund, paid for by neighbouring Gulf states that host US military bases and were hit by Iranian attacks during the war.
US officials, speaking on condition of anonymity, said Iran would have to satisfy US demands never to build a nuclear weapon and cut off support for militias such as Hezbollah in Lebanon in order to get those benefits.
Iranian officials, who have always denied intending to build a nuclear weapon, say they have given up little by agreeing to resume diplomatic discussions over Iran's uranium enrichment programme that were interrupted by the war.
Strait of Hormuz to Open from Friday
Both sides say the Strait of Hormuz, which normally carries about one-fifth of the world's trade in oil and liquefied natural gas, will be open from Friday.
On Tuesday, Iranian state television reported operations to lift its maritime blockade, while stressing that vessels must still coordinate with Iran's Revolutionary Guards.
Trump said earlier that tankers were starting to move out of the strait, and Reuters reported that the US - which had imposed its own blockade on Iranian ports - had been overseeing scores of secretive ship-to-ship oil transfers to keep Gulf exports flowing.
The US said the strait would be open toll-free for 60 days and it would expect that provision to be part of a final agreement. Iran has suggested it will retain control with Oman over the strait.
Shippers say a return to normal traffic will be gradual.
