Iran Draft Deal Includes Oil Relief, Nuclear Curbs

People walk next to a symbolic mock-up of an Iranian missile, on a street in Tehran, Iran, 11 June, 2026.

A draft memorandum of understanding between the United States and Iran includes provisions on oil sanctions relief, limits on Tehran’s nuclear programme and the release of frozen Iranian assets, according to a senior Iranian official.

The official said the proposed agreement also outlines steps to reopen the Strait of Hormuz and create a framework for broader negotiations, with a final deal expected to be discussed within 60 days of both sides approving the memorandum.

Under the draft, Iran would immediately reopen the Strait of Hormuz to commercial shipping, while the United States would begin lifting restrictions on Iranian ports. The process would start after the memorandum is signed and be completed within 30 days.

The proposed agreement also states that Washington would refrain from imposing new sanctions on Iran until a final settlement is reached. Once a permanent agreement is secured, US and UN sanctions would be removed according to a mutually agreed timetable.

As part of the arrangement, the United States would temporarily waive oil sanctions, allowing Iran to resume oil exports and access related revenues.

The draft also includes plans for the release of $25 billion in frozen Iranian assets through cash transfers, regional financial cooperation and credit mechanisms.

According to the proposal, Washington and regional partners would also prepare a reconstruction and development plan for Iran, to be negotiated with Tehran within two months.

On the nuclear issue, Iran would commit not to produce or acquire nuclear weapons. Until a final agreement is reached, Tehran would maintain its current nuclear activities and avoid expanding uranium enrichment or nuclear facilities.

The proposal further states that Iran would be allowed to dilute its stockpile of highly enriched uranium inside the country under a future comprehensive agreement.

Negotiations over Iran’s nuclear programme, uranium enrichment and management of enriched uranium stockpiles would continue during the 60-day period and be incorporated into a final settlement.