Reuters: The Iran-US agreement project includes a waiver from oil sanctions, limits on the nuclear program, and the release of assets.

A senior official from Iran stated that a memorandum of understanding with the United States will address several important topics, from Tehran's nuclear activity to the reopening of the Strait of Hormuz, according to Reuters.

This agreement will be discussed within 60 days of its signing. The memorandum provides for the immediate reopening of the strait for commercial vessels and the lifting of the naval blockade imposed by the U.S. on Iranian ports. The U.S. also commits not to impose new sanctions on Iran until a final agreement is reached and to lift existing sanctions according to a set timeline. Iran will be allowed to sell oil and receive revenues, and $25 billion of Iran's frozen assets will be released. Regarding the nuclear program, Iran will refrain from producing and acquiring nuclear weapons and will maintain the current status of its program, abstaining from enriching uranium.