Draft U.S.-Iran Memorandum Includes Asset Release and Hormuz Reopening but Remains Under Iranian Review

-Iran memorandum of understanding is scheduled to be signed on Sunday. He said the Strait of Hormuz will open to all commercial vessels immediately after signing and that Iran no longer wants a nuclear weapon. A draft of the memorandum includes diluting highly enriched uranium within Iran and the release of $25 billion of Iran's frozen assets, according to Reuters reporting cited by Bloomberg.

The draft also states that Iran will immediately reopen the Strait of Hormuz to all commercial vessels and that the United States will lift its naval blockade. The draft further states that Iran will neither produce nor acquire nuclear weapons.

U.S. Oil sanctions waiver for Iran. The final deal is to be discussed in the 60 days following the initial agreement. Iranian authorities are still reviewing the political, legal, and technical details of the draft and have not made a final decision, Fars News Agency reported.

Iranian Foreign Minister Abbas Araghchi stated on Friday that terms related to Iran's nuclear program will be finalized within 60 days of the initial agreement. Pakistan's Prime Minister Shehbaz Sharif stated on Saturday that an interim deal could be finalized within 24 hours and that Pakistan is preparing for electronic signing.

Technical-level talks following the signing are expected to last up to 60 days and focus on Iran's nuclear program.

On Sunday the Israeli military struck a building in Beirut's southern suburbs targeting Hezbollah infrastructure. The strikes killed at least three people and wounded six, Lebanon's civil defense agency said. The strikes were the first such attacks in about a week.