U.S. and Iran Schedule Signing Ceremony for Memorandum on Cease-Fire Extension

The United States and Iran have scheduled a signing ceremony for Friday in Geneva for a memorandum of understanding that would extend the existing cease-fire for 60 days and reopen the Strait of Hormuz to commercial shipping. The memorandum does not contain the full text of a nuclear agreement.

It outlines steps both sides would take during the 60-day period to address Iran's nuclear program and other issues.

Under the planned arrangement, commercial vessels would transit the Strait of Hormuz without interference during the 60-day extension. Neither side has released the agreed text of the memorandum. U.S. officials told reporters that no frozen Iranian assets have been released and that any initial sanctions relief would consist of limited reciprocal gestures.

Some members of Iran's parliament and the Islamic Revolutionary Guard Corps have argued that Iran gave up leverage gained by closing the strait too quickly. U.S. officials said sanctions relief would be tied to Iranian behavior rather than any single action.

The memorandum is described as an acknowledgment that military strikes and economic pressure alone have not resolved the issues between the two countries. U.S. officials said the current military posture in the region would remain in place for now.