U.S. and Iran Sign Memorandum on Oil Exports, Development Framework, and Nuclear Talks

The Trump administration on Tuesday released details of a memorandum of understanding signed with Iran. The document provides for immediate waivers on Iranian oil exports, a framework for at least $300 billion in reconstruction and economic development, and a 60-day period for negotiations on Tehran's nuclear program.

U.S. Department of Treasury will issue waivers for Iranian crude oil, petroleum products, derivatives, and related services including banking, insurance, and transportation. Officials said the waivers represent the only major benefit Iran will receive before a final agreement is reached.

They added that the waivers aim to increase transparency on Iranian oil sales and help reduce global energy prices. The text of the full agreement was not released.

U.S. and regional partners. U.S. to provide those funds. The agreement guarantees toll-free commercial transit through the Strait of Hormuz during the 60-day negotiating period. Regional partners indicated they would not support any framework permitting Iran to charge tolls on the waterway.

The memorandum does not address the central dispute over Iran's nuclear program. It commits both parties to negotiate the fate of Iran's enriched uranium stockpile and future enrichment activities. Negotiations are scheduled to begin over the weekend after the memorandum is signed on Friday.

Officials said the discussion will fall under International Atomic Energy Agency supervision, with sanctions relief remaining contingent on Iranian compliance.