Iran has approved a draft agreement with the United States, delivered through Qatari mediators, that includes provisions for a third-party monitor to track violations. Tehran also reportedly cancelled planned military strikes as part of the preliminary arrangement.

What’s actually in the deal

The draft is described as a preliminary Memorandum of Understanding, not a final treaty.

The core issues on the table include Iran’s nuclear program, access to frozen Iranian assets, and navigation rights through the Strait of Hormuz. Roughly a fifth of the world’s oil passes through that narrow waterway.

On the financial side, the proposals involve $12 billion in immediate cash access for Iran, with total discussions reaching as high as $24 billion in frozen assets.