The memorandum of understanding (MOU) between U.S.-Iran follows weeks of intense diplomatic efforts by regional mediators to prevent escalating clashes from reigniting a broader conflict.
While full details have yet to be disclosed, and different versions of the MOU are doing the rounds, here are four key elements to look out for:
When Will Hormuz Reopen?
President Donald Trump announced on Sunday that the strategic Strait of Hormuz, effectively closed since February, would reopen for mine-clearing operations after a upcoming deal signing on Friday, paving the way for oil shipments to resume.
Under the 60-day ceasefire extension, Iran has agreed to remove mines from the waterway and waive transit fees for vessels passing through it. Consequently, the U.S. will also lift the naval blockade on Iranian ports that was imposed in April.
