The Wall Street Journal has published an annotated breakdown of a draft memorandum of understanding between the United States and Iran, offering the most detailed public look yet at the terms shaping what could become the most consequential Middle East diplomatic agreement in years.
The draft MOU, reported on June 15, 2026, outlines a framework built around an immediate green light for Iranian oil sales, a potential reopening of the Strait of Hormuz to commercial shipping, and a structured 30-to-60-day window for finalizing negotiations over Iran’s nuclear program.
What the draft actually says
The most eye-catching provision is the immediacy of the oil clause. Iran would gain the right to sell oil right away, not after some drawn-out compliance period, not after Congressional review, but now.
The Strait of Hormuz language matters just as much. Roughly a fifth of the world’s petroleum passes through that narrow waterway. A formal commitment to keep it open for shipping removes one of the most potent leverage points Iran has wielded in recent years.
