The interim deal will reopen the Strait of Hormuz and restart talks over Tehran’s nuclear programme. It will also allow Iran to sell oil freely again, according to a text of the accord that US officials provided to the press. Read moreMiddle East live: US says Iran committed to diluting enriched uranium under interim deal Notably, Iran has agreed to dilute its enriched uranium stocks under the deal. According to the US officials, the agreement includes a new “minimum” standard for downblending (diluting) highly enriched Iranian uranium. In return, the US will move to waive, but not eliminate, some wide-ranging sanctions against Iran once the deal is signed. The US and its allies would also oversee a $300 billion reconstruction fund for Iran. In many ways, the two sides are more or less back where they were 3½ months ago – before Israel and the US launched the war on Iran, which has left thousands dead across the region, triggered a global energy crisis and shaken the global economy. The officials spoke on condition of anonymity to read the draft, which Iran has not released, to reporters ahead of a formal signing ceremony set for Friday. Here is the document, titled "Islamabad Memorandum of Understanding between the United States of America and the Islamic Republic of Iran", as it was dictated: 1. The United States of America and the Islamic Republic of Iran and their allies in the current war by signing this MOU declare the immediate and permanent termination of military operations on all fronts, including in Lebanon, and undertake from now on not to initiate any war or any military operation against each other and to refrain from the threat or use of force against each other and ensuring the territorial integrity and sovereignty of Lebanon. The final deal will confirm the permanent termination of the war on all fronts including in Lebanon and other provisions of this paragraph. 2. The United States of America and the Islamic Republic of Iran undertake to respect each other’s sovereignty and territorial integrity and to refrain from interfering in each other’s internal affairs. 3. The United States of America and the Islamic Republic of Iran commit to negotiating and achieving the final deal in maximum 60 days extendable with mutual consent. 4. Immediately upon the signing of this MOU, the United States of America will begin the removal of its naval blockade and any disturbances or impediments against the Islamic Republic of Iran and will fully end the naval blockade within 30 days. During this period, the traffic of vessels will be in proportion to the numbers of prewar traffic being restored by the Islamic Republic of Iran. The United States of America further undertakes to remove its forces from the proximity of the Islamic Republic of Iran within 30 days after the final deal. 5. Upon the signing of this MOU, the Islamic Republic of Iran will make arrangements using its best efforts for the safe passage of commercial vessels with no charge for 60 days only from the Persian Gulf to the Sea of Oman and vice versa. The traffic of commercial vessels will immediately start and, considering the needs for removing the technical and military obstacles and demining by the Islamic Republic of Iran, will be instated within 30 days. The Islamic Republic of Iran will conduct dialogue with the Sultanate of Oman to define the future administration and maritime services in the Strait of Hormuz in discussion with other Persian Gulf littoral states in line with the applicable international law and the sovereign rights of coastal states of the Strait of Hormuz.