The most consequential diplomatic story of the week gained significant detail on Monday as Israeli broadcaster Channel 12 published what it says are the ten core terms of the preliminary US-Iran framework agreement. According to the leaked memorandum of understanding, the deal lays the groundwork for ending hostilities, lifting the naval blockade of the Strait of Hormuz, and — crucially — opening the door to formal negotiations over Iran’s nuclear program.
The Wall Street Journal, citing sources familiar with the agreement, reported that Iran will be permitted to resume oil and fuel exports immediately upon signing. An American official confirmed to Reuters that Tehran could begin selling crude as soon as Friday, when Vice President JD Vance is expected to formally sign the accord in Geneva. In return, Iran must commit to unimpeded navigation through the Strait of Hormuz and refrain from provocative actions.
Perhaps most significantly, Vance told NBC News that nuclear inspectors will “absolutely” be allowed back into Iran. “One of the core parts of the agreement is that the IAEA and the United States are going to help Iran destroy the highly enriched stockpile,” he said, describing the provision as clearly spelled out in the memorandum.
The thorny question of Iran’s existing enriched uranium stockpile has been deferred to a subsequent phase. Once the memorandum is formally signed, both sides will enter a 60-day intensive negotiation period to hammer out the remaining details.
Speaking during a meeting with UAE President Mohammed bin Zayed Al Nahyan at the G7 in France, President Trump signaled he was open to submitting the deal to Congress for review — even appearing to joke about the outcome. “What I would like to do is send it to Congress and say, ‘You shouldn’t approve it.’ And they will approve it,” he quipped. Lawmakers from both parties have been demanding access to the full text.
The immediate economic implication is enormous: Iran’s return to global oil markets could reshape energy prices and geopolitical alignments across the Gulf region and beyond.
