The ongoing U.S.-Iran conflict has dragged on for over a hundred days. Multiple sources confirm that Iran and the U.S. have reached a consensus on the final text of the peace framework agreement, and it could be signed remotely within the next 24 hours.
As a key mediator, Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar revealed in a phone call with Saudi Foreign Minister Prince Faisal bin Farhan that the electronic signing ceremony is scheduled for tomorrow, June 14.
On the same day, Iran’s main focus is on ending hostilities across all Middle Eastern fronts, easing regional tensions, lifting the U.S. maritime blockade, and unfreezing Iranian assets. However, they have made it clear that they won’t dive into the details of the nuclear issue just yet.
According to reports, Iranian Foreign Ministry Spokesperson Esmaeil Baghaei stated on June 13 that any current understanding is only meant to keep the dialogue going, not a final agreement.
The memorandum outlines a two-step plan with 14 points. The first phase focuses on ending the conflict and restoring regional stability, covering an end to military hostilities on all fronts, including Lebanon, and addressing Iran’s immediate survival concerns. In return, Iran has agreed to keep the Strait of Hormuz open. The second phase will involve formal negotiations on nuclear issues and related matters.
Given the U.S.’s shaky track record in past negotiations, Iran is highly cautious about its commitment and ability to follow through. They hope that a phased approach and strict enforcement mechanisms will prevent either side from backing out.
To break it down, the frozen assets in question (about $100 billion) are primarily revenues from Iran’s oil and natural gas exports to multiple countries before 2018. This sum, roughly a quarter of Iran’s GDP at the time, has been locked away in bank accounts across various nations due to U.S. long-arm jurisdiction. The bulk of these funds are scattered in Luxembourg, South Korea, India, Iraq, and Qatar.
On the issue of war reparations, both sides are discussing a reconstruction and economic development plan.
As for shipping through the Strait of Hormuz, lifting the U.S. maritime blockade of Iran is one of the first items in the memorandum. Iranian Foreign Minister Abbas Araghchi emphasized that the strait’s sovereignty belongs to Iran and Oman, and both countries have long been responsible for ensuring its safe passage. Future management of the strait will be adjusted—it won’t simply revert to the pre-war model, and shipping services will come with a price tag.
Iran’s National Security Council Deputy Secretary General Mohammad Naboyan has already reviewed the latest memorandum text, and once it’s signed, a cessation of military operations will be announced immediately. Meanwhile, Saudi-owned Al Arabiya TV earlier revealed that the new agreement includes a 60-day extension of the ceasefire. During these 60 days, the U.S. and Iran will hold talks on Iran’s uranium enrichment program.
Iran hasn’t made any concrete decisions yet on the thorny issue of nuclear weapons development, but they’ve drawn a clear red line: any “dilution” of existing high-enriched uranium stockpiles must happen within Iran’s borders, not be shipped abroad.
