The United States and Iran may be closer to reaching an interim peace agreement after new details of a new draft memorandum emerged over the weekend. The proposed US-Iranian agreement aims to calm tensions in the Gulf amid the ongoing ceasefire. It looks forward to the resumption of commercial shipping through the reopening of the Strait of Hormuz and new nuclear talks between the two countries.
Details about the new draft memorandum between the United States and Iran
The draft memorandum presents a plan for Iran to allow commercial shipping in the Strait of Hormuz. On the American side, it will reduce its maritime surveillance near Iranian ports, according to Reuters a report. The agreement would also open a 60-day negotiating window to reach a more comprehensive agreement on Tehran’s nuclear program and ease sanctions.
The Strait of Hormuz remains one of the world’s vital energy corridors. About a fifth of global oil traffic usually passes through this route.
The region has suffered from tensions in recent months, which have already affected shipping activity and raised concerns in global financial and energy markets. Now, with the US-Iran deal, if reopened, the fuel and energy markets could see relief, according to experts.
Recently, US President Donald Trump also referred to the signing Final agreement by Sunday itself. He even said that the Strait of Hormuz would be reopened “immediately” after both parties signed the agreement.
The US-Iranian memorandum is said to contain provisions related to the economy, among other matters. The United States will not impose new sanctions on Iran in the negotiation process.
Washington could also temporarily lift sanctions on Tehran to allow oil sales to the West to resume. In addition, it has been reported that frozen Iranian assets equivalent to about $25 billion could be transferred in the future. For this purpose, it can use direct transfers, regional financial cooperation, and credit transfers.
The MoU offers a solution on nuclear energy issues
On the nuclear front, Iran will pledge to refrain from doing so Developing a nuclear arm. It will maintain the same level of nuclear activity as long as a comprehensive agreement is reached. The US-Iranian memorandum also outlines plans for future talks on Iran’s stockpile of highly enriched uranium.
Officials from both sides showed some progress, but negotiators suggested continuing technical and political discussions. Iranian officials also warned that changes could be made to the draft before it is officially signed.
News of negotiations between the United States and Iran had a positive impact on Bitcoin and the cryptocurrency market in general. At the time of writing this report, it was Bitcoin price It traded at $64,557, up about 1.28% in the past 24 hours. Other cryptocurrencies such as ETH, XRP, and BNB also rose slightly amid signs of easing geopolitical tensions.
