A draft framework for a US-Iran agreement
The path toward a Hormuz Strait agreement between the United States and Iran is taking shape through a leaked 14-point memorandum negotiated by Washington and Tehran. According to the draft, obtained by Bloomberg, the document establishes a framework for ending the conflict that began after US and Israeli forces attacked Iran on 28 February.
The memorandum is not a final peace agreement. Instead, it sets out a 60-day negotiating period, extendable by mutual consent, during which both sides would work toward a comprehensive deal covering Iran’s nuclear programme, sanctions and regional security.
The proposal would lift the US naval blockade against Iran and pave the way for reopening the Hormuz Strait, although a full return to pre-crisis oil flows of around 20 million barrels per day is expected to take time.
Immediate reopening of shipping routes
According to the draft, the United States would lift its naval blockade immediately after the memorandum is signed, an event reportedly expected on Friday.
Iran, in turn, would take immediate steps to restore commercial shipping between the Persian Gulf and the Gulf of Oman. However, the return to pre-war traffic volumes will depend on the removal of technical obstacles and the clearance of naval mines reportedly laid by Tehran, an operation expected to take several weeks.
The restoration of shipping through the strait is closely watched by global energy markets, including oil-importing economies across Africa and other regions that remain exposed to disruptions in maritime energy trade.
A fragile deal with a high political cost
President Donald Trump has stated that Iran will receive sanctions relief only if it changes its behaviour. Even if the memorandum is signed, the situation would remain highly fragile, as Iran has demonstrated its ability to disrupt traffic through the Hormuz Strait within a very short period.
Should the financial incentives included in the proposal persuade Tehran to make concessions on its nuclear programme, Washington could ultimately secure a broader agreement. For now, however, no final deal has been reached.
A paid “VIP pass” for Hormuz shipping
Among the proposals under discussion is a plan to encourage tanker operators to resume sailing through the Hormuz Strait by offering escorted passage through a paid “VIP pass”, according to Politico.
President Donald Trump and White House Chief of Staff Susie Wiles are reportedly considering several options to reassure shipowners while peace negotiations continue. A key challenge remains convincing insurers to provide coverage for voyages through the strategically sensitive waterway.
A USD 300 billion investment fund for Iran
The memorandum also proposes the creation of a USD 300 billion economic development fund for Iran, backed by the United States and regional partners. The implementation mechanism would be negotiated as part of the final agreement within the 60-day timeframe.
According to Reuters, more than half of the proposed funding has already been pledged and would come entirely from private investors. Rather than a reconstruction or compensation programme, the fund would operate as a private investment vehicle without public money or government subsidies.
Companies based in the United States, the Gulf Arab states, Asia, South America and Africa are reportedly prepared to participate. Planned investments would focus on the energy, logistics, manufacturing and transport sectors.
Sanctions relief
The United States has committed to unfreezing Iranian financial assets and making them fully available, while gradually lifting all sanctions imposed on Iran according to a timetable to be agreed in the final accord.
The measures would include the removal of United Nations Security Council sanctions as well as US primary and secondary sanctions.
Immediately after the memorandum is signed, and until sanctions are formally lifted, the US Treasury Department would issue waivers covering exports of Iranian crude oil, petrochemical products and related services, including banking, insurance and shipping.
Nuclear issue deferred to final negotiations
The memorandum records Iran’s commitment that it will never develop nuclear weapons.
However, key issues related to enriched uranium and the broader nuclear programme remain unresolved. These matters are expected to be addressed during negotiations on the final agreement over the coming 60 days.