The Trump administration has publicly outlined the contents of its newly signed memorandum of understanding with Iran, including immediate oil export waivers and a sweeping economic development framework.
Senior U.S. officials, speaking on a call with reporters, read portions of the agreement while defending provisions that allow Iranian crude oil exports to resume immediately during broader negotiations.
The agreement states that “the U.S. Department of Treasury will issue waivers for the export of Iranian crude oil, petroleum products and derivatives and all associated services including banking transactions, insurances, transportation, etc.”
Officials declined to provide the written text of the agreement but stressed that the oil waivers represent the only major benefit Iran will receive before a final deal is secured.
One official argued the oil waiver move would increase transparency into Iranian oil sales while simultaneously helping to reduce global energy prices during the negotiating period.
The memorandum calls for the U.S. and regional partners to develop a reconstruction and economic development plan for Iran worth at least $300 billion, contingent on a final agreement being reached.
Officials were careful to stress that the provision does not commit the United States to providing those funds directly, but would permit outside investment if Iran complies with its obligations.
The agreement guarantees toll-free commercial transit through the Strait of Hormuz during the 60-day negotiating window, with longer-term arrangements left to future talks involving Iran, Oman, and other Gulf states.
A senior U.S. official noted that regional partners would not support any framework that allowed Iran to charge tolls for passage through the strategically vital waterway.
The memorandum stops short of resolving the central dispute over Iran’s nuclear program, instead committing both sides to negotiate the fate of Tehran’s enriched uranium stockpile and future enrichment activities.
Officials said negotiations are set to begin over the weekend following the formal signing of the deal on Friday, with a 60-day deadline framing the push toward a final agreement.
The minimum outcome discussed by officials would involve down-blending enriched material under International Atomic Energy Agency supervision, though key details remain unresolved at this stage.
Broader sanctions relief, officials emphasized, remains entirely contingent on Iranian compliance with future nuclear commitments, pushing back against criticism that Tehran receives major economic benefits without meaningful concessions.
