Iranian state media reported that the draft memorandum of understanding between Iran and the US includes: the US commits to lifting oil sanctions; Iran commits to reopening the Strait of Hormuz.
International oil prices intensified their decline, with Brent crude and WTI crude falling over 4%, trading at $86.16 per barrel and $83.67 per barrel, respectively.
The report said that according to the document containing 14 points, final negotiations will not commence until some of Iran's frozen funds are released, oil sanctions are suspended, and the maritime blockade is lifted.
Earlier, US President Trump said that the US and Iran have reached a settlement agreement, but only if the final text of the document can be finalized; once an agreement is signed, the Strait of Hormuz will reopen immediately.
