U.S. and Iran Reach Interim MOU to Extend Ceasefire and Allow Immediate Oil Sales

Overview

• The United States and Iran have reported an interim Memorandum of Understanding that the parties plan to sign on Friday to extend the fragile ceasefire by 60 days and reopen the Strait of Hormuz.
• Under the provisional text, Iran would be barred from obtaining a nuclear weapon and would be required to neutralize enriched material as part of a security-for-access exchange.
• A senior U.S. official said the accord permits Iran to begin immediate sales of oil and fuel and to use banking, transport and insurance services to carry out those sales.
• U.S. officials stress that Tehran can access these economic benefits only after verifiable compliance with the MOU’s terms, including non-interference with navigation in the Gulf.
• Pope Leo XIV publicly welcomed the reported deal as the result of dialogue, President Trump signaled support for congressional review, and the arrangement leaves open whether a short-term pact can lead to a longer, verifiable settlement after the 60-day window.