Senior U.S. official said the agreement will immediately reopen the Strait of Hormuz and lift the U.S. blockade on Iran.

Spot gold's intraday gain widened to as much as 3.00%, peaking at $4,345.23/oz.

Iranian media published detailed terms of a 14-point Iran–US memorandum. Key points: immediate and permanent ceasefire on all fronts, including Lebanon; US pledge not to interfere in Iran’s internal affairs and to respect Iranian sovereignty; full lifting of a maritime blockade and reopening of the Strait of Hormuz within 30 days under arrangements agreed by Iran; US commitment to withdraw forces from around Iran; suspension of sanctions on Iranian oil, petrochemicals and derivatives and restoration of Iran’s full access to its financial resources; US and allies to provide at least $300 billion for Iran’s reconstruction; a final nuclear agreement to be reached within 60 days with full lifting of primary and secondary US sanctions and relevant UN Security Council and IAEA board resolutions; Iran reiterates its NPT commitment not to develop nuclear weapons; during negotiations the US will not deploy additional regional forces or impose new sanctions; during the 60-day final negotiation period $24 billion of Iran’s frozen funds will be released, half of which must be delivered before talks begin; a monitoring mechanism will be established; the final deal will require UN Security Council approval; final negotiations will only start after half of the frozen funds are unfrozen, oil sanctions are suspended and the maritime blockade is lifted; the final accord will be limited to the future of enriched uranium/materials and enrichment processes, sanctions relief and Iran’s economic reconstruction plan; issues relating to Iran’s missile program and support for resistance groups have been removed from the agenda.