Iran’s state news agency IRNA on the 12th published the main framework of an
Iran–US memorandum on ending hostilities. Key market-relevant points: the
nuclear file is unchanged — the memorandum does not cover nuclear commitments
and Iran will make no new pledges; nuclear talks are to be held within 60 days
of signing. The Strait of Hormuz will not be handed over or assigned a US role;
Iran will not commit to transferring management and says future arrangements
should be resolved regionally with Oman through dialogue and joint decisions.
The memorandum calls for a complete end to fighting on all fronts, including
Lebanon. It proposes a clear mechanism to unfreeze Iran’s frozen assets and
places war reparations on the agenda. Details on lifting primary and secondary
sanctions will be left to the final agreement; the final accord’s three agenda
items are to be negotiated within the 60‑day period.
