Iran will be allowed to sell oil under a 60-day negotiation period following Friday's signing ceremony for an undisclosed agreement.
5:54 PM
Iran and the United States are set to sign a memorandum of understanding on Friday, marking a diplomatic step after months of tension. The agreement will initiate a 60-day negotiation period to address outstanding issues between the two countries.
Under the terms of the emerging deal, the US will issue sanctions waivers allowing Iran to restart its oil sales during the negotiation window. Washington has also pledged to remove its blockade on Iranian ports. These measures are expected to provide immediate financial relief to Iran's economy, which officials have described as under severe pressure following a recent conflict.
The agreement will cover necessary services including banking, transportation and insurance needed to facilitate oil sales and broader economic activity.
Iran's leadership is framing the memorandum as a diplomatic achievement rather than a concession. Mohammad Bagher Qalibaf, Speaker of parliament and a leading Iranian figure in the talks, said Iran had taken "a long step towards final victory." President Masoud Pezeshkian has also characterized the agreement in positive terms.
The diplomatic effort comes amid a divided political landscape within Iran. Parts of the Islamic Republic's support base have spent months opposing any compromise with Washington. Some Iranians, both inside the country and abroad, view the current crisis as an opportunity for regime change rather than a moment for diplomacy.
The signing ceremony is scheduled for Friday, with the 60-day negotiation period to begin immediately afterward. The specific terms of the memorandum of understanding remain undisclosed.
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