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The Trump administration on Tuesday publicly outlined the contents of its newly signed memorandum of understanding with Iran, revealing plans for immediate waivers on Iranian oil exports, a framework for at least $300 billion in reconstruction and economic development, and a 60-day negotiation period aimed at securing a final agreement on Tehran’s nuclear program.
During a call with reporters, senior U.S. officials read portions of the agreement and defended controversial provisions that would allow Iranian crude oil exports to resume immediately while broader negotiations continue.
“The U.S. Department of Treasury will issue waivers for the export of Iranian crude oil, petroleum products and derivatives and all associated services including banking transactions, insurances, transportation, etc,” the agreement states, according to officials. They declined to provide the written text of the agreement.
An official emphasized the oil waivers are the only major benefit Iran will receive before a final agreement is reached, arguing the move would increase transparency into Iranian oil sales while helping reduce global energy prices.
President Donald Trump (C) gestures as he addresses the media alongside United States Trade Representative Jamieson Greer (L), US Commerce secretary Howard Lutnick (2L), US Secretary of State Marco Rubio (2R) and US Secretary of Treasury Scott Bessent (R) during a closing press conference at the G7 summit, in Evian, eastern France (Mandel NGAN / AFP via Getty Images)
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In negotiations aimed at a final agreement, the memorandum also calls for the U.S. and regional partners to develop a plan worth at least $300 billion for the reconstruction and economic development of Iran. Officials stressed the provision does not commit the U.S. to providing the funds, arguing instead that it would permit outside investment if a final deal is reached and Iran complies with its obligations.
While the agreement guarantees toll-free commercial transit through the Strait of Hormuz during the 60-day negotiating period, it leaves longer-term arrangements to future talks between Iran, Oman and other Gulf states.
A senior U.S. official maintained that regional partners would not support any framework that allowed Iran to charge tolls for passage along the waterway.
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The agreement stops short of resolving the central dispute over Iran’s nuclear program. Instead, it commits both sides to negotiate the fate of Iran’s enriched uranium stockpile and future enrichment activities as part of a final agreement.
The official said negotiations will begin over the weekend after the deal is signed Friday.
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Officials said the minimum outcome would involve down-blending enriched material under International Atomic Energy Agency supervision but acknowledged that key details remain unresolved.
They argued that broader sanctions relief remains contingent on Iranian compliance with future nuclear commitments, pushing back on criticism that Tehran would receive major economic benefits without making concessions.
