The agreement between Iran and the US lays out the terms of the ceasefire between the bitter rivals, the reopening of the Strait of Hormuz, some financial relief for Iran and a reiteration from Tehran that it will never produce a nuclear weapon, according to a copy of the text obtained by CNN.
The 14-point memorandum of understanding has not yet been officially released but a copy of it was obtained by CNN from a US official. A diplomat who saw it at the G7 summit in France this week confirmed its contents, as did two other diplomatic sources with knowledge of negotiations.
Under the agreement, the US will allow Iran to sell its oil and petrochemical products, and Tehran…