US–Iran draft deal published by Al Arabiya outlines ceasefire, sanctions relief and Hormuz reopening

World iransanctionsStrait of HormuzTop NewsUnited Stateswar US–Iran draft deal published by Al Arabiya outlines ceasefire, sanctions relief and Hormuz reopening Relevant News US–Iran draft deal published by Al Arabiya outlines ceasefire, sanctions relief and Hormuz reopening 17 June 2026 Masked suspects rob food delivery rider and passenger in Episkopi 17 June 2026 Echoes from the future 17 June 2026 Newsroom 17 June 2026 FacebookXWhatsAppEmailPrintViber The Al Arabiya television network has published what it describes as a draft memorandum of understanding between the United States and Iran, outlining a 14-point framework aimed at an immediate end to hostilities and a wider geopolitical and economic reset. The reported draft sets out an immediate and permanent ceasefire across all fronts, including Lebanon, alongside commitments to respect sovereignty and territorial integrity and to avoid any use of force or hostile action. It also provides for a 60-day transitional period to negotiate and finalise a comprehensive agreement, with a possible extension by mutual consent. According to the draft, the United States would lift a naval blockade and remove restrictions affecting Iran, while restoring maritime traffic through the Strait of Hormuz within 30 days. It also refers to a phased withdrawal of US forces from surrounding areas following a final agreement. Iran would, in parallel, take steps to restore commercial shipping routes between the Persian Gulf and the Sea of Oman to pre-conflict levels, including measures to address technical obstacles and mine clearance. The text further envisages a large-scale reconstruction and economic development plan for Iran, to be developed with regional partners, with funding of at least $300bn and implementation details to be agreed within 60 days. Sanctions relief is also outlined, including the termination of existing US and international restrictions on Iran under a timetable linked to the final agreement, covering UN measures, International Atomic Energy Agency decisions and unilateral US sanctions. On nuclear issues, Iran reiterates its position that it will not develop nuclear weapons, while both sides agree that the handling of enriched nuclear material and broader programme issues will be determined in the final deal. Until that agreement is reached, the draft maintains a status quo arrangement in which Iran would not alter its nuclear programme and the United States would refrain from new sanctions or expanding its military presence in the region. The document also provides for US Treasury waivers to allow Iranian exports of crude oil, petrochemicals and related services, including banking, insurance and transport. It further states that frozen Iranian assets would be gradually released in line with progress in negotiations, with funds becoming available for use by Iran’s central bank under US licensing arrangements. An implementation mechanism would be established to oversee both execution and compliance, while the final agreement would be submitted for approval through a binding United Nations Security Council resolution. In parallel developments in financial markets, oil prices have stabilised at lower levels following the reported agreement, with Brent crude trading at around $79.4 a barrel and West Texas Intermediate at about $76.5. Asian markets have shown a more cautious tone after an initial rally triggered by expectations of reduced geopolitical risk and improved global supply flows, as investors await further clarity on the implementation of any agreement. Oil prices have also partially recovered from earlier losses after sharp declines in previous sessions, which saw benchmarks fall to their lowest levels in three months on expectations of improved maritime access through the Strait of Hormuz. Market participants remain focused on whether the reported diplomatic breakthrough will translate into sustained changes in energy flows, sanctions policy and regional stability. Subscribe to our Newsletter Latest News Masked suspects rob food delivery rider and passenger in Episkopi Echoes from the future Fuel prices fall in Cyprus after sharp drop in global oil markets Cyprus corruption probe identifies possible offences involving former president and 14 others Seasonal low pressure brings rising temperatures before gradual cooling in Cyprus Mafia State corruption report links Anastasiades law firm to Pandora Papers and citizenship cases Israel seizes powers over Hebron shrine from Palestinian Authority Follow en.philenews on Google News and be the first to know all the news about Cyprus and the world.