Draft US-Iran Deal Could Unlock Oil Exports and $300 Billion Development Plan

Iran would be allowed to resume oil exports immediately under an interim agreement with the United States and gain access to a $300 billion economic development program as part of negotiations toward a permanent peace arrangement addressing Tehran's nuclear activities, according to a draft agreement reviewed by Bloomberg News.

Under the draft agreement, the US Treasury Department would immediately issue waivers allowing exports of Iranian crude oil and petrochemical products.

Jonathan Tirone, Daniel Flatley, and Josh Wingrove reported that the two sides plan to formally sign a memorandum of understanding in Switzerland, clearing the way for 60 days of negotiations aimed at ending hostilities and placing strict limits on Iran's nuclear program.

According to a source familiar with the matter, the United States has begun circulating the draft agreement among allied nations attending the Group of Seven summit in France.

Bloomberg reported that the proposed deal would provide significant economic relief to Iran in exchange for ending disruptions to maritime traffic through the Strait of Hormuz and reaffirming its commitment not to pursue nuclear weapons.

Under the draft agreement, the US Treasury Department would immediately issue waivers allowing exports of Iranian crude oil and petrochemical products.

The United States would also end restrictions affecting Iranian ports, while both countries would work to restore maritime traffic through the Strait of Hormuz to prewar levels within 30 days.