According to a CBS News report citing IRNA, the agreement would end the war between the U.S., Israel, and Iran across all the regional fronts during the first phase.
- The report also stated that the future of Iran’s nuclear enrichment program will be discussed during the 60-day ceasefire period.
- Iran has proposed a commitment that it would not enrich uranium for a period of 15 to 20 years, and would reopen the Strait of Hormuz, it stated.
- Trump called off strikes on Iran on Thursday, citing a breakthrough in talks with the country.
Iran’s ongoing negotiations with the U.S. for an agreement reportedly include the release of $24 billion in frozen assets as well as discussions about the country’s nuclear program.
According to a CBS News report citing Iran’s semi-official Mehr News agency, a draft 14-point agreement between the two countries states that half of the $24 billion in frozen assets would be released before further negotiations begin during the 60-day ceasefire.
Nuclear Negotiations On The Table
The report also stated that the future of Iran’s nuclear enrichment program will be discussed during the 60-day ceasefire period, which will commence once a memorandum of understanding between the two countries comes into effect.
It added that Iran has proposed a commitment that it would not enrich uranium for a period of 15 to 20 years, while also reopening the Strait of Hormuz.
President Donald Trump has maintained that Iran can never have a nuclear weapon. He has also cited this as the primary reason for launching strikes against Iran and targeting the country’s nuclear sites as well as its military infrastructure.
The report added that, according to the official Iranian state news agency IRNA, this would end the war between the U.S., Israel, and Iran across all the regional fronts during the first phase. In exchange, Iran would receive financial relief conditioned on its compliance with the nuclear enrichment terms agreed to with the U.S.
Trump Calls Off Strikes
Meanwhile, Trump called off strikes on Iran on Thursday, citing a breakthrough in talks with the country.
Iranian Foreign Ministry spokesperson Email Baghei said that the draft agreement with the U.S. had been “largely finalized,” but noted that a final deal had not been reached yet.
“The problem is the contradictory positions of the United States have always caused this process to become unstable and disrupted,” he added, per a CBS News report citing Iranian news network SNN TV.
Trump revealed earlier this week that the U.S. has been taking out oil amid the ongoing Iran war, while adding that this is why crude oil prices are at $85 a barrel, not $250.
“Do you know we’ve been taking out millions of barrels of oil. Nobody knows about it. You know who doesn’t know about it? Iran, until right now,” he said while addressing reporters at the White House.
Dow Futures In The Green
Meanwhile, U.S. stock futures hovered in the green on Friday after Trump called off the strikes against Iran.
Dow Jones Industrial Average (DJIA) futures were up nearly 340 points. The S&P 500 futures were up about 0.5%, while the Nasdaq Composite futures gained nearly 0.6%.
Crude oil prices fell on Friday amid signs of progress between the United States and Iran. U.S. West Texas Intermediate (WTI) crude futures expiring in July were down 3.66%, hovering around $84.5 a barrel. Brent crude futures expiring in August fell 3.4% to hover around $87.31 a barrel.
The United States Oil Fund ETF (USO) fell 2% at the time of writing, while the ProShares Ultra Bloomberg Crude Oil ETF (UCO) declined 4%.
At the time of writing, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, was up 0.6%; the Invesco QQQ Trust ETF (QQQ) rose 0.47%; and the SPDR Dow Jones Industrial Average ETF Trust (DIA) gained 0.69%. Retail sentiment on Stocktwits regarding the S&P 500 ETF was in the ‘bearish’ territory.
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