The emerging US-Iran peace framework reportedly includes a wide-ranging set of political, military and economic provisions, according to Iran’s Mehr news agency, which cited a 14-point draft memorandum of understanding.

The draft outlines an immediate and permanent cessation of hostilities on all fronts, including Lebanon, alongside a phased de-escalation process intended to stabilise the wider region.

It also calls for the lifting of the US naval blockade within 30 days and a commitment to withdraw US forces from areas surrounding Iran.

A central part of the deal is the reopening of the Strait of Hormuz, one of the world’s most important energy shipping routes, which has been heavily disrupted during the conflict and its fallout.

The agreement aims to restore normal sea traffic through this vital corridor for global oil and gas shipments.

On the economic front, the draft reportedly includes the suspension of sanctions on Iranian oil sales and the release of frozen Iranian assets worth around $24 billion during a 60-day negotiation period that would follow the signing of the agreement.

According to the document, half of the frozen funds — around $12 billion — would be released before formal negotiations begin.

However, the asset release mechanism remains disputed. A US official quoted by Axios rejected the claim of upfront disbursement, stating that “no frozen funds will be released without Iran implementing its commitments,” and describing the arrangement as a “pay-for-performance deal.”

The draft further proposes that final negotiations on Iran’s nuclear programme be concluded within 60 days of the agreement coming into force.

It also reportedly excludes contentious issues such as Iran’s missile programme and support for regional allied groups from the negotiation agenda.

Under the proposed structure, further talks would only proceed once Iran receives part of its frozen assets and restrictions affecting maritime routes, including the Strait of Hormuz, are eased.

The agreement is expected to be formally signed in Geneva on Friday, as diplomatic stakeholders continue to fine-tune the final terms.