Iran’s state TV is saying that it has a draft of the initial unofficial framework for the Memorandum of Understanding (MoU) with the US. According to the draft, US military forces will withdraw from vicinity of Iran and lift the naval blockade. In return, Iran has committed to restoring the number of commercial transit ships through Hormuz Strait to pre-war levels within one month.

The management and route of ship traffic through Strait of Hormuz will be handled by Iran in cooperation with Oman. If a final deal is reached within 60 days, this agreement will be approved in the form of a binding UN Security Council resolution. The Islamabad memorandum framework is not yet finalized and no step will be taken by Iran without “tangible verification”.

Markets are cheering but there’s no agreement yet. These are just the details of the draft everyone has been talking about in the past days.