The United States and Iran have reached a preliminary agreement on a memorandum of understanding (MOU) that mandates the immediate reopening of the Strait of Hormuz for unrestricted navigation, without transit fees. This agreement, pending final approval, also outlines a gradual lifting of sanctions on Iran, contingent upon its compliance with the terms. The MOU proposes a 60-day extension of the ceasefire, including in Lebanon, and aims to advance nuclear negotiations. It includes a framework for addressing Iran's enriched uranium stockpile, with Iran committing not to pursue nuclear weapons. Additionally, the agreement stipulates that shipping traffic through the Strait of Hormuz should return to pre-war levels within 30 days, allowing Iran to resume oil exports. Further sanctions relief will be considered if Iran demonstrates "good faith" in ongoing negotiations.