Leaked US-Iran interim deal promises ceasefire, Strait of Hormuz reopening and $300bn reconstruction fund

A leaked blueprint for peace

The text of the interim peace agreement between the United States and Iran has been made public by Bloomberg, revealing a 14-point plan negotiated to halt a conflict that began in late February with Israeli strikes on Iran. The document was already signed electronically on Monday, though a formal ceremony is planned for Friday in Switzerland. The war has killed thousands, mainly in Iran and Lebanon.

Key terms of the interim deal

According to the draft obtained by Bloomberg, hostilities will cease immediately on all fronts, including in Lebanon. Both parties commit to respect each other's sovereignty and to negotiate a definitive agreement within 60 days. The United States is to lift its naval blockade and allow full resumption of maritime traffic within 30 days, while Iran pledges to reopen the Strait of Hormuz to pre-war levels in the same timeframe. The US will also lead a reconstruction and economic development plan for Iran, backed by at least $300 billion in guaranteed financing, and will unfreeze Iranian assets. Tehran, for its part, reiterates it will never produce nuclear weapons. Vice President J.D. Vance described the text as 

“very general, about a page and a half long.”

Oil tankers break through

Even before the signing, three supertankers of the National Iranian Tanker Company, loaded with a combined 4.8 million barrels of crude oil, crossed the perimeter of the US naval blockade, according to maritime tracking service TankerTrackers.

“These are the first crude oil exports from Iran in two months.”

Iran's state television earlier announced a resumption of tanker traffic. The American blockade was imposed on April 13 in response to Iran's closure of the Strait, which had severely disrupted global shipping and sent oil prices soaring.

Trump tempers expectations

President Donald Trump warned on Wednesday that the deal is not final and threatened a return to military action.

“We will start dropping bombs again if Iran does not behave well.”

Several US officials stressed that the leaked text does not capture all compromises reached and are working to release the full memorandum quickly while downplaying its scope.

Market reaction and next steps

Brent crude oil fell below $80 a barrel on Tuesday for the first time since early March, trading at $78.71 on Wednesday morning, as markets priced in the prospect of eased supply disruptions. Despite the deal, Israeli forces have reportedly carried out additional strikes in southern Lebanon since Monday. The formal signing in Geneva on Friday is expected to kick off two months of negotiations toward a permanent accord. The Canadian prime minister called the agreement potentially

“truly a game-changer”

for the Middle East and even for other dossiers such as Ukraine.