Iran Would Resume Oil Exports

Iran could immediately resume oil exports and access an economic development program of at least $300 billion, according to a draft agreement with the United States that would be formally signed on Friday in Switzerland. The memorandum of understanding, which Iranian sources say has already been signed by both countries' presidents, opens a 60-day period of negotiations to end the conflict and establish strict limits on Iran's nuclear program.

The agreement requires the reopening of the Strait of Hormuz to global oil shipments. However, Iran has indicated that the meeting scheduled for Friday in Switzerland may not take place now that the deal is signed.

The chief Iranian negotiator called the memorandum a 'failure' for the United States and announced that the Islamic Republic will charge shipping fees in Hormuz after 60 days. The agreement also requires Israel to withdraw from Lebanon, according to Iranian sources. The initial talks in Bürgenstock would be mediated by Pakistan and Qatar.