A memorandum of understanding between the United States and Iran is expected to be signed on Sunday, according to a report by Bloomberg.
The report stated that the G7 Summit is scheduled to begin in Geneva, Switzerland, on Monday. It said the United States and Iran could sign the memorandum before the start of the summit.
A signing ceremony for the memorandum is expected to take place in Geneva.
The report said the United States and Iran are moving closer to an agreement concerning the reopening of the Strait of Hormuz as leaders of the Group of Seven nations prepare to meet next week.
A senior Iranian official indicated that an agreement is likely, according to a G7 official who spoke on condition of anonymity due to the sensitivity of the matter.
Another G7 official said the arrangement is expected to take the form of a memorandum of understanding rather than a final agreement.
No commitments on Strait of Hormuz included in MoU: Iranian media
No commitments regarding the administration of the Strait of Hormuz are included in the proposed memorandum of understanding, according to Iranian media.
Iranian media reported that the Strait of Hormuz issue is a regional matter and will be settled through negotiations between Iran and Oman.
US-Iran MoU reached during Qatari delegation's visit to Iran: Axios
Meanwhile, a memorandum of understanding (MoU) between the United States and Iran was agreed during a visit to Iran by a Qatari delegation, according to Axios.
Axios reported that talks took place between Qatari diplomat Ali Al Thawadi and Iranian Foreign Minister Abbas Araghchi. The report said Ali Al Thawadi also remained in contact with Steve Witkoff and Jared Kushner during the negotiations.
According to Axios, the proposed accord has been named the “Islamabad Agreement” and is expected to be signed in Geneva. The report stated that US Vice President JD Vance may travel to Geneva for the signing ceremony.
Axios said four US aircraft had travelled to Geneva as part of arrangements linked to a possible visit by Vance.
The memorandum is reported to address all US concerns regarding the proposed agreement.
Under the reported terms, Iran would be permitted to continue oil exports for a period of 60 days.
Axios reported that economic sanctions on Iran would be eased gradually if Tehran fulfils its obligations under the agreement.
The American news website also reported that the draft memorandum, which has not yet received final approval, includes a 60-day extension of the current ceasefire and the immediate reopening of the Strait of Hormuz to international shipping without transit fees.
According to Axios, both sides have reached a common understanding on the draft text, although final approval is still awaited from Iran's Supreme Leader.
