Trump’s Iran deal includes a freeze on oil exports, a $300B development plan
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The Trump administration on Tuesday unveiled the contents of its recently signed memorandum of understanding with Iran, outlining plans for an immediate withdrawal from Iranian oil sales, a framework for at least $300 billion in reconstruction and economic development, and a 60-day negotiation period aimed at reaching a final deal on Tehran’s nuclear program.
During a call with reporters, senior U.S. officials read parts of the deal and defended controversial provisions that would allow Iranian crude oil exports to resume immediately while broader negotiations continue.
“The US Treasury will issue credits for the export of Iranian crude oil, petroleum products and derivatives and all related services including banking, insurance, transportation, etc.,” the agreement said, according to officials. They refused to provide the text of the agreement.
The official emphasized that the oil cuts are the only major benefit Iran will receive before a final deal is reached, saying the move will increase transparency in Iran’s oil exports while helping to lower global oil prices.
President Donald Trump (C) gestures as he addresses the media along with United States Trade Representative Jamieson Greer (L), US Commerce Secretary Howard Lutnick (2L), US Secretary of State Marco Rubio (2R) and US Treasury Secretary Scott Bessent (R) during the closing press conference at the G7 summit, in Evian, eastern France. (Mandel NGAN / AFP via Getty Images)
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In the negotiations aimed at the final agreement, the memorandum also calls for the US and regional partners to implement a plan worth at least 300 billion for the reconstruction and development of Iran’s economy. Officials stressed that the provision does not commit the US to providing financing, arguing that it would allow foreign investment if a final deal is reached and Iran complies with its obligations.
Although the agreement guarantees free commercial transit through the Strait of Hormuz during a 60-day negotiation period, it leaves long-term plans to future negotiations between Iran, Oman and other Gulf states.
A senior US official has insisted that his regional partners will not support any framework that allows Iran to impose tolls on waterways.
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The deal stops short of resolving the dispute over Iran’s nuclear program. Instead, it obligates both sides to negotiate the fate of Iran’s enriched uranium stockpile and future enrichment activities as part of a final deal.
The official said that the negotiations will start over the weekend after the signing of the agreement on Friday.
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Officials said the minimum outcome would include decommissioning under the auspices of the International Atomic Energy Agency but acknowledged that key details remain unresolved.
They argued that the release of the broader sanctions remained contingent on Iran’s compliance with future nuclear commitments, pushing back against criticism that Tehran would receive huge economic benefits without a deal.
