White House Official Says U.S.-Iran Memorandum Signed as Hormuz Reopening Looms

A White House official said Monday night that a memorandum of understanding between Iran and the United States has been signed. According to the official, the deal will allow the immediate reopening of the Strait of Hormuz and the lifting of the U.S. blockade, and vessel traffic through the strait is expected to rise sharply in the coming hours.

Vice President J.D. Vance, speaking to CNBC, said Washington expects representatives from all branches of Iran’s leadership to attend the negotiations scheduled for Friday in Switzerland. He said, “the Iranian army has been destroyed, Tehran’s nuclear program has been neutralized, the Strait of Hormuz remains open and the United States holds a significant economic advantage over Iran.” Donald Trump also posted that “ships are beginning to move, many of them loaded with oil, out of the Strait of Hormuz.” Iranian President Masoud Pezeshkian confirmed the memorandum will be signed on Friday.

Vance told critics in Israel that there had been “misleading reports” and said he believed “elements in Israel are pleased with the agreement.” He added that once the deal is published, “hopefully later this week,” the public will see it as a step that improves security across the region. In another ABC interview, Vance said the parties had already signed the deal digitally, that no economic relief has yet been granted to Tehran, and that any sanctions easing would depend on Iran fully meeting its commitments.

He said the agreement centers on two main points, “Iran will not have nuclear weapons, and the Strait of Hormuz will be opened.” Vance said Iran could gain access to $350 billion through Gulf states if it complies, and that frozen Iranian assets would only be unfrozen in exchange for nuclear concessions. He said the U.S. and the IAEA will jointly oversee Iran’s nuclear program, the nuclear material will be destroyed, and no U.S. troops will be needed, though American nuclear experts may supervise. Separately, Hezbollah welcomed the deal, calling it a “great achievement” that led to a comprehensive ceasefire on all fronts, including Lebanon, while Israeli Defense Minister Israel Katz warned that if Iran attacks Israel over Lebanon developments, Israel will strike back “with full force.”