Iran has agreed not to build a nuclear weapon and to reopen the Strait of Hormuz, in return the US will release some $25 billion in frozen assets as part of a President Trump-brokered peace deal, according to details released by Tehran on Sunday.

Iranian officials were cautiously optimistic that a deal to finally halt the conflict which has raged for three and a half months, throwing world markets into chaos, was on the horizon.

On Saturday, US President Donald Trump and Pakistani Prime Minister Shehbaz Sharif said a deal would be signed on Sunday and would immediately result in the reopening of the Strait of Hormuz, the crucial chokepoint through which a fifth of the world’s oil supplies flow.

An Iranian Foreign Ministry spokesperson said that the deal could happen in the next few days.

The deal, which would see $25 billion in Iranian assets unfrozen by the US, does not solve all issues between Tehran and Washington, but offers a 60-day framework for technical discussions on the issues, according to officials from Pakistan.

The US would also end its blockade of Iranian-linked ships coming out of the strait.

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Tagged: Middle East BACK TO HOMEPAGE