US and Iran sign peace deal; 60-day negotiations to continue for a permanent agreement

US President Donald Trump and Iranian President Masoud Pezeshkian on Wednesday (local time) signed a peace deal. This comes after around four months, when the US and Israel launched attacks on Iran in late February. The negotiations for a permanent agreement will continue for 60 days.

Key points

• The US and Iran signed a 14-point memorandum of understanding (MoU).
• US President Donald Trump and Iranian President Masoud Pezeshkian signed the agreement.
• Both countries agreed to an immediate halt to military action.
• Iran pledged to ensure safe maritime passage in the Strait of Hormuz.
• The US will provide relief on certain sanctions against Iran and allow limited oil exports.
• The agreement includes a provision for access to some of Iran's frozen assets.
• Iran reiterated its commitment not to develop nuclear weapons.
• Negotiations for a permanent agreement will continue for 60 days.
• The agreement has eased concerns regarding global oil supplies.
• It is being viewed as a major step towards reducing tensions in West Asia.

After signing the US-Iran peace agreement, Iran's Foreign Ministry spokesperson Esmail Baqaei said the Friday meeting in Switzerland is unconfirmed. On the other side, the Swiss Ministry of Foreign Affairs said the meeting would take place as confirmed.

The US and Iran unveiled the temporary agreement text to stop their war on Wednesday, with US President Donald Trump threatening to launch attacks and kill Iranian officials if they failed to honor their obligations. He also removed at least one of his earlier justifications for bombing Iran in the first place when in France for the G7 summit.

"We're going to bomb the hell out of them if they violate the agreement," Trump said of Iran at a press conference. "I don't want them to. I want them to honor the agreement."