US and Iran sign memorandum for tentative deal

WASHINGTON (CBS) - The White House says the U.S. and Iran have both signed a memorandum of understanding which calls for the end of fighting and the reopening of the Strait of Hormuz.

It also lays out the structure for negotiations to begin on stickier issues such as Iran's nuclear program and Israel's battle against Hezbollah in Lebanon.

President Trump arrived in Evian, France for the start of the G7 Summit with news of a tentative deal between the U.S. and Iran, but few details have been released.

"We plan to release the full text this week, we want the American people to see it. What this agreement does is actually two-fold. On the one hand, it ensures that Iran will never have a nuclear weapon while simultaneously reopening the Strait of Hormuz," said Vice President JD Vance.

President Trump says the U.S. will immediately end its naval blockade of Iranian ports in exchange for Iran, opening the strait of hormuz upon the signing of the deal on Friday.

But Iranian media reports the regime will have 30 days to demine and reopen the strait.

Iran is also saying it will charge fees to transit the Strait, something the U.S. has said is not acceptable.

The deal sets up talks on what will happen to Iran's nuclear program with details to be negotiated over the next 60 days following the signing.

"Sometimes with these agreements there are some diplomatic protocols, some technical things to work out," explained Vice President JD Vance.

Iran is also insisting the agreement will immediately end the fighting between Israel and Hezbollah militants in Lebanon.

In Israel, there is pushback against the deal.

Vice President JD Vance says the U.S. expects Israel to abide by the terms of the agreement.

There is opposition to the deal by some in Iran as well, with a member of that country's national security commission saying Iran will never relinquish the uranium it has already enriched.