US-Iran ceasefire deal reportedly includes Lebanon end, $12B fund release

A comprehensive ceasefire deal between the United States and Iran is reportedly nearing finalization, according to Iran's state media outlet Mehr. The proposed agreement includes a cessation of hostilities in Lebanon and the initial release of $12 billion in frozen Iranian funds. The deal, which is still awaiting approval from Iranian officials, is slated for final endorsement by the United Nations Security Council.

As part of the proposed terms, the U.S. would lift sanctions on Iranian oil and petrochemical products, granting Iran full access to its previously frozen assets. Mehr reported that the total amount of funds involved is $24 billion, with half to be unfrozen before further negotiations commence. Additionally, the U.S. would commit to non-interference in Iran's internal affairs and withdraw forces from areas proximate to Iran.

The report also claims the blockade of the Strait of Hormuz would be lifted, with the vital waterway fully reopened within 30 days of the deal's signing. Regarding Iran's nuclear program, the agreement specifies a 60-day negotiation period to establish a final nuclear accord. Notably, Iran's ballistic missile program and its backing of regional proxy groups, such as Hezbollah, are excluded from these negotiations.

This development follows U.S. President Donald Trump's announcement on Thursday night that he had canceled scheduled strikes against Iran, citing the agreement in principle. Trump described the memorandum of understanding as having been approved "both in concept and great detail" by all involved parties, including the U.S., Israel, Saudi Arabia, the United Arab Emirates, Qatar, and several other Middle Eastern nations. While no signing date was provided, Trump indicated it could occur over the weekend in Europe, with Vice President JD Vance expected to attend.

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The deal, also known as a memorandum of understanding (MOU), was approved "both in concept and great detail" by all involved parties, including the US, Israel, Saudi Arabia, the United Arab Emirates, Qatar, and multiple other Middle Eastern countries.