After months of fighting, the US and Iran may be close to signing an interim peace deal. The deal could be signed as soon as Sunday in Geneva, with Vice President JD Vance and Iran's parliament speaker, Mohammad Baqer Qalibaf, reportedly set to attend.
The terms of the deal include destroying or removing Tehran's highly enriched uranium, reopening the Strait of Hormuz to normal oil traffic, and releasing Iran's frozen assets. However, both sides have a different version of the finalised terms.
The deal would be played out in two phases, with the initial MOU to be realised first, followed by negotiations for a final agreement that may last 60 days. Issues of uranium enrichment and removal of US sanctions on Iran would be moved to the second phase.
The agreement would also permit the release of frozen Iranian assets, provided they comply with requirements. Iran would be relieved of economic pressures, including the unfreezing of its assets and sanctions relief.
Iran continues to see Lebanon as a key friction point in its negotiations with the US. The proposed deal framework would end hostilities across all fronts, including Lebanon, where Israel has been engaged in an offensive with the Iranian-backed Hezbollah.
