Leaks of the Iran-US deal reveal plans to reopen the Strait of Hormuz, a 60-day window for nuclear talks.

Iran will take immediate steps to reopen the Strait of Hormuz once a tentative ceasefire deal with the US is signed and will be allowed to sell its oil without restrictions, according to leaked copies of an interim agreement that officials say is largely in line with the deal.

The agreement, which must be officially signed at a ceremony in Switzerland on Friday, states that the US will secure at least 300 billion dollars to rebuild Iran after the war and work to end all US and United Nations sanctions imposed on Tehran if a final agreement to deal with its nuclear program is reached.

Allowing Iran to sell its oil freely and promising to finally remove all sanctions represent major concessions that exceed the terms of the 2015 Iran nuclear agreement with world powers, which US President Donald Trump withdrew from his first scandal, declaring it “the worst deal ever.”

The two sides will begin 60 days of talks on a final deal that the Trump administration insists will prevent Iran from developing a nuclear weapon.

Much of the deal would restore the status quo before the war, including ending hostilities and reopening the strait, which is a key oil and natural gas transit route and whose closure created a historic energy crisis.

Meanwhile, Trump said Wednesday at the end of the G7 meeting that if Iran “doesn’t behave” the US will “go back to dropping bombs between their heads.”

A person briefed on the memorandum of understanding after it was signed and another who previewed a copy said it closely resembled the text of what Saudi-owned broadcaster Al Arabiya published on Tuesday. The people spoke on condition of anonymity because of the sensitivity of the discussions.

Two other officials in the Mideast, who spoke on condition of anonymity for the same reason, also said that the versions published by Al Arabiya and Bloomberg were more in line with the final agreement.

WATCH | How the deal was made in Iran:

Iran officials say cooperation with US ‘successful’

U.S. and Iranian officials said Sunday they had agreed on a draft peace agreement to end their war, end the Iranian blockade of Iran and reopen the Strait of Hormuz. In response, many Iranians are liberal, hoping that it will bring a period of stability to the country and improve the economy. However, those who oppose the Iranian regime are disappointed that the war did not lead to regime change.

The White House and other US officials did not release the terms and did not immediately respond to questions. Iran has also not published an official version of the agreement. Iran’s official Tasnim news agency, which is close to the Revolutionary Guard, said on Wednesday that Bloomberg’s version had missing parts, without giving full figures.

The reported data exposed the tension between the US and Israel. The agreement calls for an immediate end to all hostilities in Lebanon between Israel and the Iranian-backed militia Hezbollah. Prime Minister Benjamin Netanyahu, who is facing elections this year, is adamant that Israel will continue to defend itself and occupy most of Lebanon.

Iranian attacks on ships and the threat to shipping have largely closed the Strait of Hormuz, driving up global energy prices and making many basic goods, including food, more expensive. The US later provided military support to evacuate the ships, but shipping traffic is nowhere near pre-war levels.

The deal requires the US to lift its embargo on Iranian ports and for the strait to return to its pre-war sea level within 30 days, while acknowledging that Iranian mines may be in its waters that need to be destroyed.

While the agreement states that the final lifting of sanctions on Iran will depend on future negotiations, the US will immediately issue a withdrawal of Iranian oil sales.

WATCH | What about ships and oil?:

Reversing the Strait of Hormuz energy crisis

CBC business correspondent Peter Armstrong explains why – even when the Strait of Hormuz is reopened – restoring markets to pre-war levels will be a huge undertaking.

Offering an oil waiver directly at the start of the 60-day negotiations deprives the US of a major leverage point against Iran. In the years leading up to the 2015 international nuclear deal, Iranian oil faced international sanctions that limited its sales. Only at the end of the comprehensive agreement in 2015 were those sanctions lifted.

The deal will also provide Iran with at least $300 billion in funds to rebuild after a heavy bombing campaign by the US and Israel. US Vice President JD Vance said that the Gulf Arab countries will provide this money as an investment in Iran.

Nuclear talks are pending

The interim agreement sets a 60-day window, which could be extended, to negotiate limits on Iran’s nuclear program, which has been discussed in multiple talks during Trump’s second administration without success. Iran maintains its nuclear program is peaceful, although it has enough highly enriched uranium to build multiple atomic bombs, if it chooses to do so, according to the International Atomic Energy Agency.

In the interim agreement, Iran reiterates that it will never develop nuclear weapons – a promise it also made in the 2015 nuclear deal. Iranian politicians have long pointed to statements by the late Ayatollah Ali Khamenei that Iran will not build an atomic bomb. It is not clear whether Khamenei’s son, Iran’s new leader Ayatollah Mojtaba Khamenei, will follow suit.

The G7 leaders said in a statement that there is a “historic opportunity to prevent Iran from obtaining any nuclear weapon and to deal with threats related to its regional and ballistic activities.”

Trump has cited shifting goals for the war, including at one point vowing to end Iran’s nuclear and missile programs and its support for Hezbollah and other regional actors.

In January, he called for rare protests in Iran, saying on social media that “help is on the way.” While the protests ended when the US and Israel launched a widespread attack on Iran on Feb. 28, the plight of the Iranian people seems to recede from view. This week, Trump said the White House is working with Iranian leaders who are “not radicalized” and who are “looking to help their country.”

WATCH | Is Iran really a nuclear threat?:

How close Iran was to making a nuclear bomb

US President Donald Trump has justified the war with Iran by saying that the country is two weeks away from having a nuclear weapon. Nationally, CBC’s Eli Glasner debunks those claims and how close Iran was to developing a nuke.