BlockBeats News, May 26th, according to Al Arabiya, the US-Iran Draft Agreement has been reached. The draft agreement allows for the free passage of the Strait of Hormuz and the clearing of mines. The navigation of the Strait of Hormuz must be restored within 30 days.

The agreement stipulates that the US commits to easing sanctions on Iranian ports, allows Iran to sell and export oil, and grants specific sanctions exemptions for Iranian oil exports. The relaxation of sanctions on Iranian oil will be considered in phases, depending on Iran's compliance with its commitments. The agreement also provides for continued nuclear negotiations to reach a long-term consensus.