The proposed agreement, expected to be informal and unwritten, includes Iran freezing its nuclear enrichment at 60% and refraining from attacking US military contractors in Syria and Iraq.
the US pledges to avoid imposing new harsh sanctions on Iran, refrain from seizing oil tankers in the Gulf waters, and not pursue anti-Iran resolutions in the United Nations.
The US is also expected to release frozen Iranian bank accounts and allow the release of funds held in South Korea and Iraq.
The arrangement is considered an unwritten agreement, which means it does not require Congressional approval and makes it difficult for Republicans to attack it during the presidential campaign.
The focus of the proposed arrangement is on addressing concerns about Iran's uranium enrichment program, which had reached 84%, and its stockpile of centrifuges.
The deal could potentially prevent Israel from taking pre-emptive military action against Iran and also end Saudi Arabia's nuclear aspirations.
Israel's Prime Minister Benjamin Netanyahu has expressed skepticism about the arrangement but may have limited influence to overturn it.
Iran sees the agreement as a short-term measure that could provide immediate economic benefits and improve its relations with Saudi Arabia, Russia, and China.
If the agreement holds, it may pave the way for further engagement between the US and Iran on other common concerns in the future.
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