Ghoncheh Habibiazad
Senior reporter, BBC Persian

Iran’s official news outlet IRNA (Islamic Republic News Agency) has released a version of the memorandum of understanding minutes ago.

Comparing side-by-side what the IRNA has published with the 14-paragraph version provided to the BBC by senior US officials, it seems like the two are almost identical.

The only minor difference in the Iranian version is in paragraph six, which says the “United States of America undertakes with regional partners to develop a definitive mutually agreed plan with at least USD 300 billion for the reconstruction and economic development of the Islamic Republic of Iran. Mechanism for the implementation of this plan will be finalized as part of the final deal within 60 days."

The paragraph's ultimate sentence in the US version reads: "All required licenses, waivers, and permissions needed for the relevant initial transactions will be granted by the United States of America."

In the version published by IRNA, the word “initial” is missing from that last line. But, it doesn’t seem like anything major that makes an actual difference in the meaning.

President Trump has said 60 days is not a hard deadline for a final agreement with Iran.

Asked by a reporter after he landed in Paris if he sees a hard deadline for the agreement, Trump said: "No, I don't. It could take longer."

The memorandum of understanding as it stands says the two sides would aim to reach an agreement within 60 days.

Trump also said that if other countries have ballistic missiles, it's "a little bit unfair" for Iran to have none.

He added that "a ballistic missile is not the same thing as what we're talking about when we talk nuclear. But if Saudi Arabia and Qatar and they all have some, I would say in relative proportion, I think it's OK."

He was also asked by a reporter how long the US would leave its military in the Gulf, to which he replied, "I would say a little while" after the deal is agreed.

Imogen Foulkes
Reporting from Geneva

The head of the International Atomic Energy Agency says the agreement due to be signed between the US and Iran on Friday is "a good step forward", but warned there was still important work to do.

Rafael Grossi was speaking to the BBC in Geneva before heading to the Bürgenstock resort, where the signing will take place.

Asked if the terms were better or worse than the original deal to limit Iran’s nuclear capability (agreed under President Obama and which President Trump abandoned) Mr Grossi said there could be no comparison.

This agreement was a "post-war agreement" he said, whereas the previous one had been designed to allow Iran to proceed with some nuclear capability, for peaceful purposes only.

This one would involve an inventory of what remained of Iran’s highly enriched uranium, he added, and would be complex because of the destruction of infrastructure during the conflict.

Mr Grossi expects the IAEA to be tasked with inspecting what’s left of Iran’s nuclear facilities, and stressed that "if there is non-compliance, we (will) say it".

Mr Grossi is a candidate to be the next UN secretary general, and his reluctance to compare the previous Iran nuclear agreement (which took years to negotiate and which most analysts agreed was largely successful) may be because he does not want to say anything which could be seen as criticism of the US - a country with the power to veto his candidacy at the UN Security council.

Image source, Reuters

US President Donald Trump has now arrived in Paris, heading for a state dinner at Versailles with French President Emmanuel Macron.

His departure from Évian via Geneva Airport caps an eventful G7 summit that saw him announce details of the US-Iran ceasefire agreement, and threaten to "bomb the hell" out of Iran if it did not stick to its terms.

The deal is set to be formally signed in Switzerland on Friday, with the Iranian foreign ministry saying it could be signed by the two countries' presidents.

Trump hasn't confirmed whether he'll "stick around", but says he "might".

Asked whether the American public thought the war in Iran was a humiliation for the US, pollster Larry Sabato says: "On day one it was already unpopular. This is the only modern war where Americans sided against it from the beginning."

He adds: "Even some of the MAGA forces, the strong Trump forces, understand that while this didn't turn out to be a forever war, at least not yet, it also violated the general pact they had with Trump in the elections, which is that he was going to avoid the foreign policy mistakes and unwise wars of presidents like George W Bush."

Asked where it leaves the neocons, the faction of international interventionists in the Republican Party that is most closely identified with Bush and the Iraq War, Sabato says that "the neocons have never liked Trump and this gives them the fuel they need".

Sabato is director of the Centre for Politics at the University of Virginia. He is an expert in public opinion and research.

Listen back on BBC Sounds from 17:10.

Ghoncheh Habibiazad
Senior reporter, BBC Persian

Iran’s economy has been under pressure for years.

Tehran is estimated to have more than $24bn (£18bn) in frozen assets held in foreign banks.

But the war has cost Iran far more than that - possibly close to 10 times those out-of-reach funds.

The country’s government spokesperson has estimated the cost of damage caused by US and Israeli attacks at $270bn (£203bn).

Before the recent war, years of Western sanctions, mainly imposed due to Iran’s nuclear and ballistic missile programmes, also damaged the country’s economy.

Iran’s top negotiator, Parliament Speaker Mohammad Bagher Ghalibaf, while acknowledging the current state of Iran’s economy and pain caused by sanctions, has said Iran would not “surrender” in exchange for sanctions being lifted.

Then, there are the ordinary people.

Anti-establishment protests in Iran back in January started over the state of the country’s economy. But Iran's economic situation now is far worse than it was back then.

It is yet to be seen whether a deal with the US can bring some life to Iran’s economy.

Daniel Bush
Washington correspondent

President Donald Trump is pitching the US-Iran deal as a major win for the global oil markets, promising at the G7 summit that energy prices would quickly fall to pre-war levels after the agreement goes into effect.

"It'll soon be at the number it was four months ago," we just heard him say about oil prices during his press conference.

But energy industry leaders are warning it could take much longer for markets to stabilise.

Shippers will be wary to fully restart operations in the Strait of Hormuz while the US and Iran negotiate a final peace deal over the next two months. And even if oil starts moving through the strait once the US-Iran ceasefire extension is signed, it typically takes time for prices to come down and for cost savings to be passed on to consumers.

Many experts, though, say it could take months after the Strait of Hormuz reopen for energy shipments to fully pick back up and get back to where they were less than half a year ago.

US officials have also warned that prices won’t drop overnight, noting that it’ll take some time for oil and gas shipments in the region to return to normal.

Trump says 'common sense' will keep the Strait of Hormuz toll-freepublished at 19:13 BST 17 June

19:13 BST 17 June

Bernd Debusmann Jr
White House reporter

Image source, Reuters

Part of the agreement notes that upon the signing of the MoU, Iran will "make arrangements using its best efforts" to allow safe passage of commercial days through the Straight of Hormuz - with no charge.

This has been a significant objective of the US since the war began and the strait was shut, sending oil prices spiking upwards. But just how permanent this fix is remains to be seen.

In the longer-term, the document notes that Iran will work with Oman and other Gulf states to set up a "broader" agreement on the waterway.

Asked during his G7 press conference what safeguards there were against Iran imposing fees, Trump replied "common sense".

"They don't want to get bombed," he elaborated. Even if it doesn't come to that, the US believes the Gulf states would "never" accept a future in which there is a tolling system in place.

Initial deal agreed - but much work still to be donepublished at 18:54 BST 17 June

18:54 BST 17 June

Daniel Bush
Washington correspondent

Taken together, the details of the US-Iran agreement - outlined in our earlier post - confirm the narrow confines of the immediate deal at hand, as well as the massive challenges ahead for both sides to reach a permanent peace deal.

The Memorandum of Understanding lifts the US naval blockade and reopens the Strait of Hormuz, moves that will calm the global economy.

But it leaves all the key questions around Iran’s nuclear programme to the final negotiations.

The Obama-era Iran nuclear deal was negotiated over nearly two years.

Now, in theory, the US and Iran have just 60 days to reach a new one.

US President Donald Trump and his Iranian counterpart Masoud Pezeshkian could sign the deal to end the war, Iran's foreign ministry says.

According to semi-official news agency Tasnim, foreign ministry spokesperson Esmail Baghaei says the idea is "on the table and is still being considered".

It comes after Trump told a G7 press conference he "might" stick around for the signing ceremony, which is set to take place in Switzerland on Friday.

Image source, Reuters

Just before the G7 news conference in France wraps up, Trump is asked whether he will "stick around", as the signing ceremony is in Switzerland on Friday.

He replies, "I might", then jokes that if the deal falls through he can blame Vice-President JD Vance.

As Donald Trump has been speaking, senior US officials have been briefing reporters about the deal with Iran.

The BBC was part of that meeting. Here are some key points from the 14-paragraph agreement:

• Fighting ends - Lebanon included: The deal declares the "immediate and permanent termination of military operations on all fronts, including in Lebanon"
• Final deal in 60 days: "The United States of America and the Islamic Republic of Iran commit to negotiating and achieving the final deal in maximum 60 days, extendable with mutual consent"
• US naval blockade ends: The US will remove its naval blockade of Iran within 30 days. "During this period, the traffic of vessels will be in proportion to the numbers of pre-war traffic being restored by the Islamic Republic of Iran". Also, the US "further undertakes to remove its forces from the proximity of the Islamic Republic of Iran within 30 days after the final deal"

• Strait of Hormuz reopens: The key waterway will remain toll-free for 60 days, and then, a senior official says, "Iran will work not just with Oman but with the Gulf states to set up a broader agreement, a longer term agreement on the Strait of Hormuz"
• $300bn for Iran development: The US undertakes with regional partners to develop a fund of at least $300bn (£224bn) "for the reconstruction and economic development of the Islamic Republic of Iran"
• All sanctions lifted: The US "undertakes to terminate all types of sanctions against the Islamic Republic of Iran", with a schedule to be agreed
• No nuclear weapon for Iran: The US and Iran agree that Iran will never have a nuclear weapon, and they will work together on removing Iran's enriched nuclear material through "blending on site under the supervision of the IAEA"

Our correspondents Gary O'Donoghue and Bernd Debusmann Jr have also gone through the detail - read their reports in our previous posts.

Gary O'Donoghue
Chief North America correspondent

The Strait of Hormuz will be toll-free for 60 days under the terms of the US-Iran deal, according to senior US officials.

According to a senior official, the agreement between the US and Iran reads: "Upon the signing of this MoU, the Islamic Republic of Iran will make arrangements using its best efforts for the safe passage of commercial vessels with no charge for 60 days, only from the Persian Gulf to the Sea of Oman and vice versa."

There will then be a discussion between Iran and other Gulf states and Oman, the officials said.

According to the briefing, the agreement reads: "The Islamic Republic of Iran will conduct dialogue with the Sultanate of Oman to define the future administration and maritime services in the Strait of Hormuz, in discussion with other Persian Gulf littoral states in line with the applicable international law."

This would open the possibility that tolls could be a reality in future.

However, a senior US official expressed confidence that the Strait of Hormuz would remain free of tolls after these negotiations.

Speaking to journalists, they said: “Of course, I'm sure the Iranians will assert their rights as aggressively as they can, but fundamentally [the deal is] toll-free passage of the Strait of Hormuz for 60 days. That will continue because the Persian Gulf states will never agree to an arrangement that doesn't permit toll free access to the Strait of Hormuz for themselves and their industries.”

Bernd Debusmann Jr
White House reporter

We've just wrapped up a call with senior US officials, who read out the full text of the US-Iran Memorandum of Understanding (MoU), word-for-word, along with what one official called "colour commentary".

The officials made clear - as they have in recent days - that the US sees this agreement as performance-based, committing the US to "nothing" unless Iran meets its own obligations.

Notably, the sixth point of the MoU says the US and regional partners will develop a "definitive, mutually agreed plan" worth at least $300bn (£224bn) for reconstruction and economic development in Iran.

The final mechanism will be agreed within 60 days of the final deal, and all licences, waivers and permissions will be granted by the US.

However, this does not mean the US will be financially involved.

One official noted that the US is not required to pay "a cent of money" to Iran, or contribute.

As a hypothetical example, the official said that if Iran "behaves", Emirati authorities could build a power plant in Iran, with US blessing.

Trump says he'll "bomb the hell" out of Iran if it doesn't stick to the agreement.

His threat came in response to a journalist's question about whether the deal includes anything enforceable to stop Iran from getting a nuclear weapon.

Trump says military action is the only plausible path.

Trump is now taking questions from reporters.

He is pressed on reports that the US could allow Iran to make money by selling oil and accessing a $300bn (£224bn) reconstruction fund.

"Only if they're doing things right," he responds.

Trump goes on to say Iran "will be hit again" unless they "behave themselves".

Was Obama deal 'going to give' Iran a nuclear weapon?published at 17:52 BST 17 June

17:52 BST 17 June

By Tom Edgington

Donald Trump has claimed that the 2015 nuclear agreement negotiated under former president Barack Obama was "a deal that was going to give them [Iran], legally, a nuclear weapon".

However, the Joint Comprehensive Plan of Action (JCPOA) explicitly stated that "under no circumstances will Iran ever seek, develop or acquire any nuclear weapons".

The JCPOA placed restrictions on Iran’s enrichment of uranium, a key component of a nuclear weapon, requiring international monitoring.

Both the International Atomic Energy Agency and the US State Department said in April 2018 Iran was "fully implementing" the agreement, weeks before Trump withdrew from it.

Trump also claimed the deal “expired long ago". While it is correct that limits on Iran’s uranium enrichment level and stockpile size were only set for 15 years, these were not due to expire until 2031.

JCPOA critic Jacob Olidor, from the America First Policy Institute, argues these "sunset clauses" meant Iran could have eventually expanded its nuclear programme.

But JCPOA chief negotiator Cathy Ashton argues it stopped Iran from developing a nuclear weapon, telling BBC Verify if Trump felt that the deal was inadequate, "the answer was to build on it, not to rip it up".

Image source, AFP via Getty Images

Trump continues to speak about the memorandum of understanding with Iran.

He says he hopes the agreement will also be the start of a "deal all across the Middle East".

Trump adds that peace in Lebanon is "something we will have to work on", but says "the big deal is the Iran deal".

It's been unclear whether Lebanon is included in the deal.

Trump moves on to US media reports that Iran could be given access to a reconstruction fund worth $300bn (£224bn) as part of the deal to end the war.

He describes the reports as "fake story".

"We don't give them money," he says. "We don't give them any of that."

He then pivots to the future negotiations, which he says will involve Gulf nations and discuss "non-nuclear issues", including Iran's "conventional ballistic missiles".

"They have to have some because other people have some, you've got to have some," Trump says.

The president says he was advised to prevent Iran from having any missiles but he says "it doesn't work that way".

Image source, Getty Images

Trump says the peace deal with Iran will be signed "shortly".

"Tomorrow, maybe the next day," he says at his G7 news conference. Earlier, Trump said the deal would be formally signed on Friday in Switzerland.

"Importantly, Iran has agreed it will neither produce nor procure a nuclear weapon," Trump says, adding that the language is important because it prevents Iran from buying nuclear weapons from other countries.

He says a copy of the deal was sent to Israel, a "good partner", although he adds: "I think they could do better with respect to Hezbollah."