Iran and the United States have signed off on a 14-point agreement to end nearly four months of war, with the Strait of Hormuz set to reopen — but not for free.

Iranian media published details of the framework on Monday, though officials say it isn't the final text. The deal provides for a "permanent and immediate cessation of war on all fronts, including Lebanon," according to Iran's Mehr news agency.

The agreement also unlocks $24 billion in frozen Iranian assets during a 60-day negotiation period. Half of that money — $12 billion — will be available before formal talks even start.

Under the deal, the US will suspend sanctions on Iranian oil, petrochemicals and their derivatives. Washington will also lift what Iran calls a naval blockade on its ports and coastline that has been in place since April 13. US forces will withdraw from near Iran.

But the most striking detail is about the Strait of Hormuz. US President Donald Trump said on social media that the crucial waterway would be open "toll free." Iran, however, has other plans.

Tehran says it will reopen the strait within 30 days "under Iranian arrangements." Mehr reported that Iran has added a "maritime service fee" for ships passing through. On Monday, Iran's Fars news agency quoted an informed source saying the US has accepted that fees will be paid to Iran.

Iran's Foreign Minister Abbas Araghchi had earlier said charging tolls would violate international law. But he insisted on Friday that "the administration of the Strait of Hormuz will no longer be the same as before" and called the waterway an Iranian "instrument of deterrence." He said any fee system would be implemented with Oman.

The framework is meant to lead into 60 days of detailed talks on Iran's nuclear programme. Issues on the table include Iran's uranium enrichment activities, its stockpile of highly enriched uranium, and US and UN sanctions. Araghchi said Iran's preferred approach to its enriched uranium stockpile is "to dilute it inside Iran."

Trump told the New York Times on Monday that talks were ongoing over whether Iran would suspend enrichment for 20 years, but hinted he might settle for 15 years. He insisted Iran's enrichment levels "can never be used by the military" and that it "can never go beyond a certain amount."

"Once these urgent commitments are executed, we will immediately enter negotiations," Iran's deputy foreign minister Kazem Gharibabadi told state television.

Gharibabadi said final talks will only start after the US fulfills key commitments — ending the naval blockade, stopping military operations, and releasing Iran's blocked funds. The negotiations will also cover post-war "reconstruction and economic development," though he didn't give details. A compliance mechanism will also be discussed.

Iran says two major issues are off the table. Mehr reported that Iran's "missile programme and support for resistance groups have been definitively removed from the agenda." These have been central concerns for Israel, which hasn't commented on the deal.

Araghchi promised to reveal the full framework once it is finalised. "Once finalised, I undertake to explain the details to the public," he said on Friday.

The war began in February 2026 after a series of escalating incidents in the Gulf. The Strait of Hormuz, through which about 20% of the world's oil passes, was effectively closed by Iran in April, sending global energy prices soaring. For Caribbean nations like Jamaica and Trinidad, which import refined petroleum products, the reopening — even with fees — could ease pressure on fuel costs.

  • 14-point framework for permanent ceasefire
  • $24 billion in frozen Iranian assets to be released over 60 days
  • $12 billion available before formal talks
  • Strait of Hormuz to reopen within 30 days under Iranian fee system
  • 60-day negotiation period on nuclear programme, sanctions