Iran latest: Terms of proposed Iran agreement unveiled

The Trump administration released some of the contents of the proposed peace agreement with Iran, potentially including a waiver on Iranian oil exports, a framework for a $300 billion reconstruction and economic development package and a 60-day negotiation period to get a final agreement on Iran's nuclear program. 

On Tuesday, the Senate voted again to pass a war powers resolution that would rein in the Trump administration’s prosecution of the conflict despite the fact a peace deal is expected to be signed in just a few days. The measure narrowly failed, but senators from both sides of the aisle have expressed frustration over the White House not sharing details about the agreement.

A U.S. official told The Associated Press on the condition of anonymity that the agreement does not call for Israel to withdraw, and Israeli Prime Minister Benjamin Netanyahu previously said that the country’s forces would remain "as long as necessary."

Here’s the latest: 

US officials read memorandum of understanding to journalist

1:45 p.m. ET: A senior U.S. official released some of the terms of the memorandum of understanding the U.S. has with Iran. 

The official said the draft included a new ‘minimum’ standard for the dilution of highly enriched uranium in addition to provisions to ensure ‘territorial integrity’ of Lebanon. 

The official, who spoke on the condition of anonymity, read the terms on a call with reporters that said the U.S. will waive some wide-ranging sanctions against Iran, but not eliminate them. 

It also has just a 60-day toll-free passage on the Strait of Hormuz, but does not preclude future fees, according to the official. 

What they're saying:

During a call with reporters, senior U.S. officials read portions of the agreement and defended controversial provisions that would allow Iranian crude oil exports to resume immediately while broader negotiations continue.

"The U.S. Department of Treasury will issue waivers for the export of Iranian crude oil, petroleum products and derivatives and all associated services including banking transactions, insurances, transportation, etc," the agreement states, according to officials. They declined to provide the written text of the agreement. 

Trump: Iran could face ‘ultimate consequences’ if they obtain a nuclear weapon

6:45 a.m. ET: Speaking at the G7 Summit, President Trump issued a bold warning if Iran were to acquire a nuclear weapon. 

"And if they do, they suffer unbelievable consequences," Trump said. "Not just a little bit — I won’t even tell you the consequences, but the consequences are the ultimate consequences."

"They will not develop, purchase, buy or any other thing," he went on to say. "They’re not going to acquire a nuclear weapon. If they do, all hell will rain down on them."

 

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