US and Iran confirm electronic signatures of a latest peace deal

US media outlets report an electronic memorandum of understanding aimed at ending the Iran war has been virtually signed by President Donald Trump, Vice President JD Vance and Iranian Parliament Speaker Mohammad Bagher Ghalibaf.

The terms are to be made public in the next one or two days, while the memorandum's formal signing is scheduled for Friday in Switzerland, officials say. The two sides now have 60 days to negotiate the specifics of a final agreement.

The US-Iran ceasefire pact announced on Sunday is reportedly centred around reopening the Strait of Hormuz and lifting the US naval blockade.

Senior US officials tell reporters the MoU brokered by Pakistan envisages the possibility of unlocking Tehran's frozen funds abroad, sanctions relief, as well as financial incentives of 300 billion US dollar to help rebuild Iran if the country meets certain benchmarks.

JD Vance signals details of the agreement could be released ahead of Friday's formal signing ceremony in Geneva where he's expected to be present. Trump himself has yet to confirm attendance.

Speaking at the G7 summit in Evian-les-Bains alongside the host French President Emmanuel Macron, the US president declares he sees it promising that his country is finally turning the page in its relations with Iran.

Trump says, "I'm very happy to say the deal will be signed and the Strait is already partially opened. It's essentially ships are starting to go out now and on Friday, it'll be completely open. We got along very well with Iran. It's a different set of leaders."

However, the two sides seem to have a different take on whether the strait is open.

Iranian sources say it remains closed to vessels at entry and exit points on Monday as the Islamic Revolutionary Guard Corps Navy has not issued any transit permits over the past 96 hours.

According to ship-tracking data, a liquefied natural gas tanker called "Disha" was the only ship that passed through into the Gulf of Oman on that day.

Among the unresolved issues is Iran's proposed service fees for vessels transiting the critical waterway while Washington insists the strait should be open in a toll-free way.

Fars news agency reported on Monday Tehran intends to accept the passage of ships free of charge only for 60 days, after that, it will provide security and services to crossing ships and use the revenues for its economic development.

The Trump administration hasn't explained how the deal will prevent Tehran from having a nuclear capability, including who will be in charge of verifying its compliance and the removal of highly enriched uranium.

On the Capitol Hill, Senate Majority Leader John Thune says the deal would be a "good one" if the financial incentives for Iran are conditioned upon the country winding down its nuclear programme and getting rid of the enriched uranium.

Meanwhile, Iran's top diplomat Abbas Araghchi tells state TV that his country is basing the negotiation plan and implementing the understanding with the United States in spite of distrust and past experiences. He adds Iran is trying to create as many economic opportunities as they can on the path.

The country's foreign ministry spokesman Esmail Baghaei also points out the US "is committed and has a duty to honour its side" of the MoU, and that it's responsible for any breach of agreement by other players or US allies in the Middle East.