A U.S.-Iran memorandum of understanding allows Iran to immediately restart oil sales and lifts restrictions on related banking, transportation and insurance services, according to The Wall Street Journal. The full text has not been released, but the agreement is set to take effect once it is signed. Trump called it a “very powerful document,” while Obama said he was doubtful it is “significantly different” from the nuclear deal reached during his administration. JD Vance said key details still need to be negotiated, though he cited reopening the Strait of Hormuz and an Iranian commitment not to pursue a nuclear weapon as major outcomes.