Summary

U.S. lifts blockade on Iranian ports as 60-day clock for a final deal starts ticking U.S. forces have lifted their blockade on ships entering and exiting Iranian ports and coastal areas, U.S. Central Command announced Thursday. The move is one of the conditions in a ceasefire agreement between the U.S. and Iran while the countries move into the next phase of negotiations over the next 60 days. Iran, for its part, has committed to letting oil tankers move safely through the Strait of Hormuz, where roughly 20% of the world's oil transited before the war began. The agreement, signed Wednesday, states that Iran will allow commercial vessels to transit the Strait of Hormuz "with no charge for 60 days only," after which "future administration and maritime services" will be determined by Iran along with Oman and other Persian Gulf states. Iranian officials have suggested they may impose "service fees" on ships, which industry analysts call legally questionable on an international waterway. When ships will actually begin sailing through the Strait of Hormuz in significant numbers remains an open question, though, given the fear of Iranian-placed mines that the U.S. and other nations are in the process of clearing. Iranian oil exports — now free of U.S. sanctions under the agreement — will also move through the strait. Centcom says the U.S. Navy remains in the area to make sure that the terms of the ceasefire are obeyed. Vice President Vance is leading the negotiations with Iran and is expected to head to Switzerland as early as this weekend, though he did not give a set date. He defended the memorandum of understanding signed earlier this week during a press briefing at the White House on Thursday. The vice president said the U.S. holds "all the cards" at the moment — insisting that Iran will not significantly benefit until it can "verify for us that they are changing their behavior." He called the initial move to lift the blockade and allow Iranian oil through is "not a new benefit to the Iranians." "They were selling oil for many, many years, well before we ever put the blockade," he said. "We imposed that blockade. They stopped selling oil, and now we've lifted the blockade in order to promote the free flow of energy across — across the world." The 14-point memo gives a broad outline of an agreement, but leaves some of the thorniest points of contention yet to be resolved. For example, the document says that the ceasefire extends to Lebanon, which would require cooperation from the Israelis, who are not a party to the agreement. It also states plans for the creation of a $300 billion fund "for the reconstruction and economic development of the Islamic Republic of Iran" in coordination with "regional partners" — details to be sorted within 60 days. Details of lifting sanctions against Iran and disposing of its stockpiled enriched material are all part of what negotiators hope to sort over the next two months.