A high-ranking Iranian official has revealed details of a US-Iran memorandum, reportedly outlining the immediate reopening of the Strait of Hormuz for commercial shipping. The agreement would also include a temporary lifting of US sanctions on Iranian oil exports. While the US previously indicated a potential signing as early as Sunday, Tehran has since refuted that timeline. The official did not specify when the memorandum might be formally signed by both parties. This development follows ongoing diplomatic efforts between the two nations amid heightened regional tensions. The potential deal aims to ease trade restrictions and ensure the free flow of oil through the critical waterway. Further details and confirmation from both governments are still awaited.