BREAKING: Iranian state media announces initial details of the "Memorandum of Understanding" for the US-Iran peace deal. INITIAL DETAILS OF THE DEAL, PER IRAN: 1. US Military forces will withdraw from the vicinity of Iran 2. The US Navy will lift its blockade of the Strait of Hormuz 3. Iran has committed to restoring the number of commercial transit ships through the Strait of Hormuz to pre-war levels within 1 month 4. Iranian state media says military vessels are not included in this draft agreement 5. The management and routing of ship traffic through the Strait of Hormuz will be handled by Iran in cooperation with Oman 6. If a final deal is reached within 60 days, this agreement will be approved in the form of a binding UN Security Council resolution US oil prices extend losses to drop below $89/barrel.