Trump says U.S.-Iran deal text will be released after Friday signing

President Donald Trump said the full U.S.-Iran deal text would be released after Friday’s signing in Switzerland, widening a transparency gap that leaves the agreement impossible to evaluate on its tradeoffs. Vice President JD Vance said U.S. officials electronically signed the document on Sunday, but the public still does not know whether the deal is mainly a maritime truce or the start of a broader nuclear settlement.

The immediate stakes are enormous for energy markets and shipping. Before the war, the Strait of Hormuz carried about one-fifth of the world’s oil and gas supply, and the reported draft terms would reopen the waterway and lift the U.S. naval blockade on Iranian ports. Oil prices fell after Trump’s announcement, underscoring how quickly even a partial thaw could ripple through global benchmarks, freight rates and insurance costs.

What remains missing is the part that will determine whether the deal is substantive or mostly political theater. Reporting on the draft terms indicated that negotiations over Iran’s nuclear program would follow during a 60-day period of talks, with possible inspection provisions and eventual dismantling of the nuclear program still unresolved. The biggest unanswered questions are whether Iran will accept enforceable limits, what verification regime would be in place, and how quickly any sanctions relief would be reversed if Tehran walks away.

The sanctions side of the bargain is also unclear. Draft terms described in reporting suggested the United States would begin releasing billions of dollars in frozen Iranian assets and waive sanctions on Iranian oil exports in return for Iran reopening the strait. That would be a major concession with immediate budget implications for Tehran, but it would also remove one of Washington’s strongest levers before the most contentious nuclear details are settled.

Iranian officials have not embraced the deal as a finished product. Iranian state media remained cautious about the timing of a final signing, and technical-level talks were still expected. Iranian Foreign Minister Abbas Araqchi also signaled that changes were still possible, a reminder that the Friday ceremony in Switzerland may be a milestone, not a conclusion.

Trump said the deal was complete after nearly four months of hostilities, and Pakistani Prime Minister Shehbaz Sharif said Pakistan helped mediate the talks. Yet until the text is released, the public cannot judge whether the agreement locks in enforcement, inspections and sanctions relief, or simply pauses a confrontation that could return once the fine print emerges.