The draft version of the Iran-U.S. memorandum of understanding includes a commitment from the U.S. to lift oil sanctions and a commitment from Iran to reopen the Strait of Hormuz within 30 days, Iranian state media reported Friday.

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The 14-point document dictates that final negotiations will not begin until the release of half of Iran’s frozen funds, the suspension of Iran’s oil sanctions, and the lifting of the naval blockade, the Mehr News Agency reported.

All American forces would need to withdraw from Iran, and the U.S. and its allies, would need to present reconstruction plans for Iran worth at least $300 billion, according to the report.

President Donald Trump on Thursday had claimed that the U.S. “just made a great settlement of the war with Iran,” subject to the “finalization of documents.”

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He said in the Oval Office that the Strait of Hormuz would be reopened as soon as a deal is signed.

About 25% of the world’s seaborne oil trade and 20% of global LNG passes through the Strait, the vital oil-shipping route that has become a major chokepoint during the war.

Global stocks surged on Friday on hopes a peace deal would be reached. Oil prices were down, with U.S. crude oil futures for July delivery falling 1.61%. August futures for Brent, the international benchmark, lost 1.75%.

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