A senior US official on Wednesday released the text of an agreement reached between Washington and Tehran to end the Iran war and reopen the Strait of Hormuz, after months of conflict had battered the global economy and sent oil prices soaring.

The outline of the agreement, titled “Islamabad Memorandum of Understanding between the United States of America and the Islamic Republic of Iran”, was released following days of pushback over the Trump administration’s lack of transparency.

US President Donald Trump told reporters in France on the sidelines of the Group of 7 economies that the 14-point memorandum of understanding (MOU) – reached on Sunday – “achieves everything we set out to accomplish, everything and much more”.

Full details of the 14-point agreement:

1. The United States of America and the Islamic Republic of Iran and their allies in the current war, by signing this MOU, declare the immediate and permanent termination of military operations on all fronts, including in Lebanon, and undertake from now on not to initiate any war or any military operation against each other, and to refrain from the threat or use of force against each other, and ensuring the territorial integrity and sovereignty of Lebanon. The final deal will confirm the permanent termination of the war on all fronts, including in Lebanon and other provisions of this paragraph.

2. The United States of America and the Islamic Republic of Iran undertake to respect each other’s sovereignty and territorial integrity and to refrain from interfering in each other’s internal affairs.

3. The United States of America and the Islamic Republic of Iran commit to negotiating and achieving the final deal in maximum 60 days, extendable with mutual consent.

4. Immediately upon the signing of this MOU, the United States of America will begin the removal of its naval blockade and any disturbances or impediments against the Islamic Republic of Iran, and will fully end the naval blockade within 30 days. During this period, the traffic of vessels will be in proportion to the numbers of pre-war traffic being restored by the Islamic Republic of Iran. The United States of America further undertakes to remove its forces from the proximity of the Islamic Republic of Iran within 30 days after the final deal.

5. Upon the signing of this MOU, Islamic Republic of Iran will make arrangements using its best efforts for the safe passage of commercial vessels with no charge for 60 days only from the Persian Gulf to the Sea of Oman and vice versa. The traffic of commercial vessels will immediately start and considering the need for removing the technical and military obstacles and demining by the Islamic Republic of Iran will be instated within 30 days. The Islamic Republic of Iran will conduct dialogue with the sultanate of Oman to define the future administration and maritime services in the Strait of Hormuz in discussion with other Persian Gulf states in line with the applicable international law and the sovereign rights of coastal states of the Strait of Hormuz.