Key takeaways from the 14-point memorandum of understanding between US, Iran

There is still some doubt on whether a long-term deal is guaranteed.

Days after it was first announced by President Donald Trump, U.S. officials on Wednesday finally detailed what is in the memorandum of understanding with Iran.

The Memorandum of Understanding's (MOU) terms were read aloud by officials in a call with reporters as Trump spoke at the G-7 summit in France. Written text of the MOU has yet to be released, though an official said the language is final and has been signed. A formal signing ceremony is expected later this week.

Still, doubt was cast on whether a long-term deal is guaranteed.

"If they don't honor that, we'll probably go back to bombing them until they honor it," Trump said in France. "You know, it's amazing what bombs can do."

One senior U.S. official described it as a "gentleman's agreement," but questioned "what's a gentleman's agreement worth with Iranians?"

The sides agreed the U.S. will start removing its naval blockade of Iranian ports, and Iran will allow commercial traffic through the Strait of Hormuz to be restored to pre-war levels. Roughly one-fifth of the world's oil supply has been caught in the crosshairs of Tehran's stranglehold on the strait, which closed at the beginning of the war, driving up gas prices.

The MOU states there is "no charge" or toll for commercial vessels to pass through the strait -- but "for 60 days only."

It goes on to say the "future administration" of the strait will be worked out by Iran, Oman and other Gulf states, leaving the prospect of future tolling in the region an open question.

U.S. officials argue that tolls will not be reinstated after the 60-day period "because the Persian Gulf states will never agree to an arrangement that doesn't permit toll-free access to the Strait of Hormuz for themselves and their industries."

The MOU states that Iran has committed to not build a nuclear weapon. This is not new -- it's a commitment they have been making for 50 years.

It agrees essentially to further discuss the down-blending of highly enriched uranium during future discussions. Iran has hundreds of pounds of uranium enriched to 60%

Administration officials argued that this is the floor, not the ceiling for nuclear talks.

"We will push for more than that, but the fact that they're conceding to that is a major, major win for the United States of America. They're saying we will destroy the enriched stockpile, and this is how we're going to do it at a minimum," one official said.

The MOU states that "immediately upon signing," the Treasury Department will issue waivers and allow ex