Iranian state media just released its version of a US-Iran peace deal memorandum.

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US forces would pull back from the region. The Navy would lift the Strait of Hormuz blockade. Iran gets to manage commercial traffic in cooperation with Oman while giving zero nuclear or uranium concessions.

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

Oil prices immediately dropped below 89 dollars a barrel on the announcement alone.

This mirrors the exact 2015 JCPOA framework that eased sanctions without dismantling enrichment capabilities only for tensions to explode again years later.