The memorandum of understanding between the U.S. and Iran allows Tehran to immediately start selling oil, according to a new report.
The Wall Street Journal detailed that the agreement to waive sanctions on Iranian oil sales also covers related services, including banking, transportation and insurance to facilitate them. It will go into effect once it is signed.
The text of the memorandum of understanding with Iran has yet to be released, with Trump saying it will likely be read on Friday after the signing ceremony.
Speaking to press while meeting with French counterpart Emmanuel Macron, Trump said he wants the agreement's wording to be released "because it's a very powerful document."
"It's not like the Obama document, which was just a terrible document. This is a very powerful document and I want it to be released, so probably pretty soon," Trump said, in reference to the nuclear deal signed by then-President Barack Obama during his administration.
Obama also reacted to the deal, saying he is "doubtful" that the new agreement is "significantly different" to the one Tehran agreed to during his administration.
Earlier on Monday, JD Vance said "a lot" of details still need to be negotiated with Iran to formally end the war, but claimed the U.S. holds "all the cards" in the upcoming talks.
Speaking on CNBC's Squawk Box, Vance claimed that the two most important achievements of the deal are reopening the Strait of Hormuz and getting Iran to formally commit to never pursue the development of a nuclear weapon.
Should Tehran abide by its commitments, the country will see the loosening of economic sanctions and the removal of other barriers that will allow it to be "reinvited into the world economy."
Vance went on to say that "there are a lot of very important details to figure out that we're actually going to sit at the table and discuss together and figure out a path forward on these details."
Trump also said he could send the text of the agreement to Congress for review. "I never thought of it, but I would. I wouldn't mind," he said.
"I will send it to Congress. I like the idea. I mean, who wouldn't approve it? Let's let them have a nuclear weapon. The 'Dumocrats' will say they should have a nuclear weapon," Trump continued. "They'll go crazy. I like the idea. Send it to Congress, please," Trump added.
