Iranian oil tankers depart after two-month naval blockade - report

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Democratic Senator Raphael Warnock on Tuesday questioned the rationale for the US war with Iran following a ceasefire agreement and reopening of the Strait of Hormuz, saying the outcome appears to resemble the situation before the conflict began.

“The Strait of Hormuz, they're saying, will be reopened. Well, it was open before he started the war. I hope the war is over. but the question is, why were we in the war in the first place?” Warnock told CBS News.

Warnock said the US remains “a long way from what Donald Trump promised and what it looks like he's going to deliver,” and said the conflict “has not been good for America or its credibility.” Asked whether the US is safer, he said: “I don't think so.”

A draft US-Iran memorandum of understanding outlines broad financial incentives for Tehran, including expanded oil exports, access to a large development fund, and eventual release of frozen assets, according to Bloomberg.

The report says the United States would issue immediate waivers allowing Iranian exports of crude oil and petrochemical products once the agreement is signed, alongside steps to restore traffic through the Strait of Hormuz within 30 days.

The draft also refers to a development package worth at least $300 billion, to be structured with US and regional partners, though details and timelines remain unclear, the report said.

According to Bloomberg, the deal is part of a 60-day negotiation framework aimed at a longer-term settlement over Iran’s nuclear program, under which Tehran would commit not to pursue nuclear weapons and address the fate of its enriched uranium stockpile in a final agreement.

The draft does not specify how or when sanctions relief would be fully implemented, and US officials have said that benefits would depend on Iran meeting its obligations, the report added.

Australia lowered its travel advisories for several Middle Eastern countries following a US-Iran interim agreement aimed at de-escalating the regional conflict, Reuters reported.

The government downgraded warnings for Bahrain, Israel, Kuwait, Qatar and the United Arab Emirates from “do not travel” to “reconsider your need to travel,” Foreign Minister Penny Wong said.

Wong cautioned that Australians should still avoid non-essential travel to the region, warning that the security situation could deteriorate “rapidly with little warning,” even after the shift in advisory level.

A US expert warned on Tuesday that removing mines from the Strait of Hormuz would be a complex and technically challenging operation, following reports that Iran may be required under a US-Iran memorandum of understanding to clear the waterway.

CNN reported that White House talking points on the draft agreement state Iran would be responsible for de-mining the strategic shipping route. A senior US official said operations in the strait were expected to “return to normal pretty quickly, definitely within 30 days” once Iran commits to removing the mines.

Scott Savitz of the RAND Corporation said mine clearance is far more difficult than deployment, calling it “painstaking” and “a game of intense precision,” and questioning Iran’s ability to carry it out effectively without external assistance.

Israeli newspaper Israel Hayom reported on Tuesday that the United States is effectively easing enforcement of sanctions on Iranian oil exports, a shift that could significantly increase Tehran’s revenues over the next two years.

According to the report, expanded oil flows alongside increased maritime access through the Strait of Hormuz could allow Iran to raise export earnings to around $100 billion annually within one to two years.

"Energy firms are showing growing interest in purchasing Iranian crude despite concerns over the possible reimposition of sanctions," the report said. The report also added that US officials have maintained that any financial transfers to Iran would depend on Tehran meeting its obligations under the emerging framework.