Vance defends Iran-US deal, rejects claims of $300 billion US payment

Republican Senator Lindsey Graham on Tuesday expressed skepticism about upcoming US-Iran negotiations under a ceasefire framework, while saying the process should still be tested.

Speaking to CBS News, Graham said he is not yet sure whether the initial agreement is “a good or bad idea,” but said he supports efforts to reopen shipping lanes and end the conflict.

Graham said he remains skeptical about Iran but added that the effort is “worth a try,” saying, “you never know till you try.”

The tanker monitoring group Tanker Trackers reported on Tuesday that Iranian crude exports have resumed following what it described as a two-month naval blockade.

"AIS tracking data and satellite imagery showed at least two National Iranian Tanker Company VLCCs - DIONA and HERO2 - exiting the blockade perimeter carrying a combined 3.8 million barrels of crude oil. It said the shipments marked Iran’s first crude exports in two months," the group said in a post on X.

The group also reported that another tanker, STREAM, was approaching the perimeter after spending several weeks in waters near Pakistan’s exclusive economic zone.

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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.