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The draft version of the Iran-U.S. memorandum of understanding includes a commitment from the U.S. to lift oil sanctions and a commitment from Iran to reopen the Strait of Hormuz, Iranian state media reported Friday.

The 14-point document dictates that final negotiations will not begin until the release of half of Iran’s frozen funds, the suspension of Iran’s oil sanctions, and the lifting of the naval blockade, the Mehr News Agency reported.

President Donald Trump on Thursday had claimed that the U.S. “just made a great settlement of the war with Iran,” subject to the “finalization of documents.”

He said in the Oval Office that the Strait of Hormuz would be reopened as soon as a deal is signed.

Global stocks surged Friday on hopes a peace deal would be reached. Oil prices were down with U.S. crude oil futures for July delivery falling 1.61% and August futures for international benchmark Brent losing 1.75%.

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