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The deal kicks off a 60-day period of negotiations before both sides reach a final agreement.
Details of the agreement were revealed earlier Wednesday by a senior U.S. official.
Earlier on Wednesday, U.S. officials released details of the agreement to the public.
The draft initiates a 60-day process of negotiations aimed at brokering a final deal to end the war, reopen the Strait of Hormuz, and eventually rebuild Iran.
Restoring production in the Persian Gulf could take time after the war with Iran ends.
Trump warned on Wednesday that if negotiations collapse, he will resume bombing Iran.
The White House and other U.S. officials have not published the terms of the deal with Iran so far.
The president said Netanyahu should be more ’responsible' and suggested Syria could deal with the Iran-backed terrorist group more effectively.
The U.S. president warned that Tehran will ’suffer unbelievable consequences’ if it violates the agreement.
Iran’s Supreme National Security Council has announced the two sides have finalized a memorandum of understanding to end the months-long conflict.
The vice president said that the United States will also help Tehran ‘destroy’ a stockpile of enriched uranium.
Analysts say that Middle Eastern oil production may recover slowly even if the Iran peace agreement endures.
The warning comes as the United States and Iran have made progress toward a potential diplomatic resolution to the ongoing Middle East conflict.
The issue of Israeli forces in Lebanon has emerged as a contentious issue in the peace talks, with Israel saying it intends to stay for security reasons.
Vessels are unlikely to return to the Strait of Hormuz until mines are cleared and safety is confirmed, shippers said.
Negotiators plan to release full text of the agreement soon.
The national average declined to $3.997 as the United States and Iran finalized a deal to end the conflict and reopen the Strait of Hormuz.
The reconstruction would be funded by Middle Eastern nations, not the United States.
Trump said Iran agreed to ’strong policing powers’ to ensure that it ‘will not have a nuclear weapon.’
