The memorandum was virtually signed by U.S. President Donald Trump, U.S. Vice President JD Vance and Iranian Parliament Speaker Mohammad Bagher Ghalibaf, according to reports.

The terms of the memorandum are expected to be made public within the next 24 to 48 hours, a senior official was quoted as saying.

The memorandum is expected to be formally signed in Switzerland on June 19.

Earlier on Monday, Trump said on his Truth Social that ships loaded up with oil have started to move out of the Strait of Hormuz.

Trump said Sunday a deal with Iran was reached, shortly after Pakistani Prime Minister Shehbaz Sharif announced the news on X.

The United States and Israel launched massive attacks against Iran on Feb. 28, killing Iran's then Supreme Leader Ali Khamenei and triggering a regional conflict that has reshaped the Middle East's security landscape. The conflict has since claimed thousands of lives and disrupted global energy markets.