WASHINGTON — The deal reached between the United States and Iran envisions immediate relief from US restrictions on Iranian oil sales, the release of Tehran’s frozen assets upon implementation and the removal of sweeping sanctions as part of a final settlement between the two countries. 

In a phone briefing with reporters on Wednesday, a senior administration official disclosed the full text of the memorandum of understanding, which had not previously been made public. Iranian state media released a nearly identical version hours later. 

The memorandum calls for the reopening of the Strait of Hormuz and the end of the US naval blockade, and it establishes a 60-day period of negotiations aimed at reaching a final deal on Iran’s nuclear program. The text calls for toll-free passage of the Strait of Hormuz for 60 days, affirms the “territorial integrity” of Lebanon after Israel’s Hezbollah offensive and includes a commitment from Iran that it will never procure or develop a nuclear weapon. 

The United States is also pledging a range of economic incentives for Iran.