In an interview on ABC's "Good Morning America" program, Vance said the official signing of the memorandum of understanding will take place in Switzerland on Friday. The announcement follows an earlier statement by President Donald Trump that the US and Iran have reached an agreement to end fighting and reopen the Strait of Hormuz.

Gulf and Arab states welcomed the agreement and expressed hope that the deal will pave the way for lasting regional stability and broader diplomatic engagement. The Secretary-General of the International Maritime Organization (IMO), Arsenio Dominguez, said the agreement allows the IMO to advance its plan to evacuate the thousands of sailors stranded in the area.

Russian Foreign Intelligence Service Director Sergey Naryshkin said Monday that “the significant work carried out by both sides together with mediators to prepare a draft preliminary memorandum gives grounds to believe that, if it is signed, efforts to restore peace in the Middle East will continue.”

The UK, France, Germany ‌and Italy said they are prepared ​to lift sanctions on Iran in ​response to steps ​on its nuclear program.