The memorandum of understandings between the US and Iran calls for the Strait of Hormuz to be immediately reopened for free passage, journalist Barak Ravid reported on Channel 12 News.

According to the report, sanctions on Iran will be eased in accordance with the IRGC's compliance with its commitments.

The memorandum will also extend the temporary ceasefire between the US and Iran, and between Israel and Lebanon, by a period of 60 days. During these 60 days, intense negotiations will take place regarding the Iranian nuclear program and plans for Iran's highly-enriched uranium stores.

The memorandum includes an initial plan for the enriched uranium, but practical steps regarding the Iranian nuclear program will be conditioned on the sides reaching a second, more detailed agreement.

As of Thursday night, although the text of the agreement has been approved by top authorities in Iran, it has not yet received final approval from the country's Supreme Leader Mojtaba Khamenei, the report added.