Vice President Vance is expected to formally sign the memorandum of understanding on Friday.
Under the MOU, Iran will make arrangements to allow commercial ships to safely traverse the Strait of Hormuz for 60 days. Iran also agreed to speak with Oman about the future of the Strait.
Upon signing, the U.S. will immediately lift sanctions on Iranian oil and oil-based products.
President Trump, meanwhile, said Wednesday that the agreement might not be permanent.
"If they don’t honor the agreement, or some things aren’t even mentioned in the agreement, it’s a memorandum of understanding, but we have an understanding of certain things without writing it,” he said.
“If they don’t honor that, we’ll probably go back to bombing them until they honor it,” he continued, adding “it’s amazing what bombs can do.”
Read more about the agreement at TheHill.com.
