US Vice President JD Vance said the text of the US-Iran memorandum of understanding would be released by the end of the week, adding that the White House wanted the details made public as soon as possible.
In an interview with CBS, Vance said the agreement had already been electronically signed by both sides and a formal signing ceremony was expected on Friday.
He said the agreement provided assurances that the Strait of Hormuz would reopen immediately, adding that this was one of the reasons oil prices were falling below the 70-dollar mark.
Vance said Iran would have to end the financing of terrorism and abandon efforts to obtain a nuclear weapon.
He said that if Iran met the expectations set out in the agreement, it could receive economic benefits, including sanctions relief.
The US vice president added that Iran could be given an opportunity to rejoin the global economy if it changed its conduct towards the United States, the region and the wider international community.
He said any economic incentives would depend on Iran fundamentally changing its behaviour and complying with the terms of the agreement.
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