Iran insists the deal represented a US "failure"

Iranian Foreign Ministry spokesman Esmaeil Baqaei, quoted by the state news agency IRNA, said the document "was finalized with the signatures of the presidents." The deal aims to draw a line under the war launched February 28 by the United States and Israel, prompting Iran to counterattack with missile and drone salvos across the region and effectively shutting down the Strait of Hormuz, a crucial waterway for the world economy. "Now it is time to test the implementation of the agreement," Baqaei said. Under the text, Washington commits to immediately waive oil sanctions crippling Iran's economy. And once a final agreement is reached on the Islamic republic's nuclear program, the United States will also facilitate the release of a $300 billion reconstruction fund supported by regional nations, the deal says. Iran insisted the deal represented a US "failure." "People will see it and judge," Ghalibaf said on state television late Wednesday, after the text was released by both sides.