The US has signed a deal with Iran that would extend the ceasefire by 60 days and see the crucial Strait of Hormuz trade route reopened after effectively being closed since the start of hostilities.

Speaking at the G7 summit in France on Wednesday, Donald Trump suggested that a memorandum of understanding (MOU) would be signed in the next 48 hours.

On Wednesday evening it was confirmed by a White House official that he had signed the agreement.

So what has been agreed between the US president's negotiating team and Iran?

Here are the 14 points of the MOU:

1. The first paragraph refers to the "immediate and permanent termination of military operations on all fronts, including in Lebanon", which Israel, conducting operations against Iran-backed Hezbollah, has partially occupied and has continued to strike.

2. In this point, the US and Iran agree to "respect each other's sovereignty and territorial integrity, and to refrain from interfering in each other's internal affairs".

3. This point states that the two countries will "commit to negotiating and achieving the final deal in (a) maximum 60 days, extendable with mutual consent".

4. The fourth paragraph states that, following the signing of the MOU, the US will begin the removal of its naval blockade of the Strait of Hormuz, fully ending it within 30 days. The US will also agree to remove its forces from the "proximity" of Iran within 30 days of a final deal. An unnamed senior US official has stated that their "force posture" in the region will return to its pre-conflict level.

5. Iran, in this paragraph, pledges to allow the safe passage of vessels through the Strait of Hormuz, which needs to be de-mined, with "no charge". The US official added that the Gulf states will work towards a "broader agreement" on free passage through the strait.

6. The US, in the sixth point, undertakes to "develop a definitive, mutually agreed plan with at least $300bn (£225bn) for the reconstruction and economic development" of Iran, though the US official stressed that no American money would go to the Islamic Republic.

7. In the seventh point, the US pledges to stop all sanctions against Iran, including United Nations Security Council (UNSC) resolutions, when a final deal is agreed. It states that the two countries "acknowledge the critical importance of the sanctions termination".

8. Crucially, Iran "reaffirms that it shall not procure or develop nuclear weapons" in point eight. It also agrees to dispose of its stockpile of enriched uranium through a "mutually-agreed" mechanism under the supervision of the International Atomic Energy Agency. This was described by the US official as a "major, major win" for the country.

9. This point states that the two countries will "maintain the status quo" pending a final deal with regard to Iran's nuclear programme and posture of the US, which would not deploy any further military resources in the region.

10. The US, according to point 10, will "issue waivers for the export of Iranian crude oil, petroleum products, and derivatives, and all associated services, including banking transactions, insurances, transportation".

11. The US, according to this paragraph, will unfreeze some funds and assets of the Islamic Republic upon the successful implementation of the MOU.

12. In this point, the two countries agree to establish a "mechanism" to "monitor the successful implementation... and future compliance" of the MOU.

13. The US and Iran pledge to "start negotiations regarding the final deal exclusively on the other paragraphs" upon signing the MOU.

14. And the last point states that the "final deal will be endorsed by a binding UNSC resolution".

--with Agencies inputs --