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The United States and Iran on Sunday announced that they’ve agreed to a preliminary deal to end the monthslong war that has killed thousands and wreaked havoc on the global economy. It marks a positive step forward in a peace process that’s been stalled for weeks, but many details remain unknown, as the text of the agreement has not been released. The two sides are expected to hold a signing ceremony for the deal on Friday.

Here’s more on what we know and don’t know about the interim deal, which has been described by Iran as a memorandum of understanding, and what could happen next.

The United States and Iran on Sunday announced that they’ve agreed to a preliminary deal to end the monthslong war that has killed thousands and wreaked havoc on the global economy. It marks a positive step forward in a peace process that’s been stalled for weeks, but many details remain unknown, as the text of the agreement has not been released. The two sides are expected to hold a signing ceremony for the deal on Friday.

Here’s more on what we know and don’t know about the interim deal, which has been described by Iran as a memorandum of understanding, and what could happen next.

A path to more talks. The agreement provides a framework for ending the war and is primarily designed to halt military operations, prolong the existing truce, and end the stalemate over the Strait of Hormuz. Reopening the strategic waterway in particular is a key goal for U.S. President Donald Trump, who has faced growing domestic criticism over high gas prices and other economic impacts caused by the war.

The agreement is believed to extend the cease-fire between Washington and Tehran for 60 days, during which nuclear talks are expected to occur. In the meantime, the Strait of Hormuz is supposed to be opened and the U.S. blockade on Iranian ports ended—providing major relief to energy markets and Iran’s economy. Fighting between Hezbollah and Israel in Lebanon is also supposed to end as part of the deal (more on that below).

The deal, which was mostly mediated by Pakistan and Qatar, is set to be formally signed by the United States and Iran in Geneva, Switzerland, on Friday, and the 60-day clock........

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