Portugal Colonial - Iran to dilute its enriched uranium under accord with US to end Mideast war

Washington commits to waive some sanctions and to facilitate the release of a $300 billion reconstruction fund for Iran supported by regional nations when a final agreement is reached on the Islamic republic's nuclear program, according to the text.

Readouts of the agreement, which is slated to be signed in Switzerland this week, were released by US officials and Iranian state media.

US President Donald Trump said Wednesday that he was prepared to "bomb the hell" out of Iran if they violated the agreement, which he said could be signed as soon as Thursday.

It was previously expected that it would be signed on Friday by Iran's chief negotiator and parliament speaker, Mohammad Bagher Ghalibaf, and US Vice President JD Vance.

But Iran said Wednesday it was considering a plan for its president and Trump to sign the deal which is intended to stop nearly four months of hostilities that have roiled the Middle East and the global economy.

Trump, who is currently attending a G7 summit in the French town of Evian, near Switzerland, said, "The deal we reached with Iran on Sunday will be signed shortly, tomorrow (Thursday), maybe the next day (Friday)."

He told reporters that he "might" stay in Europe for the signing but added that as a memorandum of understanding "it might not be the kind of a document I should be signing."

- 'Great victory' -

Highlighting the global impact of any deal, China said Wednesday that its top diplomat had impressed on Tehran that it was "key" for all sides to "genuinely implement" their commitments.

While the agreement is essentially a prelude to a more detailed negotiation on Iran's nuclear program and other issues, it has provoked strong reaction from different quarters.

US Senator Bill Cassidy from Trump's own Republican Party was scathing about the agreement which he said would allow Iran to rebuild.

"Iran's nuclear ambitions were not curbed, and they have learned that threatening the Strait of Hormuz works," he said. "Sanctions will be lifted, and the bombing has stopped. This is the worst foreign policy blunder in decades."

Head of the pro-Tehran Lebanese Shiite movement Hezbollah, Naim Qassem, on Wednesday described the deal as a "great victory" for Iran.

He thanked Tehran for insisting that it cover Lebanon, which was drawn into the conflict when Hezbollah fired rockets at Israel on March 2 in support of Iran.

In a televised address, Qassem called on followers to take advantage of the agreement and "expel Israel" from Lebanon.

- 'Major win' -

After the formal signing of the agreement, a two-month negotiating period will begin, with the much-anticipated reopening of the Strait of Hormuz -- a vital conduit for global oil and gas supplies -- as the first step.

Under the terms of the deal released by US officials, Iran will dilute its enriched uranium stocks, possibly by "down-blending on site under the supervision of the IAEA" -- the UN's nuclear watchdog.

"The fact that they're conceding to that is a major, major win for the United States of America," a US official said of the nuclear issue on a call with reporters on condition of anonymity.

The US also commits to facilitating the release of a $300 billion fund for the reconstruction and economic development of Iran in the event of a final agreement on Iran's nuclear program, according to the text.

But the official said the US would not be required to contribute financially.

Tehran would also be allowed to resume its oil sales as soon as the agreement is signed this week, while all sanctions would be lifted if a final agreement is reached at the end of a 60-day negotiating period, the same source added.

Oil prices have tumbled in recent days as optimism grew of a lasting Middle East peace agreement, but reversed course on Wednesday.

Prices briefly jumped five percent as uncertainty spread about the signing, before stabilizing later in the day.

- Lebanese front -

While violence has declined in Lebanon following the announcement of the deal, Israeli strikes on the south have killed at least five people since then, according to state media, which also reported Israeli raids on south Lebanon on Wednesday.

Israel's army said five soldiers were wounded on Wednesday, one of them severely, "as a result of an explosive drone impact in southern Lebanon", the first such announcement since the US-Iran deal.

The Israeli military also said its air force intercepted "several rockets" launched toward soldiers operating in south Lebanon, without reporting casualties.

J.V.Jacinto--PC