Nearly four months after the U.S. and Israel started its war with Iran, Donald Trump has signed a long-awaited deal to end the war, restore global shipping and resolve an abiding dispute over Tehran’s nuclear programme.

Details of a 14 point plan were previously released by US officials, with an official signing ceremony expected to take place in Switzerland on Friday. However, it emerged on Wednesday evening that it had already been signed by the US president and his Iranian counterpart Masoud Pezeshkian.

Iran’s foreign ministry spokesperson said any further Israeli attacks on Lebanon would be considered a breach of the terms of the deal. With Israel having continued its strikes on the country’s south, there remain concerns the deal could still fall apart.

Here’s what we know about the US-Iran ceasefire:

A senior administration official confirmed details of the agreement to reporters, as follows:

1. The Islamic Republic of Iran and the United States, together with their allies in the current war, declare upon the signing of this Memorandum of Understanding an immediate and permanent termination of military operations on all fronts, including Lebanon, and undertake from now on not to initiate any war or any military operation against each other and to refrain from the threat or use of force against each other and ensuring the territorial integrity and sovereignty of Lebanon. The final deal will confirm the permanent termination of the war on all fronts, including in Lebanon and other provisions of this paragraph.

2. The United States of America and the Islamic Republic of Iran undertake to respect each other’s sovereignty and territorial integrity, and to refrain from interfering in each other’s internal affairs.

3. The United States of America and the Islamic Republic of Iran commit to negotiating and achieving the final deal in maximum 60 days expendable with mutual consent.

4. Immediately upon the signing of this memorandum of understanding, the United States of America will begin the removal of its naval blockade and any disturbances or impediments against the Islamic Republic of Iran, and will fully end the naval blockade within 30 days. During this period, the traffic of vessels will be in proportion to the numbers of pre-war traffic being restored by the Islamic Republic of Iran. The United States of America further undertakes to remove its forces from the proximity of the Islamic Republic of Iran within 30 days after the final deal.

5. Upon the signing of this MOU, the Islamic Republic of Iran will make arrangements using its best efforts for the safe passage of commercial vessels with no charge for 60 days only from the Persian Gulf to the Sea of Oman and vice versa. The traffic of commercial vessels will immediately start, and considering the need for removing the technical and military obstacles and demining by the Islamic Republic of Iran will be instated within 30 days. The Islamic Republic of Iran will conduct dialog with the Sultanate of Oman to define the future administration and maritime services in the Strait of Hormuz, in discussion with other Persian Gulf littoral states in line with the applicable international law and the sovereign rights of coastal states of the Strait of Hormuz.

6. The United States of America undertakes with regional partners to develop a definitive, mutually agreed plan with at least USD 300 billion for the reconstruction and economic development of the Islamic Republic of Iran. The mechanism for the implementation of this plan will be finalized as part of a final deal within 60 days. All required licenses, waivers, and permissions needed for the relevant financial transactions will be granted by the United States of America.

7. The United States of America undertakes to terminate all types of sanctions against the Islamic Republic of Iran, including the United Nations Security Council resolutions, i.e. IAEA Board of Governors resolutions, and all unilateral US sanctions, primary and secondary, in an agreed upon schedule as part of the final deal. The Islamic Republic of Ireland and the United States of America acknowledge the critical importance of the sanctions termination issue above mentioned, and expressed their intentions to immediately address these issues in the negotiations in order to achieve mutual agreement on them.

8. The Islamic Republic of Iran reaffirms that it shall not procure or develop nuclear weapons. United States of America and Islamic Republic of Iran have agreed to resolve the disposition of stockpiled enriched material pursuant to a mechanism that will be mutually agreed upon in accordance with the schedule mentioned in paragraph seven, with the minimum methodology to be down blending on site under the supervision of the IAEA.

The two parties also agreed to discuss the issue of enrichment and other mutually agreed matters related to the Islamic Republic of Iran’s nuclear needs, based on a satisfactory framework being agreed upon in the final deal. The final deal will confirm the provisions of this paragraph, the United States of America and the Islamic Republic of Iran acknowledge the critical importance of the nuclear issues above mentioned and express their intention to immediately address these issues in the negotiations in order to achieve mutual agreement on them.

9. Pending the final deal, the United States of America and the Islamic Republic of Iran agree to maintain the status quo. The Islamic Republic of Iran will maintain the current status quo of its nuclear program in the United States of America will not oppose any new sanctions and will not deploy additional forces in the region .

10. The United States of America undertakes that immediately upon the signing of this MOU and until determination of sanctions, US Department of Treasury will issue waivers for the export of Iranian crude oil, petroleum products, and derivatives, and all associated services, including banking transactions, insurances, transportation, etc.

11. The United States of America undertakes to make fully available for use the frozen or restricted funds and assets of the Islamic Republic of Iran upon the implementation of this MOU. The United States of America and Islamic Republic of Iran will mutually agree on the procedures related to the release of these funds during the negotiations. Such funds, whether retained the original account or transferred, shall be made fully usable for payment to any ultimate beneficiary designed by the central bank, excuse me, ultimate beneficiary designated by the central bank of the Islamic Republic of Iran. The United States of America undertakes to issue all necessary licenses and authorizations accordingly.

12. The United States of America and the Islamic Republic of Iran agree that an executive mechanism will be established to monitor the successful implementation of the MOU and the future compliance of the final deal.

13. After signing the MOU and subject to the beginning of the implementation of paragraphs 145, 10, and 11 of this MOU, and the continuing implementation of these measures, the United States of America and the Islamic Republic of Iran will start negotiations regarding the final deal exclusively on the other paragraphs.

14. The final deal will be endorsed by a binding UNSC resolution.

What are the key sticking points?

The Strait of Hormuz:

Questions remain around the future of the Strait of Hormuz, the key shipping route that was thrown into chaos after the war started.

The agreement extends the ceasefire agreement in April by another 60 days and reopens the waterway. Trump confirmed this week he had ordered the US blockade to be lifted.

However concerns over Iran imposing tolls on shipping remain. The vital waterway, usually carrying around a fifth of global oil and LNG, ought to be free to transit under international law, but Iran has suggested it could retain control with Oman.

Iran’s foreign ministry spokesperson Esmaeil Baghaei said fees will be received in exchange for services given to ships – but there is no more clarity on exactly what this means.

Iran funding:

Much has been made in recent days of the $300bn reconstruction figure for Iran.

The reported deal says the United States would undertake, together with regional partners, to “create a comprehensive plan agreed upon by both parties for the rehabilitation and economic development of the Islamic Republic of Iran”.

However it does not say exactly where the money would come from, and gives the parties just 60 days to work out a mechanism to implement it.

US and Iranian officials have said the memorandum could lift sanctions on Iran, unfreeze foreign assets and set up such a reconstruction fund, paid for by Gulf states, which host US bases.

Half of that sum has already been committed, a source privy to the deal told Reuters.

Trump has disputed reports on the $300bn figure and stressed the US is not investing in it.

Nuclear programme:

The US and Israel launched the initial attacks on Iran in February following failed talks to reach a new agreement on curtailing Tehran’s nuclear programme.

Iran has long maintained that its nuclear programme is peaceful and that it is not pursuing a weapon.

But the two sides have struggled to set clear terms limiting the opportunity to acquire a nuke since Trump left former president Obama’s JCPOA ‘nuclear deal’ in 2018.

In the reported deal, Tehran has said it will “never produce nuclear weapons”, with both sides agreeing the issue will be dealt with in more detail during the 60 day window after the MOU is signed.

The war in Lebanon:

Israel’s parallel war in Lebanon is a particular sticking point, with Israeli prime minister Benjamin Netanyahu continuing to strike the country despite warnings and rebukes from Trump.

The relationship between the US president and Netanyahu appears to have become increasingly fractious, with reports of an angry phone call in which Trump is said to have called his counterpart “crazy”.

Israel was not a party to the talks and says it has not agreed to withdraw from Lebanon, and reserves the right to self-defence.

Hezbollah claimed on Tuesday that it has received promises from Iran that it will not sign a final nuclear deal with the U.S. unless Israel withdraws from Lebanon.

Iran says that the agreement to end the war with the United States would require Israel to withdraw from Lebanon, where thousands of people have been killed and more than 1.2 million displaced in just over three months.