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Update(0935ET): As part of the MoU framework, and ongoing technical peace discussions in Switzerland (with US and Iranian teams still though - though Vance and Ghalibaf have at this point departed after their 18-hour first round achievement - Treasury has issued a temporary 60-day general license authorizing the production, delivery, and sale of Iranian oil - it stated in a huge forward-momentum development. Treasury Secretary Scott Bessent announced on X:
Under President Trump and Vice President Vance, we continue to make the world safer and more prosperous. In line with the ongoing productive talks in Switzerland, Iran has committed to free and open transit in the Strait of Hormuz and to permit International Atomic Energy Agency (IAEA) inspectors into their country. As part of the framework, Treasury has issued a temporary 60-day general license authorizing the production, delivery, and sale of Iranian oil.
Oil dropped to low of day on the significant latest development:

Some further details:
• US AUTHORIZES SOME SALES OF CRUDE OIL OF IRANIAN ORIGIN
• US LICENSE AUTHORIZES SALES THROUGH TO AUGUST 21, 2026
• US LICENSE AUTHORIZES IMPORTATION OF CRUDE OIL OF IRANIAN OIL