A framework for a deal has been reached. The press conference by the EU, US, China, Russia and Iran is ongoing now, and you can watch it live online.
I'll post the details as soon as they're clear.
Watch the press conference live here.
Update 1:44 pm CDT – President Obama just finished speaking about the deal. He emphasized that some provisions will be in place for 10 years, others for 15, 20 and even 25 years, and some – like transparency – for all time. He said he is calling Israeli PM Benjamin Netanyahu today to talk to him about the provisions of the deal and will be calling the King of Saudia Arabia, as well. He also emphasized that short of a very destructive and wide-ranging war in the Middle East, this deal is the best way to keep Iran free of nuclear weapons.
Update:2:18 pm CDT – Ha'aretz summarizes the potential agreement this way:
…Uranium enrichment: Iran will continue to operate 6,104 out of the 19,000 centrifuges within its territory. 5,000 will continue functioning at the Natanz enrichment facility. 5,000 additional centrifuges located at Natanz will be collected and turned over to the IAEA. There will be no other enrichment facilities in Iran except for Natanz.
Iran’s enriched uranium stockpile: Most of Iran’s stockpile is enriched to the relatively low levels of between 3.5 and 5 percent. This stockpile, totaling roughly 8 tons, will be diluted to a level that cannot be used for making nuclear weapons, or will be taken out of the country.
The underground nuclear reactor at Fordo: This site will be converted from an enrichment facility into a nuclear physics research facility. 1,000 centrifuges will remain operational there, though not for enriching uranium. There will be no fissile nuclear material at the Fordo site.
The Arak heavy water reactor: The international community will assist Iran to refurbish the reactor so that it cannot produce material that could be used for nuclear weapons.
Oversight: The IAEA will receive access to all of Iran’s nuclear facilities. Iran will sign and ratify the additional protocol of the Treaty on the Non-Proliferation of Nuclear Weapons, which stipulates that IAEA inspectors can conduct unrestricted random searches at any suspicious facility in Iran. The IAEA can use advanced technology to oversee Iranian activity.
Research and development: Iran can continue its research and development of advanced centrifuges during the ten years the agreement will be in effect in accordance with agreements it will reach with world powers.
Sanctions: After implementation of the agreement by Iran, all sanctions that applied on Iran by the U.S. and the EU on banking, insurance, and oil will be lifted immediately. The UN Security Council will make a decision that will replace six earlier decisions that leveled sanctions on Iran, and will decide which of the sanctions will remain in place.