India, June 17 -- The United States and Iran have agreed to a deal to end the conflict in West Asia, with the framework set to be formally signed in Switzerland on June 19.

While the text of the memorandum of understanding has not yet been made public, the US has begun circulating it with allied nations at the Group of Seven summit in France. Earlier today, Bloomberg published the reported 14-point draft memorandum which has been finalised by both countries.

Among the concessions on the draft deal, at least three point towards broad financial incentives for Iran. These include the right to sell oil immediately, a $300 billion development fund for Iran, and the release of the country's frozen assets, according to the text published by Bl...