India, June 17 -- The United States and Iran reached an agreement earlier this week to end the ongoing conflict in the West Asia region and pave the way for a 60-day negotiation period between the two.

With the deal expected to be signed on Friday in Geneva, Switzerland, Bloomberg accessed the text of the 14-point memorandum of understanding between the US and Iran. Track the latest on the US-Iran war

From ending hostilities in Lebanon and the region to the reopening of the Strait of Hormuz, here's a look at some of the key details inside the peace deal.

The memorandum of understanding, as seen by Bloomberg, begins with the declaration to end the war on all fronts, including Lebanon. The agreement further states that neither the US nor...