Earlier Monday, the United States and Iran reached a preliminary agreement to open the Strait of Hormuz and further extend the fragile ceasefire in the Iran conflict, potentially allowing much-needed oil and natural gas to reach global markets.

Pakistan, the lead mediator, said the signing of the agreement will take place in Switzerland on Friday. It is not yet clear who from Iran will sign the agreement on Friday. U.S. Vice President J.D. Vance said the White House was still considering who will attend: “I certainly plan to attend, but the president himself may also attend.”

However, the memorandum of understanding on the war is already facing serious challenges. Ongoing hostilities between Israel and the Iran-backed Lebanese militia Hezbollah have nearly derailed the negotiations. Meanwhile, the agreement allows only 60 days to resolve the issue of how to handle Iran’s stockpile of highly enriched uranium and its nuclear program.