Key facts
- U.S. President Donald Trump and Iranian President Masoud Pezeshkian digitally signed an interim memorandum of understanding.
- The agreement aims to end the war between the U.S. and Iran and fully resume maritime traffic in the Strait of Hormuz.
- The MOU includes the lifting of U.S. blockades on Iranian ports and the waiving of international sanctions.
- Trump threatened to resume attacks if Iran violates the agreement, but also stated it would be 'unfair' for Iran not to have ballistic missiles.
- G7 leaders welcomed the deal but stressed the need for Iran to address regional threats and not obtain nuclear weapons.
- The agreement calls for an immediate ceasefire in Lebanon, though fighting has not fully ceased.
The U.S. and Iran have released the text of an interim agreement aimed at ending their war and reopening the vital Strait of Hormuz. U.S. President Donald Trump, attending the G7 summit in France, threatened to resume attacks and kill Iranian officials if Tehran fails to honor the commitments made in the memorandum of understanding (MOU). Trump, who had previously vowed to obliterate Iran's ballistic missiles, also stated it would be 'unfair' for Tehran not to possess them, a shift from his earlier stance. The MOU, digitally signed by both Trump and Iranian President Masoud Pezeshkian, extends a previous ceasefire by 60 days to allow for negotiations on a permanent truce. The agreement includes an immediate end to hostilities on all fronts, the full resumption of maritime traffic in the Strait of Hormuz, the lifting of U.S. blockades on Iranian ports, and the waiving of international sanctions, alongside a $300 billion plan for Iran's economic rehabilitation. Iran has also reaffirmed its commitment not to build nuclear weapons. Despite Trump's typically combative rhetoric, the agreement appears to offer Iran significant sanctions relief while leaving its theocratic government, uranium stockpile, and ballistic missile capabilities largely intact. G7 leaders welcomed the deal but emphasized the need for Iran to address regional threats and refrain from obtaining nuclear weapons. They also called for an immediate ceasefire in Lebanon, where hostilities between Israel and the Iran-backed Hezbollah group have displaced over a million people. Trump also gently rebuked Israeli Prime Minister Benjamin Netanyahu regarding his tactics in Lebanon. Oil prices initially fell on the prospect of the Strait of Hormuz reopening but later recovered over 1% after Trump's threat to resume attacks. A senior U.S. official confirmed the signing of the MOU, noting that parties could still withdraw until a binding deal is reached. Iranian officials stated the agreement was already in effect as of Wednesday.