The US and Iran said they have agreed on a memorandum of understanding aimed at ending the conflict, which began on February 28 with a joint US-Israeli bombing campaign and prompted Tehran to close the Strait of Hormuz to most shipping.
The agreement will be formally signed on Friday in Geneva, Switzerland.
Although the exact details of the deal have not been made public, Iran said the document would focus on ending the war and reopening the strait, while the two sides would have 60 days to negotiate the future of Iran’s nuclear program.
Trump wrote on Truth Social that he had ordered “the toll free opening of the Strait of Hormuz” and the end of the US naval blockade of Iranian ports.
“Let the oil flow!” he added.
The talks were repeatedly stalled and delayed, with both sides accusing each other of making unacceptable demands and citing a lack of trust.
Most recently, Iran threatened to suspend the negotiations over Israel’s continuing strikes in Lebanon. In an effort to prevent the talks from collapsing, Trump reportedly demanded that Israel halt the attacks during several heated phone calls with Prime Minister Benjamin Netanyahu.
Here are the latest developments:
15 June 2026
US crude oil fell 4.7% to $80.83 a barrel, while Brent crude, the international benchmark, declined about 4% to $83.77 a barrel, according to CNBC.
CNN reported that if oil settles at those levels, it would mark its lowest price since March 4, just days after the war began.
The leaders of France, the UK, Germany, and Italy issued a joint statement welcoming the “diplomatic breakthrough.”
“The urgent reopening of the Strait of Hormuz, with unconditional and unrestricted freedom of navigation, is essential,” the statement said.
The four countries said they were ready to organize “a strictly defensive and independent mission to reassure commercial shipping and conduct mine-clearance operations.”
“We will work intensively with the US, Iran, and regional partners to seize this moment, maintain momentum, and achieve a long-term diplomatic settlement,” the leaders added.
US Vice President J.D. Vance hailed the agreement as “a big moment for the United States.”
“Three things are important: the Strait of Hormuz will open immediately. Iran will never have nuclear weapons. If the Iranians honor the agreement, it will change the Middle East for the next 50 years. It will end the war, and energy prices will fall for Americans,” Vance told Fox News.
Additional details of the draft were reported by Iranian media:
- Upon signing the memorandum, the US commits not to interfere in Iran’s domestic affairs and to respect its sovereignty, while also pledging not to increase the number of American troops in the region.
- The US will begin consultations with Israel on the withdrawal of Israeli troops from Lebanon.
- The “reconstruction fund” for Iran will be worth at least $300 billion.
A senior Iranian official shared a draft of the memorandum with Reuters:
- Iran will immediately reopen the Strait of Hormuz, while the US will lift its naval blockade of Iranian ports within 30 days.
- Iran agrees to never seek nuclear weapons and to refrain from further uranium enrichment pending a final agreement.
- The US agrees to allow Iran to dilute its stockpile of highly enriched uranium on Iranian soil. The details will be negotiated after the deal is signed in Switzerland.
- The US agrees not to impose new sanctions on Iran until a final agreement is reached. All US and UN sanctions will be gradually lifted after the final deal.
- The US agrees to release $25 billion in frozen Iranian assets.
- The US and its regional allies will prepare a “reconstruction and development plan” for Iran within 60 days.
14 June 2026
In the same interview, Trump praised Russian President Vladimir Putin and Chinese President Xi Jinping for helping broker the settlement.
He described Israeli Prime Minister Benjamin Netanyahu as “a very difficult guy,” arguing that he should be “very thankful to us for doing this.”
“Because if Iran had a nuclear weapon, Israel wouldn’t be around for two hours,” Trump said.
The president earlier told Axios that Netanyahu had “no f**king judgement” for carrying out airstrikes in Lebanon despite Iran’s warnings that such attacks would jeopardize the talks.
In an interview with The New York Times on Sunday afternoon, Trump said that if Iran failed to reach a final agreement on its nuclear program, he would resume military strikes against the country or make the United States “the guardian of the Middle East” in exchange for 20% of the region’s revenues.
Detailed negotiations on Iran’s nuclear program are expected to begin once the memorandum of understanding is signed on Friday.
In a new post on Truth Social, Trump clarified that the Strait of Hormuz would be reopened after the agreement is signed on Friday.
Gharibabadi said the agreement followed intense negotiations mediated by Qatar and Pakistan.
“This memorandum does not mean trusting the enemy. It has been written with active distrust,” he said, according to Press TV.
“We will monitor the implementation of US commitments,” he added.
Iranian Deputy Foreign Minister Kazem Gharibabadi said that, effective Monday, the war is set to end “permanently and immediately” on all fronts, including Lebanon.
He added that the US would immediately lift its blockade of Iranian ports.