The United States and Iran signed an interim memorandum of understanding to pause a 110-day military conflict that triggered a global energy crisis. U.S. President Donald Trump and Iranian President Masoud Pezeshkian remotely signed the agreement on June 17, instituting an immediate ceasefire and reopening the Strait of Hormuz.
The agreement offers Iran a temporary economic reprieve following months of collapsing markets and dwindling foreign reserves. Under the terms, the U.S. Department of the Treasury must immediately issue waivers allowing Iran to export crude oil and access banking services. This restores the pre-war economic status quo, according to an AP overview. Commercial shipping will resume toll-free through the Strait of Hormuz for the duration of the 60-day negotiating window.
A formal, in-person signing ceremony is scheduled for June 19 in Switzerland. The interim deal halts military operations, including proxy conflicts in Lebanon, while requiring uranium down-blending, as outlined in a report by The Guardian. However, Israel was not a party to the negotiations and retains the operational freedom to strike Hezbollah targets in Lebanon if provoked.
The memorandum defers strict long-term limits on Iran’s nuclear enrichment program. Negotiators now have 60 days to finalize a comprehensive framework to dismantle the nuclear program. The remote signing by Presidents Trump and Pezeshkian establishes this strict timeline, verified by CBS News. This diplomatic effort comes eight years after the Trump administration withdrew from the Joint Comprehensive Plan of Action in 2018. If a lasting treaty is not reached, military strikes will resume, as Trump issued a severe ultimatum earlier this week.