Trump and Iran's Pezeshkian Sign Interim Deal to End War, Reopen Strait of Hormuz

A candlelit signature at Versailles

President Donald Trump and Iranian President Masoud Pezeshkian have signed an interim memorandum of understanding meant to end the four-month war between their countries and reopen the Strait of Hormuz.france24 +1 Trump put his signature to the document during a post-G7 dinner at the Palace of Versailles on Wednesday, telling reporters as he left, "Just signed it."france24 Pezeshkian signed separately from Tehran, and Pakistan's Prime Minister Shehbaz Sharif, who mediated the agreement, said it "shall enter into force with immediate effect."france24 The war, launched February 28 by the United States and Israel, has killed more than 7,000 people across the Middle East.france24

What the 14 points commit each side to do

Under the text released by US officials, Iran will immediately reopen the Strait of Hormuz to toll-free commercial traffic for 60 days while the US lifts its naval blockade within 30 days.cnn Washington commits to waive oil-export sanctions immediately and to make Iran's frozen assets "fully available," while Tehran "reaffirms that it shall not procure or develop nuclear weapons."nbcnews Both sides have 60 days, extendable by mutual consent, to negotiate a final deal that would be endorsed by a binding UN Security Council resolution.cnn A disputed sixth point pledges a plan worth "at least $300 billion" for Iran's reconstruction, though the BBC noted the US is not required to contribute a cent.bbc

The $300 billion vehicle is a private investment fund, separate from the frozen-asset talks, and more than half the sum has already been committed by companies across the Gulf, Asia, the Americas and Africa, a source told Reuters.reuters It becomes operational only once a final deal is signed.reuters Trump was emphatic the US would pay nothing: "We're not investing, we're not putting up 10 cents."reuters

A deal both sides are selling as a win

Trump claimed the agreement averted a "worldwide depression" and insisted no president had been tougher on Iran, even as he conceded the US would "have to give back" frozen Iranian assets and signaled tolerance for Tehran retaining ballistic missiles.theguardian Iran framed the outcome as an American defeat: chief negotiator Mohammad Bagher Ghalibaf called it "a record of US failure," and Hezbollah leader Naim Qassem hailed a "great victory."theguardian Republican Senator Bill Cassidy called it "the worst foreign policy blunder in decades."france24

Critical questions remain unresolved. Israel is not a party to the deal and continues strikes in southern Lebanon despite a clause covering the country, and Ghalibaf has already said Iran will charge transit fees in the Strait of Hormuz once the 60-day window ends.nbcnews +1 A formal signing ceremony and technical talks are slated for Friday in Switzerland, starting the clock on the harder negotiation over Iran's nuclear program.france24