WASHINGTON — The Trump administration released preliminary details of a 14-point memorandum of understanding with Iran on Wednesday, outlining a ceasefire, reopening of the Strait of Hormuz and steps toward addressing Tehran's nuclear program.
President Donald Trump signed the agreement, described as an initial framework rather than a final peace deal, during a dinner with French President Emmanuel Macron at the Palace of Versailles in France. The memorandum establishes an immediate and permanent termination of military operations on all fronts, including in Lebanon, according to a senior U.S. administration official who read the text to reporters.
The agreement provides for the immediate lifting of the U.S. naval blockade on Iranian ports, with full removal within 30 days, and allows Iranian oil exports under waivers. It also commits to reopening the Strait of Hormuz to commercial shipping without tolls for an initial 60-day period.
"Iran will not procure or develop nuclear weapons," the document states, while setting out a 60-day window, extendable by mutual agreement, for further negotiations on sanctions relief, Iran's uranium enrichment levels and its highly enriched uranium stockpiles. Regional partners are to contribute to a reconstruction and economic development fund for Iran of up to $300 billion.
Iranian officials, including parliamentary speaker Mohammad Bagher Ghalibaf, also signed the memorandum. Details on implementation timelines for certain provisions, including asset releases, remain subject to compliance.
The release of the text followed criticism over the lack of public details after the initial announcement of the framework. The agreement comes after months of conflict that disrupted global oil flows through the Strait of Hormuz.
A senior U.S. official described the deal as a "major win," while noting significant concessions. Iranian state media highlighted economic relief aspects. Israeli officials have expressed concerns about the agreement's implications.
"The combination of reopening the strait and the ceasefire sets the stage for de-escalation," a U.S. administration spokesperson said.
As of June 20, 2026, both sides reported the ceasefire holding, with commercial shipping resuming in the strait. Further technical talks on the nuclear file are expected to begin shortly. The Trump administration has not detailed potential responses if commitments are not met.
