US-Iran Deal Reopens Hormuz, Defers Nuclear and
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- Trump announced a preliminary US-Iran agreement on Jun 14 to end the war that began Feb 28, with a memorandum of understanding scheduled to be signed Friday in Switzerland — though both sides have released conflicting information and the precise terms remain unclear.
- The Strait of Hormuz will reopen on Friday per Trump's order, ending the US blockade of Iranian ports, but Iran wants to charge ships transit fees (other countries call this a violation of international law) while the US had previously demanded 'toll free' passage; demining responsibilities and the potential G7 role are also unresolved.
- Iran's nuclear programme will be negotiated during a 60-day window after signing — the US says the goal is dismantling the program and destroying the enriched uranium stockpile, while a senior Iranian official says the draft allows Tehran to dilute and retain enriched uranium domestically.
- The US would release billions of dollars in frozen Iranian assets and waive oil sanctions in phases (not upfront) as Tehran limits its nuclear program, per draft terms described to Reuters; the UK, Germany, France, and Italy jointly said they were prepared to lift sanctions in response to 'clear, verifiable steps.'
- Iran insists any deal must include a ceasefire in Lebanon, where Israel has been fighting Iranian-backed Hezbollah; Israeli Defense Minister Israel Katz warned Israel could still act independently and would not pull out of occupied zones in Lebanon, Syria, Gaza, or the West Bank.
- Energy markets reacted with oil hitting a three-month low on the announcement, though experts warned it will take months for supplies to flow freely as shipping and insurance companies wait to confirm the agreement will hold.
- Barbara Slavin of the Stimson Center warned Israel is 'a potential spoiler' in the deal, noting Israel struck Beirut hours before the announcement but Iran was persuaded not to retaliate.
Why it matters: The deal reopens the Strait of Hormuz — the critical oil and gas artery whose closure had spiked global energy prices — but defers the hardest questions (nuclear dismantlement, sanctions sequencing, Lebanon) to a 60-day follow-up negotiation. Israel has publicly refused to be bound by a Lebanon ceasefire, leaving a core Iranian demand unresolved and the agreement vulnerable to unilateral Israeli action.
