President Trump announced on Thursday that the US and Iran are scheduled to sign a memorandum of understanding on June 14, a move that would mark the most significant diplomatic breakthrough between the two countries in over a decade.
The deal centers on reopening the Strait of Hormuz, the narrow chokepoint through which a massive share of global oil shipments pass, and which has been under blockade during months of escalating conflict between the US, Israel, and Iran.
What’s actually in the deal
The framework calls for the Strait of Hormuz to reopen without tolls following the signing ceremony. In exchange, Iran would receive sanctions relief, though that relief is contingent on Tehran’s compliance with the agreement’s terms.
A proposed 60-day window has been floated for technical negotiations specifically addressing Iran’s nuclear capabilities.
