The US and Iran announced that they had reached a memorandum of understanding aimed at ending the current conflict and launching negotiations on a final peace agreement, laying the groundwork for weeks of intensive talks.The agreement, expected to be signed this week in Switzerland, would reopen the Strait of Hormuz and lift a US blockade. It would also bring an end to hostilities across regional fronts, including in Lebanon.Here is what we know so far:What's in the deal?The Strait of Hormuz, blocked by Iran, would reopen immediately after the deal is signed.The US blockade would also be lifted on Monday.A return to pre-war shipping volumes is expected within weeks.War would stop on all fronts, including Lebanon.Sanctions relief tied to the implementation of the deal.Iran would be gradually relieved of the economic pressures that it's been under for many years and would get reintegrated into the world economy.Limits on missile production and support for proxies in the region would be part of the negotiations.Guarantees of long-term peace in the region.Respecting the territorial sovereignty of Iran.The deal will be called the " Islamabad Memorandum of Understanding".The logisticsIt is a memorandum of understanding valid for 60 days, during which a final deal should be negotiated and agreed to.The agreement will be signed on Friday in Switzerland.US Vice President JD Vance is likely to represent the US.Qatar and Pakistan are currently acting as intermediaries to finalise the details.Key players react"With the opening of the Strait upon the signing of the deal on Friday, for purposes of mine removal, oil will flow on both ends again for the region, and the world!" Mr Trump said on Truth Social."Following intensive talks, we are pleased to announce that the Peace Deal between the United States of America and Islamic Republic of Iran has been reached. Both sides have declared the immediate and permanent termination of military operations on all fronts, including in Lebanon," wrote Pakistani Prime Minister Shehbaz Sharif on X."The Islamic Republic of Iran [..] following a difficult and intensive period of negotiations lasting several months, finalised on the evening of June 14 the text of a Memorandum of Understanding regarding negotiations to end the war between Iran and the United States," Iran's Supreme National Security Council said.“We just made a great settlement of the war with Iran and we’re going to be subject to finalisation of documents,” Mr Trump told reporters days earlier in the Oval Office.“Even though Israel is not a party to the memorandum of understanding, the Prime Minister expressed his appreciation for President Trump’s commitment to the final agreement,” Mr Netanyahu's office said last week.Rocky roadIn recent weeks, Mr Trump repeatedly threatened further military action against Iran, including strikes on additional targets and even the seizure of Kharg Island, Tehran's main oil export terminal.The diplomatic push unfolded against the backdrop of continued fighting. The US carried out strikes on Iranian targets, while Tehran responded with attacks on US military sites in the region. Although Washington and Tehran agreed to a ceasefire in April, repeated breaches and flare-ups involving Israel, Iran and Tehran's regional allies repeatedly threatened to collapse the truce.Iranian officials identified Qatar and Pakistan as key intermediaries helping bridge gaps between the two sides. Doha, in particular, maintained open channels with both Washington and Tehran, while regional governments worked behind the scenes to keep negotiations alive.The diplomatic push comes as the US hosts the 2026 World Cup alongside Canada and Mexico. Mr Trump has been keen to project an image of stability and international leadership. What we don't knowThe extent of the dismantlement of Iran's nuclear programme and whether Tehran will be allowed to retain any enrichment capabilities.How much Iran will receive in sanctions relief and access to frozen assets, and on what timeline those funds would be released.Whether the agreement includes guarantees against a return to war and commitments by Iran not to attack its neighbours or target international shipping routes.The future of Iran's regional allies and proxy groups, including whether the deal requires any form of disarmament or restrictions on their military activities.Whether the agreement places limits on Israeli military operations in the region, including assassinations and strikes in countries such as Lebanon, Syria and Yemen.How compliance will be monitored and what enforcement mechanisms would be triggered if either side breaches the agreement.