US and Iranian officials have agreed on a framework to end their military conflict, lift the US naval blockade on Iranian ports, and reopen the Strait of Hormuz to toll-free shipping. The memorandum of understanding, announced on June 14, 2026, is expected to be formally signed around June 19 in Switzerland.
Roughly 20% of the world’s oil transits through the Strait of Hormuz. When that chokepoint gets restricted, every market on earth feels it.
What the deal actually includes
The framework covers four main pillars: a 60-day extension of the ceasefire, an end to the US naval blockade, toll-free passage through the Strait of Hormuz, and a cessation of violence in Lebanon. In exchange, the 60-day window opens a dedicated negotiation period focused on Iran’s nuclear program.
President Trump confirmed the reopening of the Strait and referenced measures for the destruction of Iran’s highly enriched uranium, though the full text of the agreement has not been publicly released. The deal is anticipated to restore full prewar shipping conditions within approximately 30 days after the formal signing.
