The US and Iran have agreed on a tentative 14-point memorandum of understanding that would lift sanctions waivers on Iranian oil exports, reopen the Strait of Hormuz, and extend a ceasefire by 60 days.
Iran announced that the US will unfreeze assets, lift all sanctions, and allow oil sales after signing the MOU. Iranian media is painting this as a sweeping victory. US officials have been considerably more measured, clarifying that full sanctions relief remains conditional on Iran’s compliance with a final, verifiable agreement.
What the deal actually says
The tentative MOU was reached around June 14-15, 2026, following negotiations influenced by mediators from Pakistan and Qatar. The agreement contains immediate sanctions waivers specifically targeting Iranian crude oil and petrochemical exports, meaning those sectors get relief upon signing.
The Strait of Hormuz is set to reopen. The US naval blockade on Iranian ports would be lifted within approximately 30 days after the MOU is signed.
