President Donald Trump touched down in Europe on June 15 for the G7 summit in Évian-les-Bains, France, carrying what might be his biggest geopolitical card yet: a freshly announced framework agreement with Iran that could end months of military conflict and reopen one of the world’s most critical shipping lanes.
Oil prices have already responded, falling to their lowest levels in nearly three months. Stock markets moved higher. The Strait of Hormuz, through which roughly a fifth of the world’s oil supply passes on any given day, is set to reopen for toll-free shipping starting June 19.
What the deal actually says
Trump unveiled the US-Iran framework agreement on June 14 via Truth Social, one day before departing for Europe. The core terms include lifting the US naval blockade on Iranian ports and restoring open passage through the Strait of Hormuz.
This is a memorandum of understanding, not a finalized treaty. The detailed provisions haven’t been fully disclosed, and the thorniest issue of all, Iran’s nuclear program, has been punted entirely. Both sides have agreed to a 60-day window for further negotiations.
