President Trump touched down at the G7 summit in Évian-les-Bains, France, on Monday carrying what might be his biggest diplomatic card yet: a framework agreement to end the US-Iran conflict that has rattled global markets since February 2026.
The interim memorandum of understanding, expected to be officially signed around June 19 in Switzerland, would extend a ceasefire, reopen the Strait of Hormuz to commercial shipping, and kick off technical talks on Iran’s nuclear program and possible sanctions relief.
What the deal actually includes
The framework centers on a 60-day ceasefire window during which the US and Iran will negotiate on nuclear issues and the potential release of up to $25 billion in frozen Iranian assets. The conflict, which intensified in February 2026, lasted roughly 107 to 120 days before the ceasefire agreement materialized.
Perhaps the most immediately consequential provision: the lifting of the US naval blockade on the Strait of Hormuz. That narrow waterway facilitates approximately 20% of global oil trade.
