President Trump, Vice President JD Vance, and Iranian Parliament Speaker Mohammad Bagher Qalibaf signed a memorandum of understanding aimed at ending nearly four months of conflict between the US and Iran. The agreement, reached on June 15, 2026, addresses the two flashpoints that brought the nations to the brink: Iran’s nuclear ambitions and control of the Strait of Hormuz.
The core terms of the MOU hit on three immediate priorities. First, the Strait of Hormuz reopens to maritime traffic. Second, the US lifts its naval blockade on Iranian ports. Third, the existing ceasefire extends and now includes provisions covering hostilities involving Lebanon.
A formal signing ceremony is scheduled for June 19, 2026, in Switzerland, likely Geneva. After that, the clock starts ticking on 60 days of negotiations focused on Iran’s nuclear program and related disputes.
Iranian officials have been emphasizing the potential for sanctions relief and reconstruction funding. US officials, meanwhile, are stressing what they call a “performance-based approach” to compliance, meaning Iran doesn’t get financial relief until it demonstrates it’s holding up its end of the bargain. There are no immediate large-scale cash transfers baked into this agreement.
