The G7 summit in Évian-les-Bains, France, has produced what might be the most consequential geopolitical development of 2026: a formal peace framework between the US and Iran that includes the reopening of the Strait of Hormuz, the narrow waterway through which roughly a fifth of the world’s oil supply flows.
The formal signing of the memorandum of understanding is scheduled for June 19, 2026, in Geneva. The Strait is already partially open as of this week, with limited shipping traffic resuming while the full reopening is coordinated alongside the ceremony.
What the deal actually includes
President Donald Trump introduced the framework agreement over the weekend at the summit, with Vice President JD Vance later confirming the details and announcing the Geneva signing date.
The core components are straightforward: a 60-day ceasefire window for further nuclear negotiations, the lifting of the US naval blockade, and explicit assurances from Iran that it will not pursue nuclear weapon development.
