The US and Iran just signed the kind of agreement that, three months ago, seemed about as likely as a snowstorm in Tehran. President Donald Trump and Iranian President Masoud Pezeshkian electronically signed a preliminary memorandum of understanding on June 15, 2026, aimed at dialing down a conflict that had rattled global energy markets, pulled in multiple regional players, and pushed oil prices to painful heights.
What’s actually in the deal
The MoU lays out a 60-day ceasefire between the US (alongside Israel) and Iran. The agreement also calls for the reopening of the Strait of Hormuz, one of the most strategically important chokepoints in global energy trade. Roughly a fifth of the world’s oil passes through that narrow waterway on any given day, so its closure during the conflict had consequences far beyond the Middle East.
The deal also mandates the lifting of the US naval blockade and pauses in military operations in Lebanon.
Pakistan and Qatar served as mediators throughout the process, while Israel and Gulf states provided what’s been characterized as indirect support. A formal signing ceremony is scheduled for June 19, 2026, in Switzerland.
