First tankers reportedly exit US blockade in the Strait of Hormuz ahead of US-Iran talks. A sweeping memorandum between the US and Iran could end months of conflict, reopen critical shipping routes and pave the way for hundreds of billions of dollars in economic investment.
A landmark Memorandum of Understanding between the United States and Iran has raised hopes of a lasting end to hostilities in the Middle East while setting the stage for the reopening of one of the world's most important energy corridors, the Strait of Hormuz.
The agreement, signed on 18 June, outlines a broad framework for ending military operations, lifting sanctions, restoring maritime trade and advancing economic reconstruction efforts that could reshape global energy markets and ease inflationary pressures worldwide.
Under the agreement, both countries committed to an "immediate and permanent cessation of military operations on all fronts" and pledged not to initiate future military action against one another.
The memorandum also commits both nations to respecting each other's sovereignty and territorial integrity while undertaking negotiations aimed at reaching a final agreement within 60 days.
