The US and Iran just signed a deal that, on paper at least, ends a military conflict that has rattled global markets since late February. President Donald Trump and Iranian President Masoud Pezeshkian put their names to a 14-point Memorandum of Understanding at the Palace of Versailles on June 17, 2026, following a G7 summit dinner hosted by French President Emmanuel Macron.
The agreement covers an immediate and permanent cessation of military operations between the US-Israel alliance and Iran, the reopening of the Strait of Hormuz for commercial shipping, and the lifting of certain US sanctions on Iranian ports and oil sales.
What the deal actually says
The MoU was digitally signed around June 14-17 before the hard-copy ceremony took place on June 17. Iranian officials have characterized the agreement as already “in effect,” which is a notable framing choice for a document that is, legally speaking, non-binding.
The Strait of Hormuz, through which roughly a fifth of the world’s oil passes on any given day, reopens for 60 days under the agreement. Certain US sanctions targeting Iranian ports and oil exports get lifted. And a ceasefire originally established in April 2026 is extended by an additional 60 days to allow further negotiations.
