Iran’s foreign minister has confirmed that US sanctions on Iranian oil exports have been effectively waived, the naval blockade of Iranian ports is over, and a reconstruction program is underway. The announcement follows a preliminary memorandum of understanding finalized on June 17, 2026, between Washington and Tehran, marking the most significant thaw in US-Iran relations in decades.
What the deal actually includes
The MOU centers on a commitment from the US Treasury to issue waivers that would allow Iranian crude oil exports to resume, along with the banking, transportation, and insurance services needed to make those exports functional.
Iran’s Foreign Minister Abbas Araghchi and Deputy Foreign Minister Kazem Gharibabadi confirmed the developments. The US naval blockade of Iranian ports, which had been restricting access to the strategic Strait of Hormuz, has been officially terminated as part of the agreement.
The deal also includes a partial release of frozen Iranian assets, though the full scope of which assets and how much remains tied to ongoing negotiations. A 60-day window has been opened for both sides to hammer out a comprehensive agreement focused on Iran’s nuclear program and further sanctions relief.
