Four months after the Iran War began in February, Trump and Iranian President Pezeshkian signed a 14-point MOU late Wednesday at the Palace of Versailles. Key terms: Strait of Hormuz open to commercial ships toll-free for 60 days, then Oman-led permanent-status talks; US terminates all sanctions and unblocks an estimated $25 billion in frozen assets; Iran reaffirms no nuclear-weapons procurement or development; 60-day window opens to negotiate disposal of Iran's enriched uranium stockpile. G7 allies at Évian-les-Bains formally endorsed the framework.
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Hormuz Clause: 60 Days Toll-Free, Then Oman-Led Permanent Talks
The MOU requires Iran to allow safe passage of commercial vessels toll-free for 60 days only, with Oman designated to lead permanent-framework negotiations afterward. The US simultaneously lifts its naval blockade of Iranian ports. The strait carries approximately 20 million barrels of oil per day — 20% of all seaborne oil trade. Both PBS and the US Chamber of Commerce note actual normalization of tanker flow could take weeks, given the backlog of ships at the strait entrance.
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Full Sanctions Termination: $25B Frozen Assets in First Tranche
The MOU instructs Washington to terminate all types of sanctions and make all frozen or restricted funds fully available. Iran estimates over $100 billion total remains inaccessible — a mix of sanctions-driven freezes and court judgments. Iran's state-affiliated Mehr News published a draft MOU pegging the first tranche at $24–25 billion. US officials cautioned the exact liquid amount depends on ongoing legal dispositions. Oil markets reacted immediately — crude fell roughly 15% across four consecutive sessions.
3
Nuclear Reaffirmation and 60-Day Enrichment Stockpile Talks Window
The MOU requires Iran to reaffirm it shall not procure or develop nuclear weapons, with a mutually agreed mechanism for uranium-stockpile disposal negotiated during the 60-day window. Specific verification protocols are absent from the signed text — the deal's biggest ambiguity. Israel made no public endorsement; Saudi Arabia reserved comment. G7 allies formally backed the framework at Évian-les-Bains, but the mechanism content is the negotiators' problem to solve.
The 60-day clock started today. Hormuz permanent status and uranium stockpile disposal are the two variables that determine whether this MOU hardens into a durable agreement.
Sources
- ✓ NBC News — Trump and Iran's president sign initial deal to end war, open Strait of Hormuz — June 18, 2026
- ✓ The Hill — Trump signs MOU with Iran ending war while at Versailles — June 18, 2026
- ✓ PBS News — Even with a deal to reopen Hormuz, it could take weeks for oil to fully flow — June 2026
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