US and Iran reach preliminary agreement to end war and reopen Strait of Hormuz, with key details unresolved

President Trump announced the agreement on Sunday via Truth Social, writing "The Deal with the Islamic Republic of Iran is now complete" and calling for ships to transit the Strait of Hormuz. He departed for the G7 summit in Évian-les-Bains, France, where the agreement was expected to dominate discussions alongside trade, Ukraine, and artificial intelligence. Vice President Vance confirmed Monday morning on ABC's Good Morning America that the memorandum had been signed digitally, stating "there's been no money released, and that won't change." Pakistan's Prime Minister Shehbaz Sharif, who served as a mediator, said both sides had declared "the immediate and permanent termination of military operations on all fronts, including in Lebanon."

The full text of the agreement has not been released publicly. The White House said it hopes to publish the text within days. Vance said the deal includes a 60-day window of technical negotiations focused on Iran's nuclear program, during which the Strait of Hormuz would remain open. He described the potential unsanctioning of Iran's economy as a "leverage point" contingent on Tehran's commitment not to build or procure a nuclear weapon. Senior administration officials said some sanctions relief and economic incentives would follow as Iran meets benchmarks. Vance said Iran could have access to a $300 billion Gulf-funded reconstruction fund, but only upon fulfilling obligations, and denied that $24 billion in frozen assets would be released under the current agreement.

Significant implementation questions remained as of Monday. Iran's Foreign Ministry said Tehran plans to collect "fees" for maritime services in the Strait after an initial 60-day window, despite Trump's insistence the reopening would be "permanently toll free." Iran's Foreign Minister Abbas Araghchi acknowledged the MOU while expressing skepticism about Washington's reliability, citing "a history of broken promises." The international shipping industry said it "still considers it very risky for ships to commence transits" due to naval mines Iran had deployed throughout the strait, a complication that experts said would require specialized mine-clearing vessels. France said it was ready to deploy mine-clearing assets and that a French aircraft carrier was already in the region.