US and Iran Sign Initial Memorandum of Understanding to End War and Open Strait of Hormuz, With 60 Days to Negotiate Final Deal

President Trump signed the memorandum of understanding during a dinner at Versailles hosted by French President Emmanuel Macron, signing a hard copy before a photo of the signed document was transmitted to Iranian officials. Trump told reporters outside the venue: "It's signed. Just signed it." Iranian President Masoud Pezeshkian signed his copy and called it "a historic document and a message from a strong Iran," saying "peace will be achieved through mutual respect." Pakistani Prime Minister Shehbaz Sharif, a co-mediator alongside Qatar, said the deal would take "immediate effect."

The 14-point document, under 800 words in English, commits both parties to a permanent cessation of hostilities on all fronts — including Lebanon — and starts a 60-day clock, extendable by mutual consent, to reach a final deal. Key unresolved issues include the fate of Iran's nuclear program, its ballistic missile stockpile, and control of the Strait of Hormuz. The agreement states Iran shall "not procure or develop nuclear weapons" and calls for its enriched uranium to be downblended under IAEA supervision, but the mechanics of removal remain subject to further negotiation. Arms control experts cited by CNN warned that even under a downblending arrangement, Iran's breakout time to a nuclear weapon could remain under 12 months.

Trump at a press conference said his overriding concern was preventing global economic catastrophe, invoking the specter of a 1929-style depression and saying global oil reserves would be exhausted in approximately four weeks without a deal. He said he would resume bombing if Iran violated the agreement. Defense Secretary Pete Hegseth said the US was "more than able to reimpose an ironclad blockade" if Iran did not comply. Iran's foreign ministry said the war had left Iran "more powerful both militarily and diplomatically." Oil prices fell to around $78 per barrel for Brent crude, and the US national average for regular gasoline dropped below $4 for the first time since late March, according to AAA data reported by the AP and CNN.