Trump and Iran's Pezeshkian sign memorandum to end war, reopen Hormuz
The United States and Iran have signed a preliminary memorandum of understanding aimed at ending their conflict and reopening the Strait of Hormuz, in a diplomatic breakthrough brokered on the sidelines of a G7 summit.
The document was signed by US President Donald Trump and Iranian President Masoud Pezeshkian, alongside the prime minister of Pakistan, which mediated between the two governments. The signing took place at the Palace of Versailles in France.
Under the 14-point memorandum, the two sides pledged to end military operations on all fronts and to reopen the Strait of Hormuz, the strategic waterway through which a large share of the world's oil, gas and fertiliser passes to reach global markets. The United States is expected to lift sanctions on Iran and unfreeze funds and assets linked to its government.
The agreement creates a 60-day window, extendable by mutual consent, for the two sides to resolve decades of hostility. It also includes a commitment to address how Iran's stockpile of highly enriched uranium should be handled, one of the most sensitive issues between the two countries.
French President Emmanuel Macron said the agreement "paves the way for lasting peace and allows the reopening of the Strait of Hormuz." Negotiations toward a permanent deal were expected to begin in Switzerland. Global oil prices eased following the announcement, with benchmark crude slipping below $80 a barrel as markets responded to the prospect of reduced tension in the region.
