After more than three months of war and weeks of stop-start diplomacy, the U.S. and Iran have signed a 14-point memorandum of understanding to end the fighting and reopen the Strait of Hormuz.

The agreement allows Iran’s oil to flow immediately, but leaves the hardest question, Iran’s nuclear program, for a 60-day negotiation still to come.

Ending The War

The first article declares an immediate and permanent end to military operations on all fronts, including Lebanon.

The catch is that Israel is not a party to the document. It has rejected being bound by the deal and says its troops will stay in southern Lebanon, which leaves the Lebanon clause exposed to a flare-up that Iran could treat as a breach.

Reopening The Strait Of Hormuz

The U.S. agrees to begin lifting its naval blockade immediately and to remove it fully within 30 days. Iran in turn agrees to allow safe passage for commercial vessels at no charge for 60 days, with traffic restored within 30 days once mines are cleared.

The text does not say whether Iran can begin charging for passage after the 60 days.

Iranian media reported that 11 Iranian ships pushed through the U.S. naval blockade soon after the MOU was digitally signed.

Easing Sanctions And Restarting Oil Exports

Washington commits to issuing waivers for Iranian crude exports right away, covering the oil itself plus the banking, insurance and shipping around it. Over the longer term, the text says the U.S. will terminate all sanctions.

The MOU also unlocks money. The U.S. agrees to make Iran’s frozen assets available for use, with the release procedures to be worked out during the negotiations.

Article 6 commits the U.S., “with regional partners,” to develop a reconstruction plan of at least $300 billion for Iran. The wording keeps that bill off U.S. taxpayers and likely positions Gulf states such as Saudi Arabia and the UAE to fund much of it.

Saudi Foreign Minister Prince Faisal bin Farhan told Al Arabiya he had “no details” on the fund or the concept behind it, and Qatar’s foreign ministry said it could not comment on the figure.

Nuclear Question Stays Open

Iran reaffirms that it will not build or acquire nuclear weapons and agrees to down-blend its enriched uranium on site under IAEA supervision. The enrichment limits and the fate of the stockpile are pushed into the final-deal talks.

There is no immediate dismantlement, so Iran keeps its stockpile in place during the interim.

The two sides have a maximum of 60 days, extendable by mutual consent, to reach a final deal.

During the window the U.S. also agrees not to impose new sanctions or deploy additional forces in the region. An executive mechanism is meant to monitor Iranian compliance, and the final deal is to be locked in by a binding U.N. Security Council resolution.

President Donald Trump has warned that if Iran does not comply, the U.S. will “go back to bombing.”

On Polymarket, the market on whether the U.S. physically obtains Iran’s enriched uranium this year has fallen to about 14%, consistent with a deal built around down-blending inside Iran rather than a handover.

The market on Iran agreeing to end all enrichment by year-end has climbed to roughly 74%.

What It Means For Oil

The national average for regular gas slipped to about $3.99 a gallon Thursday, falling below $4 for the first time since late March, according to AAA.

West Texas Intermediate fell about 1.3% to roughly $75 a barrel Thursday and Brent eased to around $78.66, with crude now down close to 38% from its April peak. The IEA has warned of a possible supply glut into 2027.

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