U.S. President Donald Trump walks to the presidential limousine following a dinner at the Château de Versailles in Versailles, southwest of Paris, on June 17, 2026. Photo by Michel Euler / POOL / AFP via Getty Images.

Iran and Ceasefire

• U.S. and Iran sign MOU: Masoud Pezeshkian, President of Iran, and Donald Trump, President of the United States both signed a memorandum of understanding on Wednesday evening, a fact first reported by Pakistani Prime Minister Shehbaz Sharif. Sharif noted, upon confirming the signature, that the agreement “shall enter into force” immediately, and that, effective Wednesday, the Strait of Hormuz would reopen and the U.S. naval blockade would cease. Trump signed a hard copy of the agreement during a dinner with the French president at the Palace of Versailles, while Pezeshkian signed a copy in Tehran and later shared a photo of the document on his official X account, describing it as “a historic document.” In an accompanying message, Pezeshkian wrote, “the Islamic Republic of Iran has always been committed to and persistent in pursuing global peace while preserving its dignity and independence.” The signing came ahead of a scheduled meeting with U.S. and Iranian representatives in Switzerland on Friday, though there is conflicting information as to whether the ceremony will still proceed as planned now that the document has been signed by both sides.

• Key provisions of the U.S.-Iran memorandum of understanding:

  • “The immediate and permanent termination of military operations on all fronts, including in Lebanon” as well as “ensuring the territorial integrity and sovereignty of Lebanon.”

  • An agreement to “negotiate and achieve the final deal in maximum 60 days extendable with mutual consent.”

  • A pledge by the United States to begin lifting its naval blockade immediately and “fully end the naval blockade within 30 days.”

  • An Iranian commitment to facilitate the safe passage of commercial vessels through the Strait of Hormuz “with no charge for 60 days only” after which Iran can “define the future administration and maritime services” through the strait.

  • A U.S. undertaking, with regional partners, to develop a reconstruction and economic development plan worth at least $300 billion for Iran.

  • A commitment by Washington to “terminate all types of sanctions” against Iran.

  • Iran’s reaffirmation that it “shall not procure or develop nuclear weapons,” while negotiations continue on uranium enrichment and other nuclear-related issues.

  • U.S. waivers allowing exports of Iranian crude oil and petroleum products, alongside the release of frozen Iranian funds and assets.

  • A provision stating that any final accord will be endorsed by a binding resolution of the United Nations Security Council.

  • The memorandum also states that, pending a final agreement, both parties will “maintain the status quo” while negotiations continue.

• Trump discusses the MOU at G7 meeting: At the G7 conference in France on Wednesday, President Trump made a series of comments about Iran, the MOU, Lebanon, and the global energy market.

  • Trump called Iran both “primitive” and “genius,” and commended its negotiating team. He also suggested that the U.S. had no right to curtail Iranian missile production. “Am I going to let Saudi Arabia have missiles, but they can’t have them?” he asked. “It doesn’t work that way.”

  • He said he signed the memorandum to avoid a global depression, and that he was particularly motivated to avoid the fate of Herbert Hoover, the President under whom the Great Depression began in the United States.

  • Regarding Lebanon, Trump said peace there would require more work and that Hezbollah must be dealt with “one way or the other.” He suggested Syria’s new leadership would be willing to confront Hezbollah and praised Syrian President Ahmed al-Sharaa, saying he had done “a tremendous job” and, unlike Israel, could target the group “with precision.” Though he did not say, when asked, that he wanted Israel to halt its military campaign in Lebanon. “I want them to use good judgment,” he said.

  • Contrary to the posture he assumed during the conflict, he indicated he was open to a certain level of nuclear enrichment for Iran. “It’s a little hard when other people have it, other adjoining states have it, and you’re not letting them have it for purposes of electricity and things like that,” he said. “You have to use a little common sense.”

  • Trump refused to take accountability for the attack in Minab, however, which killed upwards of 170 schoolgirls at the war’s outset, saying “mistakes are made” and directing the reporter who asked him about it to his war secretary, Pete Hegseth.

• Iran’s Ghalibaf addresses end of war, Iran’s future: Iranian Parliament Speaker Mohammad Bagher Ghalibaf discussed the MOU on Wednesday at a meeting with the country’s Chamber of Commerce.

  • Ghalibaf argued that current negotiations with the United States differ from previous rounds, including during the JCPOA era, because they are now backed by Iran’s battlefield victories. “Today the banner of victory on the battlefield stands behind the talks,” he said. He also noted that Iran continued responding militarily to U.S. and Israeli actions during negotiations, saying that diplomacy must be conducted “from a position of strength.” Ghalibaf also suggested that Iran would not cease to respond should Washington violate its commitments.

  • The parliamentary speaker maintained that the Strait of Hormuz would “never return to its previous condition,” and that Iran possesses sovereign rights in the Strait as a consequence of its proximity. It is “natural,” he argued, that it might receive payment for services provided there.

  • He also said Iran expects access to its frozen assets through credit facilities that would place spending authority in the hands of the Central Bank, allowing it to finance imports and open letters of credit as it deems necessary.

  • He also claimed that three European countries that previously violated the JCPOA, pushed to blacklist Iran’s Revolutionary Guards as a terrorist organization, and sought the overthrow of the Islamic Republic are now pursuing talks with Tehran aimed at lifting sanctions

  • Ghalibaf, who serves as a special representative for China, also met Wednesday with members of Iran’s Chamber of Commerce to discuss expanding long-term economic cooperation with Beijing, telling attendees the two countries are “true partners in every sense of the word” and that both would be present in any future regional alliance.

• Trump defends Iran deal amid criticism: Shortly after returning to Washington from the G7 summit early Thursday, Trump defended the MOU reached with Iran, pushing back against critics who argued the agreement did not represent a meaningful victory for the U.S. In a post on Truth Social, Trump wrote that those who believe he had not been tough enough on Iran were “either jealous, bad people, or stupid,” while pointing to record highs in the stock market and falling oil prices as evidence of the deal’s success.

• Oil and LNG tankers pass through Strait of Hormuz: Three Saudi-flagged supertankers carrying a combined six million barrels of crude oil transited the Strait of Hormuz on Thursday, according to Maritime tracking data. French-flagged LNG carrier Mraikh also became the first French vessel to pass through the strait since the outbreak of the war in the region. According to tracking platform MarineTraffic, operated by data firm Kpler, the vessel departed the Gulf carrying 76,353 tonnes of liquefied natural gas, loaded at Ras Laffan Industrial City in Qatar, and was bound for Port Qasim in Pakistan.