US and Iran finalise framework deal to end war and reopen Strait of Hormuz, signing expected in Geneva this weekend

A deal within reach

After weeks of stalled talks in Islamabad, the United States and Iran are closing in on a framework agreement to end the war that began on 28 February. Pakistan’s Prime Minister Shehbaz Sharif announced on 12 June that a final, mutually agreed text of the peace deal had been achieved. US President Donald Trump declared a “great agreement” and cancelled planned airstrikes, while Iran’s foreign minister Abbas Araghtschi said the declaration of intent had never been so close to completion.

We have just achieved a great agreement in the war with Iran. The strait will be officially opened as soon as we have signed, which could be soon, very soon, maybe this weekend in Europe.

We can confirm that a final, mutually agreed text of the peace agreement has been achieved.

What the memorandum contains

According to US officials cited by Axios and Iranian agencies, the deal’s core provisions include an immediate reopening of the Strait of Hormuz without Iranian tolls, with shipping traffic to return to pre-war levels within 30 days. In exchange, the US would lift its naval blockade. Iran would be permitted to sell oil on global markets for 60 days after the strait reopens, providing Tehran with crucial revenue. The fragile ceasefire — including in Lebanon, where Israel is fighting Hezbollah — would be extended by 60 days.

The fate of Iran’s frozen foreign assets remains a sticking point: Iran demands immediate release, while Washington prefers phased disbursement to ensure compliance. The dismantling of Iran’s nuclear facilities and the removal of its stockpile of uranium enriched to 60 percent are slated for deeper negotiations after signing; Iran’s missile programme is explicitly excluded from the text.

Who will sign and where

Multiple reports point to Geneva as the likely venue, with a ceremony possibly on Sunday 14 June. The US is expected to be represented by Vice President JD Vance, while Iran’s parliamentary speaker Mohammad Bagher Ghalibaf would sign for Tehran — though Iranian confirmation of the ceremony is still pending. Both Trump and Iran’s Supreme Leader Mojtaba Khamenei are said to have given their approval, despite Trump’s earlier threats to seize Iran’s Kharg Island oil terminal.

The problem is that the US side keeps changing its positions.

Cautious optimism and lingering mistrust

Iranian foreign ministry spokesman Esmail Baghai confirmed the text was “largely finalised” but stressed that Washington’s shifting positions had complicated the talks. Trump himself has claimed a deal is close 39 times, according to CNN, only for negotiations to stall. This time, however, the involvement of Pakistan as a broker and the detailed 14‑point plan leaked to Iranian media suggest substance behind the announcements.

The Islamabad declaration of intent has never been so close to completion. Until finalisation, the media should refrain from speculating about its contents.

Next steps

Once signed, the memorandum will trigger a 60‑day period of intensified talks on the nuclear file and economic reconstruction. Iran’s Mehr agency reported that the US and its allies must present a reconstruction plan worth at least 300 billion dollars. The US naval blockade will remain in place until a final accord is concluded. With the war’s toll mounting and global oil markets watching the Strait of Hormuz, the coming days in Geneva may determine whether the breakthrough holds.