US and Iran sign 14-point memorandum, reopen Strait of Hormuz and start 60-day negotiation clock

From ceasefire to reopened shipping lanes

The memorandum, signed late 18 June, orders an immediate and permanent end to hostilities on all fronts, including Lebanon. Within hours the US lifted its naval blockade, allowing 12 Iranian vessels to leave port. By the afternoon 12.5 million barrels of crude had transited the Strait of Hormuz, Vice-President JD Vance told reporters, calling it the highest volume since the conflict began. The Italian ro-ro vessel Grande Torino, trapped in the Persian Gulf for more than 100 days, was also cleared to sail.

“The oil is flowing, Iran will never have a nuclear weapon (the world will be safe!), the stock markets are roaring.”

The 60-day clock and what it has to deliver

Both sides committed to negotiate a final accord within a maximum of 60 days, a period that starts on 18 June and can be extended by mutual consent. Trump acknowledged the deadline is not hard, saying “it may take more time.” The framework leaves the hardest details to technical talks expected in Switzerland. No delegation ceremony was held in Lucerne; the text was signed digitally and Vance said a face-to-face meeting could happen “over the weekend.”

Nuclear programme and IAEA access

Tehran reiterates in the text that it will “never acquire or develop nuclear weapons,” a pledge the late supreme leader Ali Khamenei had often made. It will keep its enriched uranium stockpile in underground facilities for the next two months and has agreed to later downblend the material on site under IAEA supervision. US envoy Steve Witkoff confirmed that IAEA inspectors will have access to Iran’s nuclear sites. The fate of a civilian nuclear programme is still to be defined.

Israel, Lebanon and the Hezbollah factor

Extending the ceasefire to Lebanon was a key Iranian demand, and it is written into the first article. But Prime Minister Benjamin Netanyahu stated that Israel “will not abandon the security zone in southern Lebanon as long as our needs require it.” Israeli military maps show the IDF still holding positions beyond the Blue Line. Vance responded with unusual directness.

“What bothers me is that we have seen people in Bibi’s government attack the agreement and in some cases they have personally attacked the president. My message is that Trump is the only head of state in the entire world who stands with Israel. If I were in the Israeli government I wouldn’t attack the only powerful ally I have left in the entire world.”

Sticker-price of peace: cash, oil and sanctions

The economic pillar is the most complex. Iran wants at least $24 billion of its frozen foreign reserves released immediately; the memorandum declares those funds “fully available” but Washington has tied the unfreezing to verifiable nuclear steps. Trump dismissed reports of a $300 billion reconstruction fund as “fake news.” The text commits the US to dismantle sanctions “according to an agreed calendar,” yet many American measures require Congress. On Hormuz, Iran pledged free passage for the 60-day interim but later intends to charge a service tariff and administer maritime services jointly with Oman, a likely point of friction with Washington.

“A memorandum of understanding was signed between the presidents of Iran and the United States. I had a different opinion, but I approved it by virtue of the commitment made to me by President Pezeshkian.”

Reactions and the path to a durable deal

Supreme Leader Mojtaba Khamenei said Trump had acted “out of desperation” and Iran’s parliament speaker Ghalibaf framed the future tariff as a sovereign right. Analysts noted that many clauses are deliberately vague to give negotiators room. Trump warned that if Iran “does not behave well we will go back to dropping bombs.” For now, the ceasefire holds, the strait is open, and the two-month race to turn a memorandum into a binding treaty has begun.