US President Donald Trump and Iran have announced a memorandum of understanding, setting out a framework for an immediate ceasefire and a phased roadmap towards ending the war that has raged since February.
Mr Trump said he had "authorised" the immediate reopening of the Strait of Hormuz, while Iranian state media reported that the US naval blockade on Iranian ports would be lifted from Monday morning — though Tehran’s commitments under the agreement are due to begin only after Friday’s signing in Geneva. Oil prices fell about 5 per cent as the announcement eased fears over supply disruption.
The conflict began on February 28, when the US and Israel launched a wave of strikes on Iran's nuclear, missile and military infrastructure. The opening assault reportedly killed Iran's supreme leader, Ayatollah Ali Khamenei, along with several senior commanders.
The war killed thousands, drew Iran-aligned groups in Lebanon, Iraq and Yemen into the fighting, and cost US taxpayers an estimated $30 billion. Yet it failed to dislodge Tehran’s hardline regime, one of Washington’s stated objectives.
The breakthrough was announced first by Pakistani Prime Minister Shehbaz Sharif, who said both sides had agreed to the “immediate and permanent” termination of military operations on all fronts, including Lebanon.
Mr Sharif said mediators would now oversee a series of meetings this week, beginning with “pre-implementation discussions” before technical negotiations and a formal signing ceremony.
Both sides said the agreement would be signed in Geneva on Friday. A central element of the deal is the reopening of the Strait of Hormuz, the vital shipping route Iran closed at the outset of the conflict, disrupting roughly a fifth of global seaborne oil supplies.
Mr Trump said mine-clearance operations would begin immediately so that, in his words, “oil will flow on both ends again for the region, and the world”.
In a post on Truth Social, he said the agreement would bring “peace and security to the whole region”.
Iran’s deputy foreign minister for legal and international affairs, Kazem Gharibabadi, told state news media the war would end “permanently” across all fronts. Iran’s Supreme National Security Council also confirmed core aspects of the agreement.
Tehran’s language was more cautious than Washington’s. Officials stressed no final decision had been taken, even as state media released details of the draft memorandum.
Iranian officials said the deal was the product of months of negotiations and reflected Tehran’s strategic position.
The two sides described the timetable differently. Tehran framed the ceasefire as immediate and permanent, while Washington tied the lifting of the naval blockade to Monday and full reopening of the Strait of Hormuz to Friday’s signing.
Reopening the strait
Under the framework, the strait is expected to return to pre-war shipping levels within about 30 days, following mine clearance and maritime coordination.
Iranian media said the agreement contains 14 points, including sanctions relief, partial unfreezing of assets and commitments to non-interference in domestic affairs.
One source close to the talks said the document provides “a timeline for resolving every issue”, though a full settlement could take up to a year.
Around $24 billion in frozen Iranian assets could be released. Tehran is seeking an initial $12 billion before wider negotiations begin.
A 60-day follow-up process is expected to address Iran’s nuclear programme, sanctions, UN resolutions and outstanding issues with the International Atomic Energy Agency.
Iran has also reaffirmed a commitment not to pursue nuclear weapons. Neither side directly addressed the nuclear issue in Sunday’s statements.
The deal has faced criticism from hardliners in Iran, as well as sparked protests. Reuters Info
Notably absent from the framework are Iran’s missile programme and regional alliances, underscoring the limits of the deal.
The mediation effort was led by Pakistan and Qatar, with support from Saudi Arabia, Turkey and Egypt. Islamabad played a central role, having also brokered the short-lived April ceasefire.
The White House said Egyptian and Qatari leaders would meet Mr Trump on the sidelines of this week's G7 summit in France.
The UAE, which absorbed some of the heaviest Iranian strikes in the Gulf, welcomed the agreement. Dr Anwar Gargash, diplomatic adviser to President Sheikh Mohamed, said the deal could help close the chapter on war and open space for a political process.
An Iranian official told Reuters that Washington had agreed to waive oil sanctions temporarily and could hold off on new measures during talks.
The breakthrough followed a tense day, with Israel striking Beirut on Sunday in what it said was a response to Hezbollah missiles and drones launched at Israeli territory.
Mr Trump told Axios he was shocked to learn of the Israeli attack and expressed his dismay to Prime Minister Benjamin Netanyahu. "It is so bad – I couldn’t believe it…
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