The United States and Iran have reached an interim Memorandum of Understanding (MoU) aimed at ending months of conflict, reopening the Strait of Hormuz, restoring commercial shipping, and restarting negotiations over Tehran's nuclear programme.
The agreement, signed by US President Donald Trump and Iranian President Masoud Pezeshkian, is now in effect and marks a major step toward de-escalating tensions that intensified following the US-Israeli military strikes on Iran earlier this year.
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Strait of Hormuz Set to Reopen
One of the most significant provisions of the agreement is the reopening of the Strait of Hormuz, one of the world's most strategically important shipping lanes.
Before the conflict, nearly one-fifth of global oil trade and approximately a quarter of the world's seaborne oil shipments passed through the narrow waterway.
Iran's closure of the route disrupted international trade, increased shipping costs, raised fuel prices, and contributed to inflationary pressures across several economies.
Under the agreement, Tehran has committed to begin restoring safe navigation through the strait immediately. Commercial shipping traffic will resume as technical obstacles, military barriers, and mine-clearing operations are completed.
Iran has also agreed to use its "best efforts" to ensure that commercial vessels can transit the Strait of Hormuz safely and without charge.
According to US officials, passage through the waterway will remain toll-free for at least the first 60 days. However, the agreement does not completely rule out the possibility of future transit fees, leaving the issue open for later negotiations.
Iran Gains Economic Relief Through Oil Exports
A major economic component of the agreement involves sanctions relief for Iran's energy sector.
The United States has agreed to issue immediate waivers allowing Iranian crude oil and petroleum products to return to global markets. Although sanctions have not yet been permanently removed, their enforcement will be temporarily suspended under the agreement.
US Treasury Department is expected to clarify whether the waivers will also cover sanctions previously imposed on vessels transporting Iranian oil.
The move provides Iran with an immediate economic boost by restoring access to international energy markets and allowing the country to generate revenue from oil exports once again.
US Naval Blockade to End Within 30 Days
The memorandum also calls for the gradual lifting of the US naval blockade around Iranian ports.
According to the agreement, Washington will begin removing maritime restrictions immediately and will fully terminate the blockade within 30 days.
During this transition period, the number of vessels permitted to access Iranian ports will increase progressively. Shipping traffic will be restored in proportion to the level of maritime activity that Iran allows through the Strait of Hormuz.
The agreement further states that the United States will remove any remaining disturbances or impediments affecting Iranian port operations.
Within 30 days of a comprehensive final agreement being signed, Washington has also committed to withdrawing American military forces positioned near Iran.
Hormuz Traffic to Return to Pre-War Levels
The White House has confirmed that the agreement is now active and that restoring the Strait of Hormuz to pre-war operating levels is one of its primary objectives.
Pakistan Prime Minister Shehbaz Sharif, who played a role in diplomatic efforts surrounding the agreement, stated that Tehran would reopen the strait immediately while Washington would begin lifting the naval blockade without delay.
The agreement specifies that maritime traffic should gradually return to levels seen before the conflict erupted, helping stabilize global energy markets and international trade routes.
Future Regional Cooperation Planned
Beyond the immediate reopening of Hormuz, Iran has agreed to work with Oman and other Gulf nations to develop a broader framework governing operational and security issues in the strategic waterway.
The long-term arrangement aims to create a more stable mechanism for managing shipping traffic, maritime safety, and regional coordination in the Gulf.
Nuclear Negotiations Resume
While the agreement addresses military and economic tensions, it also serves as a bridge toward renewed nuclear negotiations.
Both Washington and Tehran have agreed to return to discussions regarding Iran's nuclear programme. The current MoU is considered an interim arrangement designed to create the conditions necessary to negotiate a broader, more permanent settlement.
Diplomatic discussions are expected to continue over the coming weeks as both sides attempt to finalize a comprehensive agreement.
Current Situation
As of June 2026, the agreement has officially entered into force.
Iran has begun preparations to restore commercial navigation through the Strait of Hormuz, while the United States has started implementing sanctions waivers and easing maritime restrictions around Iranian ports.
Energy markets are closely monitoring developments, as the return of Iranian oil exports and the reopening of one of the world's most important shipping corridors could significantly improve global oil supply and reduce pressure on fuel prices.
However, several critical issues remain unresolved, including the long-term status of sanctions, future transit regulations in the Strait of Hormuz, and the final framework governing Iran's nuclear activities.
For now, the interim agreement has succeeded in halting further escalation, reopening a crucial global trade route, and creating a pathway for continued diplomacy between Washington and Tehran.
Key Points of the US-Iran MoU
Strait of Hormuz to reopen immediately after mine-clearing and technical operations.
Commercial vessels were initially allowed safe passage without charges.
Toll-free transit is guaranteed for at least 60 days.
US naval blockade around Iranian ports is to be fully lifted within 30 days.
Iranian oil exports receive immediate sanctions waivers.
US Treasury is to issue exemptions for crude oil and petroleum exports.
Shipping activity to gradually return to pre-war levels.
US military presence near Iran to be reduced under a future final agreement.
Iran, Oman and Gulf nations to work on a long-term Hormuz management framework.
Nuclear negotiations between Washington and Tehran to resume.
Agreement is already in force following signatures from Presidents Trump and Pezeshkian.