Overview
- The two sides announced a 14-point memorandum of understanding that they say will stop fighting immediately and set a formal signing for Friday in Geneva.
- President Trump authorised the immediate removal of the US naval blockade and said commercial traffic through the Strait of Hormuz will be toll-free once mine clearance and maritime coordination are complete.
- Key technical items are deferred to the 60-day talks, including verification of Iran’s enriched uranium stockpile and the exact mechanics and timing for releasing frozen Iranian assets.
- The deal is fragile because Israel is not a party and senior Israeli officials have vowed to keep operations in Lebanon, while hardline protesters inside Iran have staged demonstrations against negotiators.
- Markets responded sharply with oil prices dropping and stocks rising, reflecting expectations of eased supply disruption after nearly four months of conflict that began with US and Israeli strikes on February 28.