Overview
- Leaders from the United States and Iran signed a 14‑point memorandum on Wednesday that declares an immediate end to military operations and that has already allowed some commercial ships to resume passage through the Strait of Hormuz.
- The memorandum gives both sides 60 days to convert the interim deal into a definitive agreement that must resolve nuclear verification, sanctions relief, asset releases and the structure of a proposed reconstruction plan.
- On the nuclear issue Iran agreed to manage or dilute enriched uranium under supervision of the International Atomic Energy Agency, but the memorandum leaves technical details, site access and verification procedures to the upcoming talks.
- The pact guarantees fee‑free passage through the strait for 60 days while Iran says it reserves the right to impose transit fees afterward, and parties disagree over how frozen assets and a proposed US$300 billion reconstruction mechanism will be financed.
- Implementation risks are high because Israel is not party to the memorandum, regional fronts such as Lebanon remain volatile, and the U.S. administration has warned the pause is provisional and may be reversed if Iran fails to meet its commitments.