Overview
- The two countries signed a 14‑point memorandum remotely in mid‑June that put a provisional ceasefire into force and launched a 60‑day deadline to negotiate a definitive agreement.
- Planned technical negotiations in Switzerland were postponed on Friday after Iran cited renewed fighting in southern Lebanon and demanded stronger guarantees before delegations meet.
- The memorandum orders immediate steps to reopen the Strait of Hormuz and to lift a U.S. naval blockade within 30 days, and markets reacted with lower oil futures as some tankers resumed transit.
- Major issues were left for the 60‑day talks, including ballistic missiles, regional militias, verification of nuclear commitments, the mechanics of a proposed $300 billion private reconstruction fund, and maritime mine clearance.
- Political reactions split sharply: Iranian officials framed the pact as a win, U.S. leaders defended quick economic relief and retained the right to use force if terms are broken, and Israel and some U.S. lawmakers criticized perceived concessions.