The United States and Iran have electronically signed a memorandum of understanding to end 109 days of war. President Donald Trump declared the Strait of Hormuz will be “completely open” by Friday, but key details of the agreement remain disputed and fighting continues in the region, Al Jazeera reported.
Trump said the MoU was “all signed” by himself, Vice President JD Vance, and Iran’s chief negotiator and Parliament Speaker Mohammad Bagher Ghalibaf. Iran’s National Security Council said the deal ends fighting on all fronts, including in Lebanon, and lifts the US naval blockade on Iranian ports.
At the same time, a senior Iranian official told Reuters that Washington agreed to release $25 billion in frozen Iranian assets and waive oil sanctions for a set period. Vance rejected it. “There hasn’t been a single dollar of sanctions relief or unfrozen assets,” he told U.S. media. Vance also described the MoU as a “general document” of about “a page and a half.”
Negotiations on Iran’s nuclear programme and broader sanctions relief are expected to take place in the 60-day follow-up period after the deal is formally signed in Switzerland on Friday.
The announcement has already affected global markets. Oil prices rose as traders weighed the prospect of a reopened Strait of Hormuz against unanswered questions about what the deal actually guarantees.
Meanwhile, Israel is not playing along. Prime Minister Benjamin Netanyahu said Israeli troops would continue to occupy southern Lebanon despite the agreement, and members of his cabinet said they are not bound by it.
