U.S. and Iran Sign Memorandum of Understanding, Details to Follow Within Days

A White House official said the United States and Iran have signed a memorandum of understanding, but whether it becomes a real deal will only be clear in the next two to three weeks. The principles are expected to be released within 48 hours, with technical talks planned later this week. According to the official, the framework includes sanctions relief, the release of funds, and the creation of a $300 billion fund, with everything dependent on Iran’s performance and compliance.

The official told reporters that U.S. President Donald Trump, Vice President J.D. Vance, and Iranian parliament speaker Mohammad Baqer Qalibaf signed the memorandum between Washington and Tehran, according to Reuters. He said the agreement also calls for the immediate reopening of the Strait of Hormuz and the lifting of the American embargo on Iran, adding that traffic through the strait will rise significantly starting now.

Iranian Foreign Minister Abbas Araghchi said a meeting between the heads of the negotiating teams is expected on Friday in Switzerland. He said the first round of talks will take place after the memorandum is signed, and described the process as being planned around distrust, past breaches of commitments, and previous experience.

Meanwhile, the U.S. military said its blockade on Iranian ports will remain in force until the ceasefire agreement with Iran is signed on June 19. In its statement, the military said the blockade restricts movement to and from those ports and warned not to attempt crossing without explicit instructions. Separately, an Israeli source told Ynet there had been a “dramatic change for the better” in Lebanon, while Trump said he hoped the Lebanon issue could also be resolved and repeated that Iran would get nothing until it does what it is supposed to do.