President Trump and Iranian President Pezeshkian signed a 14-point memorandum of understanding on Thursday to end their 110-day war.
The deal immediately reopens the Strait of Hormuz to global shipping and lifts heavy oil sanctions, a move that caused global crude prices to tumble. In exchange for a permanent end to hostilities, the U.S. agreed to support a $300 billion reconstruction fund for Iran and unfreeze billions in assets. Iran committed to never developing nuclear weapons and agreed to stop fighting in Lebanon, though the fate of its enriched uranium stockpile remains a point of contention.
Formal negotiations for a final treaty will begin this week, with the current agreement serving as a 60-day roadmap for de-escalation.
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