Washington DC, 18 June  

US President Donald Trump and Iranian President Masoud Pezeshkian have virtually signed a 14-point memorandum of understanding (MoU) aimed at ending hostilities between the two countries, reopening the Strait of Hormuz, and launching a 60-day process to negotiate a final agreement on sanctions and Iran's nuclear programme.

Citing a White House official, CNN reported that Trump personally signed the memorandum on Wednesday while meeting French President Emmanuel Macron in Paris. The agreement, which was also signed by Pezeshkian, immediately came into effect.

CNN reported that the United States released the official text of the "Islamabad Memorandum of Understanding between the United States of America and the Islamic Republic of Iran."

A senior US administration official described the agreement as a mechanism to immediately reopen the Strait of Hormuz, address Iran's stockpile of enriched uranium and create a framework for phased economic relief linked to Iranian compliance.

"This is fundamentally an agreement that allows us to open the Strait of Hormuz immediately, commit the Iranians to destroying the nuclear dust, and then gives us a dial where if the Iranians dial up their good behaviour, we respond by dialling up the kind of economic and sanctions relief that can make them a more prosperous country," the official was quoted by CNN as saying.

According to Press TV, Iranian Foreign Ministry spokesperson Esmaeil Baghaei confirmed that the text of the memorandum had been finalised and signed by both sides. He stated that consultations with Oman and other countries had been underway for some time and that arrangements for managing the Strait of Hormuz had largely been agreed upon. Baghaei said safe maritime passage would be ensured while preserving "the sovereignty and authority of the Islamic Republic of Iran over the Strait of Hormuz."

The 14-point agreement includes an immediate and permanent cessation of military operations, including in Lebanon, and a pledge to conclude negotiations on a final deal within 60 days, extendable by mutual consent.

Under the memorandum, the United States will begin removing its naval blockade and related restrictions, while Iran will facilitate the safe passage of commercial vessels through the Strait of Hormuz free of charge for an initial 60-day period.

The document also outlines plans for the phased lifting of sanctions, the release of frozen Iranian assets, Treasury waivers for Iranian oil exports, and a US-backed reconstruction and economic development programme for Iran worth at least USD 300 billion.

According to Press TV, Iran reaffirmed in the memorandum that it will not develop or acquire nuclear weapons. The agreement also provides for discussions on the future of Iran's enriched uranium stockpiles under the supervision of the International Atomic Energy Agency (IAEA).

Fox News had earlier reported that the broader framework would include reopening the Strait of Hormuz, ending the American blockade, initiating a 60-day negotiation period on Iran's uranium enrichment activities, sanctions relief measures and a structured ceasefire arrangement involving Israel and Hezbollah.