Iran deal is in effect, White House says, as US officials reveal details of the agreement

Key Points:

• US President Donald Trump and Iranian President Masoud Pezeshkian have signed a memorandum of understanding aimed at ending hostilities, including Iran’s nuclear weapon development and reopening the Strait of Hormuz toll-free for 60 days, with a $300 billion reconstruction fund contingent on Iran’s behavior.
• The agreement, revealed during the G7 summit in France, requires Iran to not develop nuclear weapons and to down-blend enriched uranium on site under IAEA supervision, while the US will lift sanctions; however, Iran’s parliamentary speaker expressed ongoing distrust and readiness to respond with force if provoked.
• The deal includes a ceasefire on all fronts, notably in Lebanon, where Iran warns Israel’s presence would violate the agreement; the US and Iran aim to finalize a broader peace deal within 60 days, though Trump indicated this timeline is flexible.
• International Atomic Energy Agency head Rafael Grossi called the agreement a positive step but stressed the complexity of verifying Iran’s nuclear program post-conflict and the need for continued inspections to ensure compliance.
• Energy experts caution that despite Trump’s optimism about oil prices returning to pre-war levels quickly, market stabilization and full resumption of shipments through the Strait of Hormuz may take months, with the US relying on "common sense" and regional cooperation to prevent future tolls on the waterway.