US and Iran sign 14-point memorandum to end the war
Ceasefire extended 60 days for talks on nuclear program, sanctions and reconstruction; a Lebanon dispute threatens to unravel it
Summary
On 17 June 2026, US President Trump and Iranian President Pezeshkian electronically signed a 14-point memorandum extending their ceasefire by 60 days, after a war that began in late February. A senior US official said the deal halts fighting on all fronts including Lebanon, lifts the naval blockade, reopens the Strait of Hormuz, and opens talks on Iran's nuclear program, sanctions relief, unfreezing assets and a ~$300bn reconstruction plan. Iran reaffirmed it would not pursue nuclear weapons but has not confirmed the US text. Tehran alleges Israeli operations in Lebanon violate the truce; Israel says it is not bound by the deal.
Why it matters
Reopening Hormuz unwinds the largest oil supply disruption on record and the global oil-supply risk, but a fragile Lebanon truce keeps a wider war one incident away. This is the hinge the energy, freight and sanctions stories all turn on.