President Donald Trump and Iranian official Masoud Pezeshkian signed a memorandum of understanding to end hostilities and reopen the Strait of Hormuz [1].
The agreement aims to stabilize one of the world's most critical maritime chokepoints and establish a path toward a definitive nuclear-related peace settlement [1, 2].
The signing occurred in May 2024 during the G7 summit at the Palace of Versailles in France [1]. The meeting took place during a dinner hosted by French President Emmanuel Macron [1].
Under the terms of the memorandum, the two nations agreed to a cease-fire lasting 60 days [2]. The deal includes the reopening of the Strait of Hormuz to restore commercial navigation, and a pledge to negotiate a final peace agreement [1, 2].
Reports on the implementation of the deal remain contradictory. Some sources said the memorandum includes a partial lifting of sanctions [2]. However, other reports indicate that U.S. forces attacked a vessel attempting to break a Washington blockade of Iranian ports near the strait [2].
There are also discrepancies regarding the signing process. Some reports said Trump and Pezeshkian signed the document remotely [1], while other government communications mention only the involvement of the respective governments without naming specific signers [2].
The primary goal of the framework is to halt ongoing attacks and create a structured environment for long-term diplomatic resolution [1, 2].
“The two nations agreed to a cease-fire lasting 60 days.”
The conflicting reports of a signed peace memorandum alongside continued military action suggest a volatile transition period. If the 60-day cease-fire holds, it could lower global oil price volatility by securing the Strait of Hormuz, but the lack of consensus on the deal's execution indicates significant trust deficits between Washington and Tehran.
