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Trump-Iran agreement: the 14 key points of the peace memorandum
It is a historic agreement forged amid the gilded setting of Versailles. On June 18, 2026, Donald Trump and Iranian President Masoud Pezeshkian initialed a 14-point memorandum of understanding providing for the reopening of the Strait of Hormuz, an expanded ceasefire and the lifting of U.S. sanctions against Iran. But what does the text really contain, and what are its implications for the global economy and regional stability?
An agreement signed at Versailles under Macron's watch
The scene was carefully staged by French diplomacy. It was during the G7, for which France held the rotating presidency, that Donald Trump finally agreed to sign this memorandum with Tehran. Emmanuel Macron, whose country had acted as facilitator in the negotiations, stood back during the signing, a sign of Paris's involvement in this highly strategic issue.
Trump then said that “the agreement with Iran is now complete” and authorized the withdrawal of the U.S. naval blockade in the Strait of Hormuz, the maritime passage through which around 20% of the world's oil passes.
What the memorandum's 14 points provide
The full text of the memorandum, published by both parties, is dense and technical. Here are the essential commitments.
The reopening of the Strait of Hormuz
This is the economic heart of the agreement. Iran commits to allowing commercial vessels to pass through the Strait of Hormuz, free of charge, for a period of 60 days. Mine-clearing operations and the removal of military obstacles will be carried out in parallel within 30 days. Oil markets immediately welcomed the news: the price of a barrel fell by more than 8% in the hours following the announcement.
An expanded ceasefire, including in Lebanon
The memorandum extends the existing truce to other theaters of operation, notably Lebanon, where Iran-backed groups continued to carry out military actions. This extension of the ceasefire is a significant diplomatic victory, even though Israel was not officially a party to the negotiations.
The lifting of U.S. sanctions and the unfreezing of assets
Washington commits to lifting “all sanctions” against the Islamic Republic and to unfreezing Iranian assets blocked for decades. Iran will also be able to sell its oil freely on international markets, a measure that will have immediate effects on global energy prices.
A 300-billion-dollar reconstruction plan
The agreement provides for an ambitious 300-billion-dollar plan for the reconstruction of Iran, which has suffered major damage during the recent months of military tension. The precise financing terms — including the shares of the United States, Gulf allies and international institutions — will be defined during the final negotiations expected within 60 days.
The nuclear question: a promise, not a guarantee
On the nuclear file, the agreement is more cautious. Iran “reaffirms that it will not obtain or develop nuclear weapons,” but the disposition of its enriched uranium stockpile will be subject to a “mutually agreed” mechanism within 60 days. For critics of the agreement, this is the memorandum's weakest point: for now, Iran keeps its enriched uranium without a binding commitment to destroy it.
60 days for a final agreement: the countdown has begun
The memorandum is only a first step. Both parties have committed to concluding a final agreement within 60 days. In other words, a busy diplomatic summer lies ahead. Trump must juggle the World Cup being held on U.S. soil, divided public opinion and Republican criticism over the concessions granted to Tehran.
Some Republican lawmakers have argued that the agreement is too favorable to Iran and not restrictive enough on the nuclear issue. On the Democratic side, the principle of diplomacy is welcomed, but the structural gaps in the memorandum and the lack of verifiable guarantees are being pointed out.
What effects on the global economy?
The reopening of the Strait of Hormuz, even temporarily, is a major relief for the global economy. Around 17 to 20 million barrels of oil per day pass through this strait, roughly one fifth of global consumption. Its blockade had led to a significant rise in maritime insurance premiums and contributed to the inflationary pressure observed since the beginning of 2026.
The lifting of sanctions will also allow Iran to return to the international oil market, which could put downward pressure on crude prices in the medium term — good news for consumers, but potentially less favorable for Gulf exporting countries.
The international reaction: caution and hope
The European Union welcomed the agreement as “a positive step toward regional stability” while calling for vigilance over its concrete implementation. Russia, which maintained its own commercial relations with Tehran, expressed measured support. China, a major buyer of Iranian oil, also welcomed the news, anticipating greater long-term security for its supplies.
In France, the agreement signed at Versailles was presented by the Élysée as a success for French diplomacy, with Emmanuel Macron having played an active mediating role in the weeks leading up to the signing.
What this concretely changes for you
If this agreement holds, you could see fuel prices fall in the coming weeks due to the normalization of oil flows. Plane tickets to certain Middle Eastern destinations could also become more affordable as regional airspace stabilizes. Finally, the lifting of Iranian sanctions will open new commercial opportunities for European companies in a country of 88 million inhabitants.
For now, everything remains conditional: the memorandum gives 60 days to turn these preliminary commitments into a solid and lasting agreement. History has often shown us that the distance between an agreement in principle and its effective implementation can be immense — but it has also shown that major diplomatic reversals are possible, even between the most openly declared enemies.
Trump-Iran agreement: the 14 key points of the peace memorandum
It is a historic agreement forged amid the gilded setting of Versailles. On June 18, 2026, Donald Trump and Iranian President Masoud Pezeshkian initialed a 14-point memorandum of understanding providing for the reopening of the Strait of Hormuz, an expanded ceasefire and the lifting of U.S. sanctions against Iran. But what does the text really contain, and what are its implications for the global economy and regional stability?
An agreement signed at Versailles under Macron's watch
The scene was carefully staged by French diplomacy. It was during the G7, for which France held the rotating presidency, that Donald Trump finally agreed to sign this memorandum with Tehran. Emmanuel Macron, whose country had acted as facilitator in the negotiations, stood back during the signing, a sign of Paris's involvement in this highly strategic issue.
Trump then said that “the agreement with Iran is now complete” and authorized the withdrawal of the U.S. naval blockade in the Strait of Hormuz, the maritime passage through which around 20% of the world's oil passes.
What the memorandum's 14 points provide
The full text of the memorandum, published by both parties, is dense and technical. Here are the essential commitments.
The reopening of the Strait of Hormuz
This is the economic heart of the agreement. Iran commits to allowing commercial vessels to pass through the Strait of Hormuz, free of charge, for a period of 60 days. Mine-clearing operations and the removal of military obstacles will be carried out in parallel within 30 days. Oil markets immediately welcomed the news: the price of a barrel fell by more than 8% in the hours following the announcement.
An expanded ceasefire, including in Lebanon
The memorandum extends the existing truce to other theaters of operation, notably Lebanon, where Iran-backed groups continued to carry out military actions. This extension of the ceasefire is a significant diplomatic victory, even though Israel was not officially a party to the negotiations.
The lifting of U.S. sanctions and the unfreezing of assets
Washington commits to lifting “all sanctions” against the Islamic Republic and to unfreezing Iranian assets blocked for decades. Iran will also be able to sell its oil freely on international markets, a measure that will have immediate effects on global energy prices.
A 300-billion-dollar reconstruction plan
The agreement provides for an ambitious 300-billion-dollar plan for the reconstruction of Iran, which has suffered major damage during the recent months of military tension. The precise financing terms — including the shares of the United States, Gulf allies and international institutions — will be defined during the final negotiations expected within 60 days.
The nuclear question: a promise, not a guarantee
On the nuclear file, the agreement is more cautious. Iran “reaffirms that it will not obtain or develop nuclear weapons,” but the disposition of its enriched uranium stockpile will be subject to a “mutually agreed” mechanism within 60 days. For critics of the agreement, this is the memorandum's weakest point: for now, Iran keeps its enriched uranium without a binding commitment to destroy it.
60 days for a final agreement: the countdown has begun
The memorandum is only a first step. Both parties have committed to concluding a final agreement within 60 days. In other words, a busy diplomatic summer lies ahead. Trump must juggle the World Cup being held on U.S. soil, divided public opinion and Republican criticism over the concessions granted to Tehran.
Some Republican lawmakers have argued that the agreement is too favorable to Iran and not restrictive enough on the nuclear issue. On the Democratic side, the principle of diplomacy is welcomed, but the structural gaps in the memorandum and the lack of verifiable guarantees are being pointed out.
What effects on the global economy?
The reopening of the Strait of Hormuz, even temporarily, is a major relief for the global economy. Around 17 to 20 million barrels of oil per day pass through this strait, roughly one fifth of global consumption. Its blockade had led to a significant rise in maritime insurance premiums and contributed to the inflationary pressure observed since the beginning of 2026.
The lifting of sanctions will also allow Iran to return to the international oil market, which could put downward pressure on crude prices in the medium term — good news for consumers, but potentially less favorable for Gulf exporting countries.
The international reaction: caution and hope
The European Union welcomed the agreement as “a positive step toward regional stability” while calling for vigilance over its concrete implementation. Russia, which maintained its own commercial relations with Tehran, expressed measured support. China, a major buyer of Iranian oil, also welcomed the news, anticipating greater long-term security for its supplies.
In France, the agreement signed at Versailles was presented by the Élysée as a success for French diplomacy, with Emmanuel Macron having played an active mediating role in the weeks leading up to the signing.
What this concretely changes for you
If this agreement holds, you could see fuel prices fall in the coming weeks due to the normalization of oil flows. Plane tickets to certain Middle Eastern destinations could also become more affordable as regional airspace stabilizes. Finally, the lifting of Iranian sanctions will open new commercial opportunities for European companies in a country of 88 million inhabitants.
For now, everything remains conditional: the memorandum gives 60 days to turn these preliminary commitments into a solid and lasting agreement. History has often shown us that the distance between an agreement in principle and its effective implementation can be immense — but it has also shown that major diplomatic reversals are possible, even between the most openly declared enemies.
Trump-Iran agreement: the 14 key points of the peace memorandum
It is a historic agreement forged amid the gilded setting of Versailles. On June 18, 2026, Donald Trump and Iranian President Masoud Pezeshkian initialed a 14-point memorandum of understanding providing for the reopening of the Strait of Hormuz, an expanded ceasefire and the lifting of U.S. sanctions against Iran. But what does the text really contain, and what are its implications for the global economy and regional stability?
An agreement signed at Versailles under Macron's watch
The scene was carefully staged by French diplomacy. It was during the G7, for which France held the rotating presidency, that Donald Trump finally agreed to sign this memorandum with Tehran. Emmanuel Macron, whose country had acted as facilitator in the negotiations, stood back during the signing, a sign of Paris's involvement in this highly strategic issue.
Trump then said that “the agreement with Iran is now complete” and authorized the withdrawal of the U.S. naval blockade in the Strait of Hormuz, the maritime passage through which around 20% of the world's oil passes.
What the memorandum's 14 points provide
The full text of the memorandum, published by both parties, is dense and technical. Here are the essential commitments.
The reopening of the Strait of Hormuz
This is the economic heart of the agreement. Iran commits to allowing commercial vessels to pass through the Strait of Hormuz, free of charge, for a period of 60 days. Mine-clearing operations and the removal of military obstacles will be carried out in parallel within 30 days. Oil markets immediately welcomed the news: the price of a barrel fell by more than 8% in the hours following the announcement.
An expanded ceasefire, including in Lebanon
The memorandum extends the existing truce to other theaters of operation, notably Lebanon, where Iran-backed groups continued to carry out military actions. This extension of the ceasefire is a significant diplomatic victory, even though Israel was not officially a party to the negotiations.
The lifting of U.S. sanctions and the unfreezing of assets
Washington commits to lifting “all sanctions” against the Islamic Republic and to unfreezing Iranian assets blocked for decades. Iran will also be able to sell its oil freely on international markets, a measure that will have immediate effects on global energy prices.
A 300-billion-dollar reconstruction plan
The agreement provides for an ambitious 300-billion-dollar plan for the reconstruction of Iran, which has suffered major damage during the recent months of military tension. The precise financing terms — including the shares of the United States, Gulf allies and international institutions — will be defined during the final negotiations expected within 60 days.
The nuclear question: a promise, not a guarantee
On the nuclear file, the agreement is more cautious. Iran “reaffirms that it will not obtain or develop nuclear weapons,” but the disposition of its enriched uranium stockpile will be subject to a “mutually agreed” mechanism within 60 days. For critics of the agreement, this is the memorandum's weakest point: for now, Iran keeps its enriched uranium without a binding commitment to destroy it.
60 days for a final agreement: the countdown has begun
The memorandum is only a first step. Both parties have committed to concluding a final agreement within 60 days. In other words, a busy diplomatic summer lies ahead. Trump must juggle the World Cup being held on U.S. soil, divided public opinion and Republican criticism over the concessions granted to Tehran.
Some Republican lawmakers have argued that the agreement is too favorable to Iran and not restrictive enough on the nuclear issue. On the Democratic side, the principle of diplomacy is welcomed, but the structural gaps in the memorandum and the lack of verifiable guarantees are being pointed out.
What effects on the global economy?
The reopening of the Strait of Hormuz, even temporarily, is a major relief for the global economy. Around 17 to 20 million barrels of oil per day pass through this strait, roughly one fifth of global consumption. Its blockade had led to a significant rise in maritime insurance premiums and contributed to the inflationary pressure observed since the beginning of 2026.
The lifting of sanctions will also allow Iran to return to the international oil market, which could put downward pressure on crude prices in the medium term — good news for consumers, but potentially less favorable for Gulf exporting countries.
The international reaction: caution and hope
The European Union welcomed the agreement as “a positive step toward regional stability” while calling for vigilance over its concrete implementation. Russia, which maintained its own commercial relations with Tehran, expressed measured support. China, a major buyer of Iranian oil, also welcomed the news, anticipating greater long-term security for its supplies.
In France, the agreement signed at Versailles was presented by the Élysée as a success for French diplomacy, with Emmanuel Macron having played an active mediating role in the weeks leading up to the signing.
What this concretely changes for you
If this agreement holds, you could see fuel prices fall in the coming weeks due to the normalization of oil flows. Plane tickets to certain Middle Eastern destinations could also become more affordable as regional airspace stabilizes. Finally, the lifting of Iranian sanctions will open new commercial opportunities for European companies in a country of 88 million inhabitants.
For now, everything remains conditional: the memorandum gives 60 days to turn these preliminary commitments into a solid and lasting agreement. History has often shown us that the distance between an agreement in principle and its effective implementation can be immense — but it has also shown that major diplomatic reversals are possible, even between the most openly declared enemies.
