The United States and Iran have formally signed a 14-point interim agreement, marking a critical step towards de-escalation after nearly four months of conflict. The accord, signed by Presidents Donald Trump and Masoud Pezeshkian, extends a previously announced ceasefire by 60 days and sets the framework for negotiations on a comprehensive peace deal.
Key provisions of the interim US Iran peace deal include an immediate cessation of hostilities on all fronts, including Lebanon, and the crucial reopening of the Strait of Hormuz. Furthermore, the agreement mandates the lifting of the US blockade on Iranian ports, the waiving of US sanctions, and the unfreezing of Iranian assets. A proposed $300 billion fund has also been earmarked for post-war reconstruction efforts in the region.
Despite the significant breakthrough, President Trump issued a stern warning, stating that the US would resume attacks and target Iranian officials if Tehran failed to honor its commitments. The memorandum was initially signed digitally by US Vice President JD Vance and Iran's chief negotiator Mohammad Baqer Qalibaf on Sunday, before being formally executed by the two presidents on Wednesday. Trump also signed a hard copy during a dinner with French President Emmanuel Macron at the Palace of Versailles, while attending the G7 summit.
The conflict, which began on February 28 with US and Israeli attacks on Iran and the assassination of Supreme Leader Ayatollah Ali Khamenei, quickly escalated, leading to over 7,000 casualties, predominantly in Iran and Lebanon. The war had also triggered a surge in energy prices, renewed inflationary pressures globally, and sparked concerns over a potential food supply crisis in developing nations.
During a press conference, Trump expressed optimism that the upcoming 60 days of negotiations would usher in peace in the Middle East and contribute to lower global oil prices. He also notably retracted earlier threats to dismantle Iran's ballistic missile capabilities, citing fairness given other regional countries' arsenals.
Iranian leaders celebrated the agreement, releasing photographs of what they touted as the first agreement signed by both a US and Iranian president since 1979. Iran's chief negotiator, Qalibaf, asserted that the deal achieved more through diplomatic negotiation than could have been gained through military action, particularly highlighting the unfreezing of billions of dollars in Iranian assets.