US-Iran Deal Signed: Oil Flows as Supreme Leader Agrees to Talks
The United States and Iran have signed a surprise memorandum of understanding to end military operations, with oil tankers already moving through the Strait of Hormuz after the US lifted its naval blockade.
The deal, mediated by Pakistan and set for a formal signing ceremony in Switzerland, includes an immediate and permanent end to military operations on all fronts [172921]. As part of the agreement, the United States lifted its blockade of Iran on Thursday, allowing oil tankers to pass through the Strait of Hormuz for the first time in months [176244]. At least two tankers carrying Iranian crude have already crossed without interference, and major shipping companies including Grimaldi Group and Cosco are moving vessels through the waterway again, though the main route remains closed due to mines [176244].
Hours after the blockade was lifted, Iran’s Supreme Leader, Ayatollah Mojtab Khamenei, publicly endorsed direct talks with US officials for the first time since the war began. "Face-to-face negotiations will not mean accepting the enemy's opinion," he said in a statement [176244].
The agreement extends the current ceasefire and gives both sides 60 days to negotiate broader terms, including on Iran's nuclear program [176105]. It also waives US sanctions on Iran, allowing it to sell oil freely [176244]. A leaked draft of the memorandum outlines 14 clauses, including a $300 billion reconstruction fund financed by Gulf states, the reopening of the Strait of Hormuz within 30 days, and a US commitment to end all sanctions under a schedule to be agreed in a final deal [174845][174733]. Iran reiterates its promise never to build a nuclear weapon, with the fate of its highly enriched uranium to be discussed in future talks [174845].
Despite the breakthrough, skepticism remains high. President Donald Trump cast doubt on the deal's durability, saying: "It is a memorandum of understanding. If I don't like it, we will go back to shooting them and dropping bombs right in the middle of their heads" [174845]. Analysts warn that deep mistrust and unresolved disputes could unravel the agreement, and the European Union said it will keep its own sanctions on Iran for now [174246][176244]. The full text of the memorandum is now available for public review, with critics noting the US is making large concessions without securing firm guarantees from Iran [176256].