At the G7 summit in Evian-les-Bains, France, President Trump announced that the US-Iran agreement is 'officially finalized,' and he has given the green light for the toll-free reopening of the Strait of Hormuz along with the lifting of the US naval blockade. A 14-point memorandum of understanding, which is anticipated to be officially signed in Switzerland later this week, outlines a 60-day extension of the ceasefire and includes Iran's commitment, in principle, to refrain from enriching new uranium for a period of 15-20 years and to dismantle its nuclear facilities. In return, around $24 billion in frozen Iranian assets will be released. However, state media in Iran has reported that the current draft of the MOU contains 'no new commitments' regarding nuclear weapons, leading to conflicting narratives. G7 leaders like Macron, Sunak, and Scholz have welcomed Trump while also expressing new concerns about US tariffs and uncertainties surrounding NATO, even as they show support for potential relief in Hormuz.
