US, Iran Reach Peace Deal, Reopen Hormuz Strait, Trump Cites Economic Stability

The U.S. and Iran unveiled a 14-point Memorandum of Understanding (MoU) on June 17, 2026, aimed at reopening the Strait of Hormuz and preventing a "global economic depression," according to President Trump. The U.S. leader hailed the agreement as a "major victory," emphasizing positive market reactions. The deal includes significant political and economic concessions to Iran, such as the lifting of maritime blockades on Iranian ports and permission for crude oil exports. The U.S. also accepts Iran's right to civilian uranium enrichment and acknowledges the eventual return of frozen Iranian assets. Iran commits to opening the Strait of Hormuz for 60 days with waived transit fees and addressing its approximately 440 kg highly enriched uranium stockpile. This agreement is expected to stabilize global energy markets, as the Strait of Hormuz handles about 20% of the world's oil supply. Gulf nations plan a $300 billion reconstruction fund for Iran, though the U.S. will not contribute. A formal signing is anticipated as early as June 19, 2026.