The U.S.-Iran agreement took immediate effect after President Donald Trump signed a memorandum of understanding (MOU) at the Palace of Versailles in France, while nuclear negotiations between Washington and Tehran remain ongoing to open the Strait of Hormuz and maintain a 60-day ceasefire on war.
memorandum of understanding “This is a historical document and a message from a powerful Iran: Peace will be realized in the shadow of mutual respect,”Pezeshkian said Iran has remained “committed and steadfast to global peace” while preserving its “dignity and independence,” as well as supporting progress and regional cooperation.
The message marked Iran’s first major public framing of the document after Trump's signing in France ahead of a dinner hosted by French President Emmanuel Macron. Pezeshkian’s post shows Iran is presenting the agreement not as a concession, but as a diplomatic achievement rooted in strength, sovereignty and mutual respect.have slipped below $4 a gallon nationally, offering drivers some relief as more oil moves through the Strait of Hormuz and U.S. crude appears to gain market share.
AAA listed the national average at $3.999 per gallon Thursday morning, down sharply from $4.515 a month ago. Prices remain well above last year’s level of $3.188, but several states are running about 20 cents cheaper than the national average, including Georgia, Missouri, Minnesota, Kentucky and Virginia. Oil was trading around $74 a barrel, roughly in line with the $75 price from one year ago, though still above the roughly $60 level seen before the conflict.
Kpler says 42 vessels have crossed since Sunday, when the framework of the peace deal was announced. The traffic remains modest, but it suggests some crude is continuing to move through one of the world’s most important energy chokepoints. MSI Horizon also says 75 empty ships are headed to the U.S. Gulf Coast to load cargoes, a sign that American oil could benefit as buyers look for secure supply.
Benchmark Brent crude futures prices fell by another 2% to below $78 a barrel, lowest since the shooting began.to end the war, as did Iran's President Masoud Pezeshkian, bringing it into effect two days earlier than previously expected. Though shippers say it will still take time for transit across the strait to reach pre-war levels, with a need yet to ensure safe access and clear mines, there were immediate signs of an impact.
Ships which once might have concealed their positions by switching off their transponders were now broadcasting their locations, poised to transit the strait. The U.S.-Iranian memorandum starts the clock on a 60-day negotiation period to reach a final settlement to the war, which Trump launched in February alongsideof understanding with Iran on Wednesday evening at the Palace of Versailles, turning a formal dinner hosted by French President Emmanuel Macron into a high-profile diplomatic moment.
Middle Eastern crude oil prices are likely to fall if the Strait of Hormuz reopens, releasing millions of barrels of oil stranded in the Middle East Gulf into global markets, industry executives said. The signing came after Secretary of State Marco Rubio received the document, according to Dan Scavino’s X post. Rubio, standing nearby, called it “a pretty key moment in history we are sharing together.
” The agreement is intended to pause hostilities for 60 days and begin the next phase of nuclear negotiations, while moving towardThe memo had been signed digitally on Sunday by Vice President JD Vance and Iran's chief negotiator Mohammad Baqer Qalibaf and witnessed by Trump, but the leaders' pen to paper put the 60-day ceasefire deal to work a nuclear deal and lasting Middle East peace in effect. , French President Emmanuel Macron hosting, Rubio watching, and the administration presenting the document as a first step toward a broader deal.
But key issues remain unresolved, including inspections, Iran’s nuclear program and the security of maritime traffic through the Strait. The wave of oil supply comes after Gulf producers ramped up exports via ship-to-ship transfers off the United Arab Emirates and Oman this month, which depressed spot differentials for Middle East crude to discounts Tuesday.
"The reopening of the Hormuz Strait could unleash some 93 million barrels of stranded non-Iranian barrels from the Persian Gulf, while producers are expected to continue supplying cargoes through less visible channels," Kpler analyst Muyu Xu said in a June 17 note.
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