The memorandum of understanding between Washington and Tehran, announced on June 14, 2026, fundamentally reshuffled Middle East power dynamics, despite the Trump administration framing it as a victory. This three-phase agreement included an immediate ceasefire, the lifting of the US naval blockade on Iranian ports in 30 days, and the reopening of the Strait of Hormuz to commercial shipping, though Iran reserved the right to impose “maritime service fees” under joint Iranian-Omani management.
The US also issued temporary sanctions waivers for Iranian oil, gas, and petrochemical exports, with Iran agreeing to a temporary freeze on uranium enrichment. A 60-day negotiation window will address Iran’s nuclear program, broader sanctions relief, and the phased release of $24-25 billion in frozen assets, though Iran's missiles and proxy networks were excluded. Israel immediately rejected the Lebanese ceasefire clause. Qatar had already paid billions to Iran for guaranteed passage through Hormuz, a secret arrangement approved by the US, demonstrating Iran's leverage. The US campaign to dismantle non-dollar oil trade architecture, including the "Tehran Loop" and "Delhi Loop" with China and India, largely failed, with these networks surviving and accelerating.
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