The US and Iran reached an agreement on Sunday, June 14, to end the war and reopen the Strait of Hormuz, announced by Trump, Iran, and Pakistani PM Shehbaz Sharif, who set a formal signing ceremony for Friday, June 19, in Switzerland. Trump declared "the immediate and permanent termination of military operations on all fronts," including Lebanon, and authorized lifting the US naval blockade of Hormuz. The shared terms across the draft: a 60-day ceasefire, Hormuz reopening, sanctions relief on Iranian oil, and an Iranian pledge not to build a nuclear weapon, with the harder nuclear questions pushed to later talks. But Iran is circulating more than one version of the document, and Israeli strikes in Lebanon are testing the ceasefire before the ink is dry.

1. The War Is Over and Trump Ended It (Trump administration)

The fighting's done, the blockade's lifted, and the deal is "complete."

Trump declared the deal complete and the fighting finished. He announced "the immediate and permanent termination of military operations on all fronts," including Lebanon, and lifted the US naval blockade of Hormuz the same day. Sharif put the signing on the calendar for Friday in Switzerland.

The reopening is immediate, not gradual. Trump told shipping to move the moment he authorized the blockade's removal: "Ships of the World, start your engines. Let the oil flow!" Qatari mediators ran roughly 17 hours of talks in Tehran before leaving Sunday, and the breakthrough came shortly after Trump threatened to seize Iran's Kharg Island and hit its oil industry.

2. Israel Got a Ceasefire, Not Iran's Nukes (Benjamin Netanyahu)

Israel isn't in the deal, and the thing it actually wants — Iran's enrichment gone — got pushed to "later."

Israel isn't in the deal, and it's not happy. Netanyahu said Israel is not part of the agreement and called the current version a "deep disappointment" to his government. He and Trump are in "full agreement" that Iran can't be allowed a nuclear weapon — and in his view this deal doesn't get there.

Israel is still fighting while the deal gets signed. Netanyahu said he's relying on Trump's promise that the final agreement, not this one, will remove Iran's enriched material, dismantle its enrichment sites, cap its missile production, and end its support for regional proxies. None of that is in Friday's document — and Israeli strikes on Hezbollah in Lebanon are already testing the ceasefire, prompting Trump to post that the two sides are "very close" and to "not blow it."

3. Iran Didn't Lose, and It Kept Its Uranium (Abbas Araghchi, Kazem Gharibabadi)

A text drafted "in an atmosphere of continued distrust." The 60% uranium stays on Iranian soil.

Iran isn't acting like it won. Its deputy foreign minister, Kazem Gharibabadi, said the finalized text "does not signify trust in the enemy and was drafted in an atmosphere of continued distrust." The foreign minister, Abbas Araghchi, would only say a deal "has never been closer," and told reporters to stop guessing at the terms.

Iran wants its money and its uranium first. It agrees in the draft not to build a weapon — but it keeps its highly enriched uranium (440.9 kilograms at 60%, a short step from bomb-grade) inside the country instead of shipping it out. And its Mehr news agency says the real talks won't even start until the US releases half of Iran's frozen funds, lifts oil sanctions, and ends the blockade. Iran's new supreme leader, Khamenei's son, hasn't been seen in public since the war began, and the deal needed his sign-off.

4. Everyone Agrees There's a Deal — Nobody Agrees What's In It (skeptics, oil traders)

Three drafts, two readings of the terms, one signing on Friday. Watch the document, not the announcement.

Iran is floating multiple versions of the same deal. Reporting found Iran circulating at least three draft MOUs that don't match. One Iranian version put $25 billion in frozen assets back in Iran's hands; a version seen by Bloomberg had no such line. Another draft floated a $300 billion reconstruction program for Iran funded by the US and regional partners. The deal is real, but "the deal" means different things depending on whose paper you're reading.

The oil market believes it, cautiously. Crude has dropped about 20% from its 2026 peak on ceasefire optimism, with Brent down around 3.4% to about $87 near the news. Bob Parker of the International Capital Markets Association still expects oil to sit between $90 and $100 for months until a lasting peace is clear, and calls investor skepticism "inevitable." RBC's Helima Croft notes the spare capacity that's supposed to calm the market sits almost entirely in Saudi Arabia and the UAE.

Where This Lands

A deal is done: Trump, Iran, and the mediator all say the war is over, the blockade is lifting, and the signing is Friday in Switzerland. Israel says the ceasefire skips everything that matters and is still bombing Hezbollah in Lebanon as the deal gets signed. Iran says it agreed out of distrust, not defeat, and is keeping its enriched uranium and its own list of conditions. And the people reading the actual paperwork have found three different versions of it, which is why the eyes that matter are on Friday's signature and on whether ships really move through Hormuz once Iran clears its mines.

Sources