US and Iran reach agreement but key questions remain

The US and Iran have agreed to end a US-imposed blockade of Iranian ports and reopen the Strait of Hormuz, marking a diplomatic breakthrough announced ahead of President Donald Trump’s arrival in Europe for the G7 summit. The agreement, virtually signed by Trump and Vice President JD Vance, will trigger a 60-day period for nuclear negotiations, though the full text remains unreleased pending Friday’s formal signing ceremony. Both sides have offered conflicting accounts of the agreement’s terms. Iran’s semi-official news agencies reported that while the Strait of Hormuz will reopen for free transit during the 60-day negotiation window, Tehran plans to impose tolls afterward, citing financial incentives for commercial shipping. The US has stated the waterway will remain permanently toll-free, but safety concerns persist due to Iran’s reported minefields in the strait, which must be addressed before full reopening. Pakistan, which brokered the deal, claimed both sides agreed to an immediate and permanent ceasefire across all fronts, including Lebanon. However, the US confirmed Israel—an uninvolved party—has no obligation to withdraw its forces from southern Lebanon, contradicting Iran’s claims. Israel’s defense minister reiterated that troops will not leave the region, while Trump expressed anger over Prime Minister Benjamin Netanyahu’s recent strike on Beirut, which occurred hours before the framework’s announcement. Oil prices fell to their lowest levels in nearly three months following the agreement, though analysts warn full economic recovery from the war’s impact could take months. The deal’s stability hinges on resolving disputes over the Strait of Hormuz’s future access and Israel’s military presence in Lebanon, with both issues remaining points of contention. The agreement’s success will also depend on the release of its full text, which Trump suggested would come soon but could be delayed until after Friday’s signing. Meanwhile, US military posture in the region remains unchanged, and Iran’s plans to benefit financially from the strait’s transit highlight lingering economic and strategic tensions.