Doubts continue to swirl around the U.S.-Iran interim agreement aimed at ending the Middle East conflict, with warnings that shipping and energy exports could take weeks to recover. However, U.S. President Donald Trump stated on Tuesday that the text of the deal would be released to the public soon.
Details of the Interim Deal
The interim deal extends a fragile ceasefire announced in April by an additional 60 days and seeks to reopen the Strait of Hormuz, which Iran has effectively blocked since the U.S. and Israel launched attacks on Iran in February. Trump emphasized that the agreement explicitly states Tehran will not pursue a nuclear weapon, and the full text will be made public in a formal setting within days.
Speaking at the G7 meetings in France, Trump also expressed support for sending the Iran deal to Congress for review, a request made by some Republican lawmakers. Negotiators are expected to address complex issues, including the future of Iran's nuclear program, during the next phase of talks. Iranian Foreign Minister Abbas Araqchi confirmed that these discussions would begin in Switzerland on Friday, following the formal signing of the framework deal.
Key Omissions from the Agenda
Two other issues that Trump and Israeli Prime Minister Benjamin Netanyahu used to justify the war—ending Iran's support for regional armed proxies and curbing its missile program—are not believed to be on the agenda for those negotiations. Trump told reporters, “Iran wants to get it done. They have to get back to business, and the relationship is now normalized, so I think it's going to go pretty quickly.” He earlier described the deal as “a wall to a nuclear weapon” for Iran.
Vice President JD Vance and Iran's top negotiator Mohammad Baqer Qalibaf are expected to attend Friday's formal signing ceremony.
Impact on Oil Markets and Energy Recovery
Oil prices slid more than 2% to new three-month lows on Tuesday, following a nearly 5% drop the previous day after news of the deal broke. However, industry officials caution that Middle East oil and gas output will take months to fully recover. Iranian President Masoud Pezeshkian wrote on social media Monday that the interim agreement was an “important step” toward ending the fighting but noted that a final deal for a lasting truce “has yet to take shape.”
Vice President Vance told CNN that the signed memorandum was a “very general document,” with details set to be released over the next two days, according to U.S. officials.
Political and Economic Pressures
Both sides face significant pressures following a conflict that killed at least 7,000 people, mostly in Iran and Lebanon, and disrupted global energy markets. The accord exposes Trump to criticism from within his own party, while Iran's leaders risk renewed protests if they fail to alleviate economic pressures after a destructive war. U.S. and Iranian officials say the deal could eventually bring substantial economic benefits to Iran by lifting sanctions and unfreezing foreign assets. It could also establish a $300 billion reconstruction fund, financed by neighboring Gulf states that host U.S. military bases and were targeted by Iranian attacks during the war.
Conditions for Benefits
U.S. officials, speaking on condition of anonymity, stated that Iran would need to satisfy U.S. demands never to build a nuclear weapon and to cut off support for militias like Hezbollah in Lebanon to receive these benefits. Iranian officials, who have consistently denied any intention to build a nuclear weapon, say they have conceded little by agreeing to resume diplomatic discussions over Iran's uranium enrichment program, which were interrupted by the war.
Reopening of the Strait of Hormuz
Both sides confirm that the Strait of Hormuz, which normally carries about one-fifth of the world's oil and liquefied natural gas trade, will be open from Friday. On Tuesday, Iranian state television reported operations to lift its maritime blockade, while stressing that vessels must still coordinate with Iran's Revolutionary Guards. Trump earlier stated that tankers were beginning to move out of the strait, and the U.S.—which had imposed its own blockade on Iranian ports—had been overseeing numerous secretive ship-to-ship oil transfers to maintain Gulf energy exports.
The U.S. said the strait will be toll-free for 60 days and expects this provision to be part of a final agreement. Iran has suggested it will retain joint control with Oman over the strait. Shippers warn that a return to normal traffic will be gradual, with concerns about possible mines in the narrow waterway. A thorough minesweeping operation could take weeks to months, according to an official with Greek maritime security company Diaplous.
Complications with Israel and Hezbollah
The conflict between U.S. ally Israel and the Iran-allied Hezbollah militia in Lebanon, which has displaced 1.2 million people, remains another complication. Iran has stated that the deal requires a full cessation of hostilities there, but Netanyahu said Israel would keep its forces in southern Lebanon and retain the right to respond to Hezbollah attacks. Trump expressed frustration with Israel's military campaign, saying on Tuesday he was “not happy” with the way Israel had handled itself.
Israel has not directly participated in the peace talks with Iran. A U.S. official said an Israeli withdrawal from Lebanon, which it invaded in March after Hezbollah joined the war, was not a condition of the deal, while Araqchi insisted that Israeli attacks must stop immediately.
