President Donald Trump declared on Wednesday evening that the United States had signed a "historic" agreement with Iran, ending military conflict and fully reopening the Strait of Hormuz. Speaking at the opening of the Great American States Exhibition in Washington, he claimed the accord, signed electronically the previous week by himself and Iranian President Masoud Pezeshkian, had achieved what no previous president had accomplished. The memorandum of understanding, mediated by Pakistan, Qatar and other regional states, establishes a framework for halting military operations, implementing mutual commitments and launching a 60-day period of technical negotiations aimed at a comprehensive deal.

Viewed from Washington, the agreement is presented as a historic breakthrough. Trump asserted that Iran "will never have a nuclear weapon" and that its navy, air force, air defences, missile launchers and production capacity have been destroyed, along with its leadership. He linked the deal to a sharp rise in stock markets and retirement accounts, a drop in oil prices, and a pledge that petrol would soon fall to $2.50 per gallon. However, Tehran has publicly contradicted key elements of this narrative. Iranian officials have denied that the nuclear issue was discussed and rejected any agreement to readmit inspectors from the International Atomic Energy Agency. Iran has also stated it intends to maintain control of the Strait of Hormuz jointly with Oman and to collect what it calls "maritime service fees" from passing vessels, a move Trump has called unacceptable and a potential deal-breaker.

Gulf capitals have received assurances from Washington that their interests and security will be taken into account during the negotiations. Secretary of State Marco Rubio, during a visit to Kuwait, said the US would be "fully coordinated" with its Gulf partners and would not support the imposition of tolls on shipping through the strait. The mediation effort that produced the memorandum involved several regional actors, reflecting a broader diplomatic push to contain the fallout from US and Israeli military strikes on Iran. A London-based Persian-language news organisation reported that a secret underground complex built over a decade to protect former Supreme Leader Ali Khamenei has been identified, underscoring the threat perceptions that preceded the current diplomatic track.

The 60-day technical negotiation period is now under way, but the public divergence over nuclear oversight and strait fees signals a fragile process. Trump has warned that if Iran attempts to collect payments from ships, negotiations will be halted immediately. The memorandum provides a framework, yet the absence of a shared interpretation of its terms creates conditions for early deadlock. The next concrete step is the commencement of technical talks, with the comprehensive agreement expected to be negotiated within the two-month window.