A preliminary US-Iran agreement has been signed electronically by leaders in Washington and Tehran, paving the way for a formal ceremony in Geneva on Friday. Vice President JD Vance, who is expected to attend alongside Iran’s chief negotiator Mohammad-Bagher Ghalibaf, indicated that President Donald Trump may release the text of the memorandum before the summit. The document, described by Vance as a general framework of no more than a page and a half, reportedly includes an immediate and permanent cessation of military operations on all fronts, including Lebanon. Yet even as the White House signals progress, Israeli Prime Minister Benjamin Netanyahu has warned that he and Trump “don’t see eye to eye” on the emerging deal, and American officials have clarified that the agreement does not encompass an Israeli conditional withdrawal from Lebanon.

Viewed from Washington, the deal is being cast as a diplomatic reset that could end an 84-day conflict and usher in what Vance called a “new day” for the Middle East. The vice president stressed that no American taxpayer money would flow directly to Tehran, pushing back against reports of a $300 billion reconstruction fund. In a Fox News interview, Vance explained that any such fund would be financed by other nations and unlocked only if Iran fulfils its obligations, including integration into the world economy and sanctions relief. Trump himself dismissed the figure as “fake news,” though the Financial Times had earlier reported that the administration was prepared to authorise the creation of the fund. The discrepancy—some Italian media cited a figure of $300 million—has added to the confusion surrounding the still-unpublished text.

From Tehran, the response has been cautiously optimistic but tinged with defiance. Iran’s maritime union declared that the Strait of Hormuz, a vital chokepoint for global energy supplies, “will never return to pre-conflict conditions,” hinting at lasting operational changes despite the ceasefire. Meanwhile, European analysts note that the memorandum appears to be a broad statement of intent, with the most contentious details—including the future of Iran’s nuclear programme—left to subsequent negotiations. The CIA has privately expressed scepticism about Tehran’s nuclear intentions, according to reports, a reminder of the deep mistrust that any final settlement must overcome.

With the full text expected within 48 hours, the Geneva summit will test whether the electronic signatures can translate into durable commitments. The absence of Israeli endorsement and the conditional nature of reconstruction funding underscore the fragility of the framework. For a global audience, the deal’s success will hinge not only on the cessation of hostilities but on whether the follow-on talks can bridge the chasm between Iran’s regional ambitions and the security guarantees demanded by its neighbours and the West.