The United States and Iran have reached a preliminary memorandum of understanding to end hostilities, with President Donald Trump announcing the agreement had been electronically signed by himself, Vice President JD Vance, and Iranian parliamentary speaker Mohammad Bagher Ghalibaf. A formal signing ceremony is scheduled for Friday in Geneva, Switzerland, where the next round of negotiations on Iran's nuclear program, U.S. sanctions relief, and the possible release of frozen Iranian assets will also begin. Trump told the New York Times he would restart military operations if Iran failed to reach a nuclear agreement during broader talks set to follow.

The document, described by Vance as roughly one and a half pages and characterized as "very general," leaves numerous critical issues to be resolved in future technical negotiations. Vance confirmed on CNN that no sanctions relief or unfrozen assets have been transferred to Iran, stating that such benefits are contingent on Iran meeting its obligations under the agreement. He also told NBC News that International Atomic Energy Agency inspectors would be allowed back into Iran, and that a core provision of the deal requires Iran and the U.S. to cooperate in destroying Iran's stockpile of highly enriched uranium.

Shipping through the Strait of Hormuz, a chokepoint for roughly 20 percent of the world's oil supply, remained largely stalled as of Monday evening despite the announced deal. Vessel-tracking data showed only four tankers and several smaller craft had successfully transited the strait since the agreement was announced, with the majority of tankers remaining anchored in the Gulf of Oman and the Persian Gulf. Senior U.S. officials briefed that the strait would formally reopen on Friday, coinciding with the Geneva signing ceremony.

Iran's Foreign Minister Seyed Abbas Araghchi confirmed that new negotiations toward a final peace agreement would begin in Switzerland on Friday. Trump is currently attending the G7 summit in France, where a special session on Iran is scheduled Tuesday with the leaders of Egypt, Qatar, and the United Arab Emirates. G7 allies including the United Kingdom and France had been leading plans for a joint mission to protect vessels in the strait, though Trump indicated he did not believe significant outside assistance would be necessary.

The preliminary agreement has drawn criticism from former President Barack Obama, who said it was unlikely to differ substantially from the 2015 Joint Comprehensive Plan of Action, the nuclear deal Trump withdrew from during his first term. Critics and analysts noted the lack of published text and the number of unresolved questions, including the precise terms governing Iran's nuclear activities, the status of Lebanon, and the timeline for any sanctions relief. Vance indicated Trump may release the MOU publicly before the Friday ceremony rather than waiting until after it is formally signed.