While the full text remains tightly held ahead of the Geneva assembly, the core proposed terms of the agreement establish an entirely new operating model for the region:

• Strait of Hormuz Reopening: Trump authorised the toll free opening of the strait immediately upon announcing the accord. Iran has formally committed to safe international shipping passage, though state officials have indicated the regime will introduce special service fees rather than standard pre war tolls.

• Cessation of Military Operations: Both nations have agreed to a permanent halt to offensive operations. While Israel is not a formal party to the text, Prime Minister Netanyahu stated he remains in full agreement with the White House that Tehran must never acquire nuclear weapons.

• Blockade and Nuclear Commitments: The restrictive US naval blockade enforced on Iranian ports since 13 April 2026 is to be dismantled immediately. In return, Tehran must deliver verifiable assurances that no nuclear material will be used for weapons, leaving specific verification timelines for ongoing pre-implementation discussions.

• Sovereignty and Outstanding Disputes: The MOU includes a written declaration from the United States explicitly respecting Iranian sovereignty. However, complex structural issues, specifically sanctions relief and the release of billions in frozen assets held abroad, are explicitly deferred to subjects of further negotiation beyond the initial framework.

This baseline introduces a natural layer of near term friction. Trump has already publicly disputed Iranian state media accounts of the deal, warning that their public characterisations have nothing to do with the actual terms agreed to in writing. This discrepancy remains a vital risk vector that savvy allocators are monitoring closely.