On June 17, U.S. President Donald Trump and Iranian President Masoud Pezeshkian signed a memorandum of understanding that, with mediation from Pakistan and Qatar, formally ended hostilities and opened increased maritime traffic through the Strait of Hormuz. The accord led to a decline in oil prices and granted Washington a 60‑day waiver for Iranian oil and petrochemical exports. However, both sides spent weeks debating divergent interpretations of key provisions, delaying full implementation of the agreement’s benefits.
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