US-Iran MOU Signed in Switzerland; Hormuz Reopening Uncertain, Israel Unbound

The United States and Iran signed a memorandum of understanding in Switzerland on June 15, 2026, brokered by Pakistani Prime Minister Shehbaz Sharif and co-signed by Vice President JD Vance and Iranian parliament speaker Mohammad Baqer Qalibaf. Iranian President Pezeshkian stated the agreement could become 'a source of national pride' and claimed backing from more than 90 percent of the Supreme National Security Council. The deal includes provisions for ending hostilities in Lebanon and the eventual reopening of the Strait of Hormuz, which US officials said they expect to be 'open without tolls in the long term.' However, Israel's political leadership has broadly condemned the agreement — with cabinet ministers attacking it sharply even as Prime Minister Netanyahu had not yet formally responded — and Iranian Foreign Ministry spokesperson Ismail Baghaei noted that details of who would sign on Iran's behalf remained unresolved even as talks concluded. Oil prices fell to their lowest level since March on the news, and US special presidential envoy Tom Barrack arrived in Baghdad to discuss bilateral partnership with Iraqi PM Ali al-Zaidi, signaling rapid diplomatic follow-through.