U.S. and Iran Sign Initial Deal to Start 60-Day Peace Talks and Allow Iran to Charge Strait of Hormuz Fees

Vice President Vance and Iranian Parliament Speaker Mohammad Bagher Ghalibaf electronically signed a memorandum of understanding on June 14, 2026. The signing on June 19 will start a 60-day period for negotiating a full-scale peace deal between Tehran and Washington. The United States stated on June 15 that ships will move toll-free through the Strait of Hormuz under the agreement.

President Trump said the strait would be completely open from June 19 and that de-mining operations were still under way. Iran's Foreign Ministry said the deal would allow Iran to charge maritime service fees on ships transiting the Strait of Hormuz. A senior Trump administration official said the release of funds would be tied to performance.

A possible $300 billion reconstruction fund for Iran is included in the deal. Zero dollars of frozen assets have been released by the United States or any other country as of June 15. Vance will lead technical talks this week and attend a physical signing ceremony expected in Geneva, Switzerland.

U.S. officials said it would be put out in the next 24-48 hours from June 15. Shipping traffic should return to pre-war levels over the next couple of weeks after June 15.

There had already been a substantial increase in traffic through the Strait of Hormuz as of June 15. "The MoU is about a page and a half, so it is a very general document," Vance said. U.S. And international nuclear inspectors will be allowed back into Iran to help destroy its enriched uranium. U.S. official said.