The agreement, finalized during a dinner hosted by French President Emmanuel Macron following a G7 summit, mandates an immediate cessation of hostilities. Under the terms of the deal, Iran has committed to reopening the Strait of Hormuz to commercial traffic, while the United States will lift its naval blockade. The memorandum also outlines a 60-day window to negotiate a final, comprehensive treaty and includes a US-backed economic development program for Iran valued at no less than $300 billion, alongside phased sanctions relief and the release of frozen assets.
Tehran has reaffirmed its pledge to forgo the development or acquisition of nuclear weapons, with future discussions regarding uranium enrichment stockpiles to be overseen by the International Atomic Energy Agency. While the diplomatic breakthrough was signed remotely by the two leaders, the atmosphere at Versailles remained celebratory, with Macron hailing the move as a vital step toward regional stability and lower energy prices. Pakistani Prime Minister Shehbaz Sharif, whose government acted as a mediator for the Islamabad-brokered talks, praised the commitment of both Washington and Tehran to resolving the crisis through diplomacy rather than continued escalation.
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