G7 leaders said they would support implementation of the US-Iran memorandum, due for formal signing Friday, calling it a chance to keep Tehran from ever acquiring a nuclear weapon.
The 14-point draft would let Iran resume oil and petrochemical exports immediately and could unlock a $300 billion development fund if Tehran meets later nuclear commitments.
That signing would also start a 60-day window for technical negotiations on a lasting deal, though the leaked text leaves unresolved what happens to Iran’s highly enriched uranium.
The agreement also lays out a ceasefire framework across the region, including Lebanon, and the G7 paired its endorsement with support for reopening the Strait of Hormuz without tolls or restrictions.
Questions still hang over the final wording and undisclosed back-channel commitments, with US officials calling the memo a political document and Iran’s Tasnim disputing leaked versions.
Is the G7's praise for the Iran deal genuine support or a strategic play to manage an unpredictable US president?
With the Iran deal easing oil prices, will global economies see real relief or is more conflict on the horizon?
As the US restricts access to its AI, can other nations compete or will they become digitally dependent?
U.S.-Iran Strike 60-Day Ceasefire at G7: Strait of Hormuz Reopens, Energy Markets React
Overview
On June 17, 2026, the G7 summit in Evian-les-Bains, France, saw the announcement of a tentative U.S.-Iran deal that aims to end a 3.5-month conflict and reopen the vital Strait of Hormuz. The strait had been closed due to an Iranian chokehold, causing widespread energy price spikes. With the new agreement, the ceasefire is extended, the strait is set to reopen toll-free for 60 days, and a formal signing is planned in Switzerland. This breakthrough marks a crucial step toward restoring global energy flows and easing geopolitical tensions.