EVIAN-LES-BAINS, France — The United States and Iran have officially announced a preliminary agreement to end their direct military conflict. Revealed on the sidelines of the G7 Summit, the deal marks a significant de-escalation after months of hostilities that severely disrupted global energy markets. mediated by countries including Pakistan and Qatar, includes several critical immediate steps: Reopening of the Strait of Hormuz: President Donald Trump has authorized the "toll-free" reopening of the world’s most vital oil corridor. Shipping is expected to be fully restored by Friday, June 19. Lifting of the Naval Blockade: The U.S. will immediately end its blockade of Iranian ports as part of the initial phase. 60-Day Negotiation Window: Both nations have agreed to a two-month pause in military operations to negotiate long-term issues, including sanctions relief, the release of $12–24 billion in frozen assets, and Iran’s nuclear enrichment levels. Despite the agreement, Tehran and Washington hold diverging views on its meaning: Iran's Stance: State media has portrayed the MOU as a "victory," claiming the U.S. was "forced" to accept defeat. Tehran insists on maintaining regulatory control over the Strait of Hormuz and intends to charge "service fees" rather than tolls after the 60-day period. U.S. Stance: The Trump administration views the deal as a restoration of deterrence following strikes that degraded Iran's conventional and nuclear infrastructure. The U.S. maintains that any permanent drawdown of its 50,000 regional troops is not yet on the table. A major wildcard remains the position of Israel. Prime Minister Benjamin Netanyahu has stated that Israel is not bound by the deal. The IDF continues to conduct operations in South Lebanon to degrade Hezbollah, even as the militant group has signaled it will adhere to the broader ceasefire. The news has provided immediate relief to the global economy. Oil prices dropped by more than 4% following the announcement, and major stock markets have surged on the prospect of restored trade routes.