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President Trump has signed a memorandum of understanding with Iran to end the war and reopen the Strait of Hormuz.

Getting into it: Trump signed the deal at a post-G7 dinner at the Palace of Versailles in France on Wednesday night, with the White House saying it is now in effect and that Iranian President Masoud Pezeshkian had also signed. Pakistani Prime Minister Shehbaz Sharif, endorsed as a mediator, said Iran would “instantly” reopen the strait while the United States would “immediately” lift its naval blockade, and a US-Iran delegation meeting led by Vice President JD Vance is still expected Friday in Switzerland.

The newly released 14-point agreement requires Iran to forgo nuclear weapons and dilute its enriched uranium under IAEA supervision, declares an “immediate and permanent” end to fighting on all fronts including Lebanon, and reopens Hormuz toll-free for two months as the US winds down its blockade within 30 days. It also sets up a $300 billion fund for Iran’s reconstruction and economic development and lays out sanctions relief, with a 60-day countdown to a final deal now underway.

Trump cast it as a win, saying preventing an Iranian nuclear weapon was “99%” of his goal and that the US would not pay “a cent” into the fund, which would instead draw outside Gulf money. He swatted down what he called a “false story” that the US was investing $300 billion and warned that “if they don’t behave, we’ll go right back to dropping bombs.”

The news sent oil pricing tumbling below $80 a barrel for the first time since March, with sanctioned Iranian tankers already moving through the strait. Iran, for its part, warned that US bases could become “museums of admonition” and said any continued Israeli operations against Hezbollah in Lebanon would violate the understanding.

This all comes as Republican hawks ripped the deal, with Senator Ted Cruz warning against “giving billions of dollars to theocratic lunatics” and Senator Bill Cassidy calling it the “worst foreign policy blunder in decades.”

Top Democrats welcomed the turn to diplomacy but demanded an immediate briefing and the full text, branding the war a strategic failure, while the State Department insisted Trump’s actions “have made us all safer.”