Versailles: U.S. President Donald Trump and Iranian President Masoud Peseshkian have digitally signed a temporary agreement to end the conflict between their nations, with the terms of the agreement subsequently made public.
According to Thai News Agency, President Trump, who was attending the G7 summit in France, warned of resuming military action against Iran if it did not adhere to the agreement's terms. He acknowledged that the ban on Iran possessing guided missiles was unjust, despite his earlier vow to eradicate such weapons.
The agreement aims to facilitate the negotiation of a lasting peace within 60 days, potentially stabilizing the Middle East and reducing oil prices. Iranian leaders have yet to respond to the threat, but they are celebrating the historic signing, marking the first such agreement between the nations since 1979. Iran's chief negotiator, Mohammad Bagher Ghalibaif, expressed optimism that negotiation could achieve more than military action.
The 14-point agreement, signed at the Palace of Versailles, extends the ceasefire by 60 days, including in Lebanon, to allow for a final peace agreement. It mandates the cessation of hostilities, reopening of the Strait of Hormuz, lifting of sanctions, release of Iranian assets, and establishment of a $300 billion fund for Iran's reconstruction. Brent crude oil prices dropped below $80 per barrel, rebounding slightly after Trump's threats.
Iran has agreed not to develop nuclear weapons and to reduce uranium enrichment under International Atomic Energy Agency oversight, though it refused to export its uranium, a demand made by President Trump. Analysts suggest that despite Trump's strong rhetoric, Iran stands to gain more from the agreement, nearing sanction relief.
While the G7 leaders lauded the agreement, signaling a formal ceremony in Switzerland, the Iranian Foreign Ministry confirmed no additional signing would occur, as the presidents have already signed the agreement.