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The 14-point memorandum was signed electronically on 18 June; the Switzerland ceremony was downgraded to a shrug. Its immediate provisions reopen the strait, lift the blockade, and grant Iran fossil-fuel sanctions waivers. Its deferred provisions bundle ‘strait management’ with the nuclear programme and the regional proxies in the 60-day window. This post argues that chaining a tractable maritime-administrative question to the most failure-prone file in the relationship is a mistake — and a correctable one.

On 14 June 2026, Trump declared the Iran deal ‘complete’; it was signed digitally, with a Geneva ceremony set for 19 June. The strait reopens, the blockade lifts, the war halts. But the deal defers the institutional core: Vance says ‘toll-free,’ Iran says fees will be charged and ‘we need time to discuss.’ This post reads the completed deal as the resolution of the operational question and the deferral of the institutional one.