The U.S.-Iran memorandum of understanding calls for an extension of the ceasefire, a 60-day period to reach a final agreement that addresses Iran's nuclear program, a halt to all regional military operations, the immediate end of the U.S. blockade on Iranian ports and the return of maritime traffic through the Strait of Hormuz to normal levels within 30 days, according to a draft text Bloomberg published on June 16. The MoU also calls for a minimum $300 billion investment fund to support Iranian reconstruction and economic development efforts, as well as for U.S. sanctions waivers to facilitate Iranian exports, including of petrochemicals and oil, before sanctions are lifted, the timing of which has not been determined.

In comments on the sidelines of the Group of Seven summit, Trump said on June 17, "It's a memorandum of understanding. ​And if I don't like it, we'll go ​back to shooting at them, dropping bombs on ⁠their heads." Although Trump announced the MoU in a June 14 Truth Social post, few details were provided at the time. Iran hawks in the United States have criticized the agreement's economic concessions and are concerned that the deal could strengthen Iran, and the Trump administration remains skeptical of Iran's willingness to make adequate nuclear concessions. A few Iranian vessels have already successfully transited the Strait of Hormuz.