U.S. President Donald Trump and Iranian President Masoud Pezeshkian signed a memorandum of understanding to de-escalate the regional conflict and open talks on reaching a final agreement, AP reported on June 17. While much of the draft text and the final agreement are the same, the final version includes language on "minimum methodology [for Iranian highly enriched uranium] to be downblended," though additional details on Iran's nuclear program are still set to be discussed during the 60-day negotiation period.

Some vessels have already resumed transiting the strait, including a few Iranian vessels and Saudi supertankers, which transited on June 18 for the first time since the start of the Iran war in February. Some estimates suggest that around 600 vessels remain stranded in the Persian Gulf. U.S. sanctions waivers on Iranian fuel, oil and petrochemical exports could enable Iran to collect an additional $60 billion in revenue per year. Trump has called for more European involvement in demining the Strait of Hormuz, conditioning greater U.S. support for Ukraine on their assistance in clearing the strait.