The contents of the agreement signed by U.S. President Trump and Iran President Pezeshkian were released on the 17th local time. The gist is to end the war that shook the world economy for 107 days and reopen the Strait of Hormuz. However, the disclosed agreement was only four pages long. It did not specify many of the major issues left by the war. The United States said it would settle the remaining issues within 60 days.
◇ What will happen to Iran's nuclear program
President Trump cited "Iran's nuclear threat was imminent" as the reason for starting the war. Iran countered that it had never pursued nuclear weapons. Even on Feb. 28, when the war began, the United States and Iran were conducting nuclear talks. The two countries plan to resume these talks soon.
Experts, however, believe it will be difficult for the two countries to reach a full nuclear deal like before within 60 days. The 2015 nuclear deal (JCPOA), which President Trump scrapped in his first term, took more than 18 months to conclude. Manuel Herrera, NPT monitoring lead at the security think tank BASIC, said in a Newsweek interview on the 17th, "Sixty days is not enough. You cannot compress three years of diplomatic and technical expertise into 60 days."
The key issue is the level of uranium enrichment. In the agreement, Iran neither renounced nor conceded its right to enrich nuclear material. The agreement did not specify whether the permitted level is low-enriched for power generation or high-enriched raised to just below weapons grade before the war. The highly enriched uranium Iran had stockpiled is known to have been largely buried by U.S. airstrikes last year. The agreement only stated that this would be "diluted on site under UN supervision." President Trump had long demanded that the stockpile be "shipped out of Iran."
◇ When will the Strait of Hormuz reopen
For 106 days, as Iran effectively blockaded the Strait of Hormuz, the world suffered severe inflation. Prices of gasoline, food, fertilizer and airline tickets all soared at the same time. Shipping data firm Lloyd's List Intelligence said on the 18th that "major carriers have resumed transits."
The agreement said Iran would remove mines inside the strait within 30 days and would not charge tolls on merchant ships for 60 days. Transit had been free until before the war. Iran, citing the fact that it imposed tolls during the hostilities, said it "will continue to collect (tolls) going forward." According to AP, legal experts view the imposition of tolls as a violation of international law that defines freedom of navigation. The United States also rejected it. Tolls could run afoul of sanctions on Iran, burdening carriers as well. Sultan Al Jaber, the United Arab Emirates (UAE) Minister of Industry and Advanced Technology, said the strait "must be open fully, unconditionally and without restriction," adding, "No country has the right to set conditions for passage."
◇ When will the energy crisis end
Even if the strait is fully opened, it is expected to take weeks to months for oil and gas flows to return to peacetime levels. First, hundreds of ships that have been stuck in the Persian Gulf for months must pass through the narrow strait. Even after the truce declaration in April, several clashes occurred in the Strait of Hormuz, and even brief skirmishes can halt transit again. Once all the trapped ships exit, global carriers and insurers are expected to assess safety themselves and decide whether and how often to sail.
Adam Sharpe, executive editor at Lloyd's List Intelligence, said in a CNBC interview on the 18th that "the most likely scenario is a phased resumption." Goldman Sachs estimated in a report on the 16th that Gulf oil production had already recovered to 11 million barrels per day and lowered its fourth-quarter Brent forecast to $80 per barrel from $90. However, Gulf oil producers such as Kuwait, Qatar and the UAE must first repair infrastructure damaged by Iran's missile and drone attacks, so production recovery is expected to take at least more than a year.
◇ Will Iran sanctions be lifted
The United States included in the agreement a sanctions waiver that lifts the blockade on Iran's economy and allows exports of Iranian crude. Analysts say it would revive Iran's shattered economy and lower global fuel prices. The United States also promised to unfreeze Iranian funds held overseas. International sanctions accumulated over Iran's nuclear program, support for armed groups, and human rights abuses will also be lifted.
According to the agreement, the United States and regional allies will create a $300 billion (about 460 trillion won) fund to rebuild Iran. It did not specifically name who would foot the bill. President Trump said the United States would not pay. Vice President Vance said in a Fox News interview on the 15th, "Iran will not receive a single penny of U.S. money," adding that the expense belongs to wealthy Gulf states. However, some observers say the Gulf states are also struggling with the aftermath of the war and damage to their own infrastructure from Iran's attacks, so they may not agree to shoulder the burden.
Ahmed Al-Hujai, head of Kujair Associates and a Bahrain-based analyst, said in a Jerusalem Post interview on the 19th that "Gulf countries will not easily accept such a burden," adding that unfreezing funds and easing sanctions "could empower Tehran's regional militia and proxy network and actually increase the threat to the United States."
◇ Will the Israel-Hezbollah war end
The agreement said military operations would cease immediately on all fronts, including Lebanon, and that Lebanon's territory and sovereignty would be guaranteed. Israel, which began the war with the United States, has continued to clash with Hezbollah, an Iran-backed armed faction, in Lebanon even as the United States and Iran discussed a truce. Hezbollah has also responded by firing rockets and drones into northern Israel since the start of the war.
The agreement did not clearly state whether Israel must withdraw immediately from southern Lebanon, which it occupies. Israel Prime Minister Netanyahu, who faces an election this year, is currently refusing to pull out. The position is that Israeli forces must remain in Lebanon until the Hezbollah threat disappears. Hezbollah insists it will not stop attacks as long as Israel occupies Lebanese territory. Meanwhile, Iran demanded that Lebanon be included in the truce agreement. Karim Safieddine, a research fellow at the Tahrir Institute, a U.S. Middle East-focused think tank, said in an Al Jazeera interview on the 15th, "Netanyahu could take several surprise actions," adding, "He may try to leverage relations with the United States to push the terms of the deal his own way." There are concerns that if fighting continues in Lebanon, Iran and the United States could each claim violations and the agreement could be shaken.
◇ What about Iran's ballistic missiles and the armed groups it backed
The agreement did not specify whether Iran's ballistic missiles would be addressed or whether support for armed groups such as Hezbollah would continue. Eliminating Iran's missiles and weakening its network of armed allies was one of the United States' main war aims. In this war, Iran proved it still possesses missiles capable of striking Israel.
According to the United States, Iran has long supported Hezbollah, Hamas in the Gaza Strip, Yemen's Houthi rebels, and Iraqi militias. If sanctions on Iran are lifted under the agreement, Iran would have room to support these groups again. According to the U.S. Treasury Department, Iran remitted $1 billion (about 1.54 trillion won) to Hezbollah in the first 10 months of 2025 even under sanctions. The Times of Israel reported on the 18th, citing four sources familiar with ties between Tehran and Hezbollah, that "if funds are freed, Iran has promised greater support to Hezbollah."
However, there is also a view that Iran cannot help but consider its own economic situation first. Analyst Mahmoudian, cited by the Jerusalem Post on the 19th, said, "Iran has much to rebuild, recover and restore at home and abroad. Tehran is not in a position to embark on another round of large-scale hostilities. It needs a short period for recovery."