Here's the latest
• US-Iran agreement: Iran will be able to export oil as soon as its agreement with the US is signed, according to a draft copy of the document obtained by CNN, which also states Iran will “never produce nuclear weapons.” US President Donald Trump will soon hold a news conference at today’s G7 summit, and questions about the agreement will likely come up. Read the draft here.
• What Trump has said: Trump earlier said the agreement is not a final deal, adding that the US will resume strikes if Iran doesn’t “behave.” He also denied the US would be investing in a $300 billion reconstruction fund for Iran.
• In Lebanon: Meanwhile, Israel carried out a series of strikes in southern Lebanon today, as Lebanese President Joseph Aoun said he was in favor of a ceasefire and welcomes “any state” to help in the effort toward a truce. The draft text of the agreement ends the war on all fronts, including Lebanon.
Strait of Hormuz may not return to normal until end of the year, shipping expert warns
A maritime expert has warned that it may take until the end of the year for activity in the Strait of Hormuz to return to normal.
“You’re looking at some semblance of normality… probably not till the end of the year rather than the end of the week,” said Richard Meade, editor of maritime news company Lloyds List.
“I think timescales are being talked about overenthusiastically,” he told CNN’s Becky Anderson on Connect The World.
Iran said it will remove mines laid in the Strait of Hormuz to allow vessels to travel through. But Meade said demining operations “could take a significant amount of time depending on what is found and what is proved to be there.”
The challenge is not only moving tankers out, but also bringing empty tankers in to clear stockpiled inventories, he added.
For context: The agreement between Iran and the US lays out the terms of the ceasefire between the bitter rivals, the reopening of the Strait of Hormuz, some financial relief for Iran and a reiteration from Tehran that it will never produce a nuclear weapon, according to a draft copy of the text obtained by CNN.
Most strikingly, the memorandum does not name the Strait of Hormuz explicitly. Instead, it refers to marine traffic “from the Persian Gulf to the Sea of Oman” – the waterways on either side of the Strait.
The reason for the omission is unclear, and nor does the document address the future status of the Strait directly, saying only that vessel traffic would return to prewar levels within 30 days.
Trump claims "all" European allies offered to help clear Strait of Hormuz
President Donald Trump claimed Wednesday that European allies have committed to helping the US clear the Strait of Hormuz for safe passage, though he declined to specify which countries have pledged their aid.
“All of them,” Trump said when asked which nations had offered to help rid the waterway of Iranian mines. “The ones that have that kind of equipment have, but every one of them have committed to being involved.”
The president added that the US didn’t need Europe to successfully reopen the strait following its agreement with Iran, but that any minesweepers the countries could lend to the project would be “good.”
Trump has touted the immediate resumption of traffic through the Strait of Hormuz as a chief benefit of his pact with Iran, though it’s likely to take some time to ensure it’s safe enough for oil tankers to transit the strait at pre-war levels.
Trump expresses some openness to resuming hostilities against Iran
President Donald Trump suggested he was open to resuming hostilities against Iran if needed, comments that come as the two countries prepare to formally sign an agreement to kickstart a 60-day window to negotiate the technical terms of a lasting deal.
Earlier Wednesday, Trump had warned that if Iran did not abide by the agreement, the US would “go right back to dropping bombs right smack in the middle of their head.”
The president, however, has been impatient with the conflict and would like it resolved as the midterm elections approach and as gas prices remain over $4 per gallon.
Iran, he added, “(wants) to make a deal — they are so ready to make a deal.”
Trump, who has spent his real estate and political career touting his credentials as a dealmaker, was asked if he was confident the agreement, which he has said is still being finalized, would ultimately be signed on Friday.
“You never know with deals, do you? But you’re going to find out pretty soon. I think it will be done. They want to sign. They want to get back to a normal life,” he said.
Trump says reimposing Russian oil sanctions dependent on global energy prices
President Donald Trump said Wednesday that the trajectory of global oil prices will determine whether the US reimposes sanctions on shipments of Russian crude.
“We’re seeing how far the price of oil comes down,” he said at the G7 summit. “It’s really tumbling.”
The Trump administration eased sanctions on some Russian oil earlier this year, in a bid to alleviate the energy supply crunch caused by its war with Iran. The Treasury Department has continued to renew that temporary waiver in subsequent months, but has not yet announced what it plans to do when the current authorization expires later this week.
Group of Seven leaders — including the US — on Tuesday issued a statement declaring their “unwavering support for Ukraine” that endorsed strengthening sanctions on Russia, including on its oil and gas sectors.
Oil prices have tumbled since Trump announced earlier this week that the US had reached an agreement with Iran, though they still remain well above pre-war levels.
Trump urges Israel to "use good judgment" in military campaign against Lebanon
President Donald Trump said he wanted Israel to “use good judgment” in its military campaign against Lebanon while still supporting Israel’s right to “protect themselves.”
“No, I want Israel to be able to protect themselves, but I do want them to use good judgment,” Trump said to reporters during a bilateral meeting at the G7 Summit.
Trump has repeatedly expressed frustration with Israeli Prime Minister Benjamin Netanyahu and the country’s military campaign against Hezbollah in Lebanon. Trump told reporters Tuesday that Netanyahu needed to be “more responsible.”
Trump has criticized Netanyahu recently, as the Israeli leader repeatedly threw a wrench into US-Iran negotiations by attacking Hezbollah in Lebanon. Iran has insisted that any ceasefire deal must include Lebanon.
Netanyahu has been careful to avoid public confrontation with Trump. Speaking about the US Iran deal on Monday, he said: “There are cases in which President Trump and I do not see eye to eye. … I am responsible for Israel’s security interests, and it needs to be done wisely.”
CNN’s Ivana Kottasová contributed to this report.
Trump says he'll give G7 press conference within the hour
President Donald Trump announced that he will hold a press conference in France within the next hour.
“I will be doing a Press Conference in 45 minutes from France. I’ll then be heading to Versailles for Dinner with French and other European Leaders, and then back home tonight!” Trump wrote on Truth Social around 10 a.m. ET.
Trump went on to hail his trip to the G7 summit, where he said the agreement with Iran was the biggest topic of discussion. “The trip was a Great Success but, mostly what people wanted to talk about, is the fact that Iran will not have a Nuclear Weapon, and that the Strait of Hormuz will immediately be opened!”
Trump posted on Truth Social shortly before his bilateral meeting with Indian Prime Minister Narendra Modi, where the president is also taking questions from reporters.
Lebanese president welcomes “any state” to help ceasefire effort, as Israel strikes Lebanon
Lebanese President Joseph Aoun has welcomed “any state” that could help in the ceasefire effort on Wednesday as the Israeli military carried out strikes on southern Lebanon.
In a post on X, Aoun said Lebanon is “certainly” in favor of a ceasefire and “with any state that helps us, including Iran among them.” He emphasized that the Lebanese government will make official decisions for the state.
“Any settlement will be made through us, not at our expense,” Aoun said in an apparent reference to Iran and Hezbollah.
Israel carried out a series of strikes near the city of Nabatieh in southern Lebanon on Wednesday, according to Lebanon’s official National News Agency (NNA).
The Israeli military hit the area of Ali Al-Taher with “violent artillery strikes,” NNA reported, as well as an airstrike on the outskirts of nearby Kfar Tebnit.
On Monday, IDF Chief of Staff Lt. Gen. Eyal Zamir said the military was operating against Hezbollah in the area near the Beaufort fortress.
“The findings, both above ground and below ground, testify to the importance of the infrastructure that was exposed and on the centrality of the Beaufort area and the Ali al-Taher ridge for the organization in its attempts to entrench itself and harm the residents of (northern Israel),” he said.
According to the IDF, five Israeli soldiers were wounded in a Hezbollah drone attack in southern Lebanon on Wednesday, including one who was severely injured.
Vance says US is urging Pakistan, Qatar to release Iran agreement text today
Vice President JD Vance said that the United States is urging the Pakistanis and Qataris to allow the text of the memorandum of understanding to be released later today, as Americans seek clarity about what’s actually in the agreement.
“They have asked us not to release the full text for a little while; it’ll come out at the latest on Friday. We’re actually trying to push them to get it out today, because we want to tell the American people what’s in this deal. It’s fundamentally a good deal for the American people,” Vance told CBS this morning.
The reason the text hasn’t come out sooner, Vance said was because the Qataris and Pakistanis have asked the United States to wait, according to certain “diplomatic protocols,” which Vance added he doesn’t “fully understand.”
CNN obtained a draft copy of the MOU, which is subject to change. Trump said this morning at the G7 that the text is not final, and disputed certain reported aspects of the agreement.
Yesterday on the Megyn Kelly Show, Vance also explained how the Pakistanis and Qataris have asked the United States “to sequence this in the right way,” based on “sensitivities that exist in the Arab and Muslim world that we’re trying to be responsive to.”
A closer look at the G7, on the last day of the meeting of world leaders in France
Today is the last day of this year’s G7 summit in Évian-les-Bains, France, where the US’ recently announced agreement with Iran has taken center stage.
The G7 is an informal group of seven of the world’s largest economies: Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.
The meetings began as the “Library Group,” which was founded in the 1970s by then-US Treasury Secretary George Shultz.
Finance ministers of the US, France, Germany and the UK met for informal “fireside chats” to try to stabilize currency turbulence.
Japan joined soon after and, in 1975 – with two of the original participants having by then become French president and German president – the meetings were turned into gatherings of heads of state and government.
Canada and Italy soon joined and they became known as the Group of Seven.
Russia was indefinitely suspended from the group – which was at the time known as the G8 – in 2014 after the majority of member countries allied against its annexation of Crimea.
Members of the G7 meet each year for a summit to discuss pressing issues on the global stage and coordinate policy.
The European Union is also represented at the meeting, with the President of the European Council, António Costa, and the President of the European Commission, Ursula von der Leyen, attending this year’s event.
Other world leaders, including the heads of state of Egypt, India, Qatar, the United Arab Emirates, Kenya, Brazil and South Korea, also attended this year’s summit as partner countries.
Swiss mountain resort to host signing ceremony for US-Iran agreement
The Swiss mountain resort of Bürgenstock will host the signing of the memorandum of understanding between the US and Iran on Friday, Swiss officials have confirmed.
The Swiss foreign ministry told CNN that the signing ceremony would take place at the Bürgenstock Resort overlooking lake Lucerne, rather than Geneva as originally planned.
It said it had been in “close contact” with the US, Iran, Pakistan and Qatar before agreeing on the location.
“The signing is scheduled for Friday, June 19, at Bürgenstock in the canton of Nidwalden. The location was proposed by the Pakistani and Qatari mediators, as well as by the US and Iran,” the ministry said.
Around 2,000 soldiers will secure the signing site, and a no-fly zone over the Bürgenstock mountain will be imposed from June 18 to June 20 to ensure security, the Swiss government said.
This is not the first time Bürgenstock has hosted a high-level diplomatic event. In June 2024, the resort hosted the Ukraine Peace Summit, which brought together delegations from around the world.
The resort was also famously used as the backdrop of the James Bond film Goldfinger, which released in 1964, starring Sean Connery.
Iran secures immediate concessions while offering little beyond prewar commitments, draft shows
If the leaked draft of the US-Iran ceasefire agreement is finalized in its current form, Iran will have secured concessions without committing to much beyond its prewar position – though the 60-day negotiations period will be crucial in determining if Washington can extract more from the Islamic Republic.
According to the draft, Iran would commit to opening the Strait of Hormuz and never developing a nuclear weapon. But the strait was already open before the war, and Iran has long insisted that it does not seek nuclear weapons, raising questions about what, exactly, Tehran is conceding.
Among the biggest wins for Iran is a US pledge to issue sanctions waivers on its energy exports, which will provide it with immediate financial relief. According to the draft, Tehran has even secured a commitment from the US to lift all sanctions on the Islamic Republic eventually.
Washington has also agreed to lift its naval blockade on Iran, with Tehran pledging to restore shipping to pre-war levels in the Strait of Hormuz. The memorandum makes no mention of Iranian sovereignty or tolls over the maritime corridor, as Tehran had earlier demanded, which could spark backlash from hardline factions within the Islamic Republic.
Iran could also gain access to an unprecedented $300 billion fund to support its rehabilitation and economic development. According to the leaked textdraft, Tehran is seeking to secure any future agreements through a binding United Nations Security Council resolution.
In the immediate term, Iran has thrown Hezbollah a lifeline to shield it from Israel’s unrelenting military campaign, sending a clear message to its other regional proxies that it won’t abandon them.
Trump said today that Washington will not invest in Iran through the fund, though other countries could.
CNN obtains draft US-Iran agreement, as G7 leaders pledge support. Catch up
CNN has obtained a draft copy of the agreement between the US and Iran, the full detail of which you can read here.
In the meantime, world leaders are still in Évian-les-Bains, France, for the final day of this year’s G7 summit, with the US-Iran agreement high on the agenda.
If you’re just joining us, here’s the latest:
- Draft copy of agreement: The US-Iran agreement lays out the terms of the ceasefire, the reopening of the Strait of Hormuz, some financial relief for Iran and a reiteration from Tehran that it will never produce a nuclear weapon, according to a draft copy of the text obtained by CNN.
- Trump at the G7: US President Donald Trump said today the agreement to end the war is not a final deal, adding that the United States will resume strikes if Iran doesn’t “behave.” He also denied that the US would invest in a $300 billion reconstruction fund for Iran through the agreement.
- “A game changer”: Canadian Prime Minister Mark Carney told CNN yesterday that the agreement is “a game changer,” pledging support for implementing it. He said he was “absolutely” on board, “as is everyone else” participating in this week’s G7 summit meeting in France.
- NATO chief’s remarks: NATO Secretary-General Mark Rutte insisted today that the US remains “committed to NATO,” despite Washington’s decision to reduce its contributions to the alliance’s force model.
- On the ground in Lebanon: At least four people were killed amid separate Israeli strikes in Lebanon yesterday, according to Lebanese state media. Separately, the Israeli military said it had struck a rocket launcher after intercepting several projectiles from Lebanon earlier in the day.
CNN’s Alayna Treene, Kevin Liptak, Mostafa Salem, Kaanita Iyer, Kit Maher, Donald Judd, Kaitlan Collins, Issy Ronald, Max Saltman, Charbel Mallo and Eyad Kourdi contributed to this reporting.
How much of Iran’s money is frozen and where is it?
A draft agreement between the United States and Iran obtained by CNN commits Washington to unfreezing Tehran’s assets when a final agreement is reached.
Iran had initially insisted that any deal include the release of $24 billion of its frozen funds. A US official told CNN on Sunday that “no frozen funds will be released without the Iranians implementing their commitments.”
The push for a guaranteed, immediate transfer reflects deep Iranian mistrust of the US, rooted in the collapse of the 2015 Iran nuclear agreement reached under the Obama administration, according to Frederic Schneider, a nonresident senior fellow at the Middle East Council.
“A promise of future sanction relief is worth very little to Iran, because any such promise can be reversed by the next administration, or Trump himself,” he said.
While no precise figure of Iran’s frozen funds is publicly available, Iranian media outlets and analysts estimate that it ranges between $124 billion and $167 billion.
Schneider says the amount is roughly equivalent to a quarter of Iran’s 2024 economic output.
Here’s what we know about where some of Iran’s frozen funds are:
- Qatar: In 2023, $6 billion in Iranian funds frozen in South Korea were transferred to accounts in Qatar as part of an agreement that secured the release of American prisoners held in Iran. Under the arrangement, Iran was to be allowed to use the funds for humanitarian purchases. But CNN reported later that year that the US and Qatar reached a “quiet understanding” not to allow Iran to access the funds.
- Oman: More than $10 billion in Iranian electricity revenues that were held in Iraqi accounts were transferred under a waiver issued by the Biden administration into restricted accounts in Oman and other countries. The funds remain subject to sanctions limitations, according to a 2023 House Financial Services Committee hearing document.
- Luxembourg: $ 1.7 billion of Iranian funds are known to be frozen due to sanctions, according to IRNA.
- Japan: Iran has repeatedly called for the release of Iran’s financial assets held in Japan. According to Reuters, these funds are estimated at around $1.5 billion.
US-Iran agreement not final, Trump says
President Donald Trump said today that the US-Iran agreement to end the war is not a final deal, adding that the United States will resume strikes if Iran doesn’t “behave.”
When asked by a reporter during a meeting with Egyptian President Abdel Fattah el-Sisi if the agreement is final, Trump said, “No, it’s not final. It’s a memorandum of understanding.”
CNN has obtained a draft copy of the agreement, which lays out the terms of the ceasefire, the reopening of the Strait of Hormuz, some financial relief for Iran and a reiteration from Tehran that it will never produce a nuclear weapon.
Trump denies US will invest in Iran through $300 billion fund in agreement
President Donald Trump denied that the United States would be investing in a $300 billion reconstruction fund for Iran through the memorandum of understanding, nor did he ask Gulf Countries to commit to investing.
“You can invest if you want. I mean, what am I gonna do? Say, nobody’s ever allowed to invest? No, we’re not investing, we’re not putting up 10 cents, and people can decide to do that, but that’s up to them,” Trump told reporters at a bilateral meeting alongside Egyptian President Abdel Fattah el-Sisi. “We are not investing in it, and we do not have a fund.”
Pressed on whether he’s asking the Gulf countries to invest in the fund, Trump said, “No, I’m not, I’m not. If they do it, fine. But I would say they won’t be doing it for a while until they find out the behavior. It’s a behavior thing, but we are not investing.”
According to a draft copy of the MOU obtained by CNN, “The United States undertakes, together with its regional partners, to create a comprehensive plan agreed upon by both parties for the rehabilitation and economic development of the Islamic Republic of Iran, while ensuring financing of at least $300 billion” with the implementation formulated 60 days from signing.
Trump is expected to deliver a news conference later today, the final day of the G7, where he’ll be “discussing a little bit about the deal with Iran.”
Leaked US-Iran draft doesn't explicitly mention the Strait of Hormuz. Here’s what we know
The draft of the memorandum of understanding for a ceasefire between the United States and Iran has not yet been released publicly, but CNN has obtained a copy from a US official. It’s unclear whether the text shared with CNN will reflect the wording of the document due to be signed in person on Friday.
Most strikingly, the memorandum does not name the Strait of Hormuz explicitly. Instead, it refers to marine traffic “from the Persian Gulf to the Sea of Oman” – the waterways on either side of the Strait. The reason for the omission is unclear, and nor does the document address the future status of the Strait directly, saying only that vessel traffic would return to prewar levels within 30 days.
US officials have rejected suggestions that the agreement grants Iran control over the waterway, while Tehran has maintained that it will continue to regulate transit and collect fees. The text states that maritime traffic will return to prewar levels “on the part of the Islamic Republic of Iran,” wording that leaves the future status of the strait open to interpretation.
Aside from the Strait of Hormuz, what the memorandum omits may be as telling as what it includes.
Here’s what the deal includes:
- Ending the war on all fronts, including Lebanon.
- Iran’s pledge to never obtain a nuclear weapon.
- US commits to issue sanctions waivers on Iran’s energy exports immediately.
- US to lift naval blockade of Iran immediately.
- Regional ship traffic to return to prewar levels within 30 days.
- US commitment to eventually lift all sanctions against Iran.
What it doesn’t include:
- Iran’s nuclear program: The fate of Iran’s nuclear program and its near weapons grade uranium has been relegated to future negotiations, despite Trump administration officials saying the agreement would include provisions to dismantle the nuclear program. The document says Iran will maintain “the status quo” of the nuclear program.
- Proxy groups and missiles: The document makes no mention of Iran’s support for regional militant groups that have attacked US allies in the Middle East or the ballistic missiles it fired at its neighbors, despite US officials claiming otherwise ahead of the agreement.
Sarah Tamimi contributed to this post.
Read the full 14-point draft agreement between the US and Iran
The draft agreement between Iran and the US lays out the terms of the ceasefire between the bitter rivals, the reopening of the Strait of Hormuz, some financial relief for Iran and a reiteration from Tehran that it will never produce a nuclear weapon, according to a copy of the text obtained by CNN.
The 14-point memorandum of understanding has not yet been officially released but a copy of it was obtained by CNN from a US official. A diplomat who saw it at the G7 summit in France this week confirmed its contents, as did two other diplomatic sources with knowledge of negotiations.
Under the agreement, the US will allow Iran to sell its oil and petrochemical products, and Tehran may be able to tap into a $300 billion development fund if it meets commitments related to its nuclear program in further negotiations. The document does not include specifics on what will become of Iran’s highly enriched uranium.
The US official told CNN that the text reflects the agreement signed digitally by President Donald Trump, Vice President JD Vance and Iranian parliamentary speaker Mohammad Bagher Ghalibaf on Sunday. However, given both the US and Iranians’ secrecy around the language, it remains unclear whether the draft text shared with CNN will reflect the exact wording of the final document due to be signed in person on Friday in Switzerland. Technical details are also being finalized so the wording could still shift.
Speaking to CNN, US officials have downplayed the significance of the memo itself, calling it a “political document” that does not reflect critical back-channel commitments Iran has made to the US, specifically on the future of Tehran’s nuclear program. The White House did not respond to a request for comment when presented with the draft obtained by CNN. The semi-official Iranian news agency Tasnim described leaked versions of the draft as inaccurate. Bloomberg earlier published a version of the draft.
The MoU is due to be formally signed Friday, triggering a 60 day-window to negotiate the final terms of a deal. You can read the full text here.
A look inside this morning's meeting of G7 leaders
World leaders met for a working session in Évian-les-Bains, France this morning, on the final day of this year’s G7 summit.
The meeting came after they released a joint statement on a wide range of geopolitical topics, including the developments in the Middle East as well as Russia’s war in Ukraine.
Take a look at what’s been happening so far today in the images below:
NATO chief insists US “committed” to alliance despite decision to “rightsize” contributions
NATO Secretary-General Mark Rutte insisted Wednesday that the US remained “committed to NATO,” despite Washington’s decision to reduce its contributions to the alliance’s force model, referring to the framework by which the organization coordinates its war plans.
“That commitment comes with an expectation that allies will more fairly share the responsibility for our security here in Europe,” Rutte told reporters on the sidelines of a G7 meeting in Evian-les-Bains, France.
“We have looked at the division of labor in the context of conventional forces and we see that European allies and Canada are ready, willing and able to do more. Based on this, the United States has adjusted its pledges to the NATO force model,” he said.
“This is not primarily about where forces and assets are currently, but about who would do what if our defense plans were activated. Historically, this was overly reliant on the United States,” he added.
The United States European Command announced earlier this month that it would “rightsize its contributions to the NATO force model,” citing a need for the alliance to not over rely on US forces.
Rutte sidestepped laying out a timeline for these changes and did not address specifics, saying that NATO will never comment on precise numbers “because we will never make our enemies wiser on what we are doing.”
Instead, he sought to highlight other NATO allies increasing their defense spending and defense industrial output.
G7 leaders "welcome" US agreement with Iran, offer assistance to boats in Strait of Hormuz
In a joint statement, the world leaders at the G7 summit in Évian-les-Bains, France have welcomed the agreement between the United States and Iran.
The agreement “provides an historic opportunity to prevent Iran from acquiring any nuclear weapon and tackling the threats related to its regional and ballistic activities,” the leaders said, offering their support for its implementation.
Here’s a look at what else the leaders said:
- Following on from the Memorandum of Understanding made, the leaders said they “strongly support a robust and comprehensive” diplomatic agreement to bring “peace and security for all in the region”
- Referencing Iran’s claim that it will collect “fees” for maritime services offered in the Strait of Hormuz, they called the right to transit without tolls or restrictions “the bedrock of international trade.”
- They also suggested a defensive initiative led by France and the UK could play “an important role” in helping vessels navigate the Strait of Hormuz once it opens.
- To reduce the chance of vulnerability should the Strait of Hormuz be impacted again, the leaders said they will commit to diversifying their energy supply routes. They welcomed “the potential for Canada to deliver significant additional capacity to global markets in coming years.”
- On Iran’s nuclear program, negotiations need to ensure that Tehran never obtains a nuclear weapon, the statement said. Regional and international partners, as well as International Atomic Energy Agency (IAEA), should help in these negotiations, they said.
- There is support for “an immediate robust ceasefire” in Lebanon, as well as its government’s efforts to disarm Hezbollah. They also called for the protection of “Lebanon’s territorial integrity and sovereignty with the appropriate international security guarantees.”
- They pledged to “accelerate humanitarian and reconstruction efforts” and implement “relevant political and security measures” in Gaza. “We call for ending violence in the West Bank,” the G7 leaders stated.
