The United States and Iran signed a 14-point memorandum of understanding to end their three-month war.

The agreement, called the Islamabad Memorandum of Understanding, declares an immediate end to military operations, commits to reopening the Strait of Hormuz, and establishes a 60-day period to negotiate a final deal on nuclear issues and sanctions relief. The U.S. agrees to lift its naval blockade and terminate sanctions, while Iran reaffirms it will not pursue nuclear weapons and will down-blend its enriched uranium stockpile. The deal includes a $300 billion reconstruction fund for Iran and extends the ceasefire to the conflict in Lebanon.