President Donald Trump's declaration that the war with Iran is effectively over is running into a different version of events from Tehran. Iranian state-affiliated media has published what it says are key terms from a memorandum of understanding between the two sides, and the details suggest a deal that looks considerably less settled than the one being described in Washington.
The gap is more than a matter of wording. Markets, shipping companies and regional governments are already treating the arrangement as a fragile ceasefire with major questions still unanswered, while both sides appear to be presenting different interpretations of some of its most important provisions.
Strait Of Hormuz Questions Persist
One of the clearest differences concerns the Strait of Hormuz, the strategic waterway through which a significant share of global oil shipments passes.
Trump has publicly stated that the route will be 'permanently toll-free' and ordered its reopening immediately. The version published by Iranian outlet Mehr, however, suggests maritime transit would resume within 30 days under arrangements overseen by Iran.
The reported terms also indicate fees could potentially be introduced after a 60-day grace period, a scenario that differs sharply from the White House's description of unrestricted long-term access.
The uncertainty has practical consequences. Shipping firms and tanker operators remain cautious despite signs of de-escalation, with many waiting for clearer security guarantees before treating the route as fully normalised again.
Sanctions Relief Before Final Agreement
Another point of contention is the sequencing of concessions.
Mehr's reported version states that sanctions on Iranian oil and petrochemical exports would be suspended during a 60-day negotiation period. It also suggests roughly $24 billion (£17.89 billion) in frozen Iranian assets would be released before a final agreement is completed.
That structure would provide Tehran with substantial economic benefits while negotiations over more difficult issues continue.
Iranian officials have reportedly argued that Washington must first demonstrate its commitment to ending hostilities, lifting restrictions and releasing funds before broader talks can move forward. Critics of the arrangement contend that it gives Iran tangible gains upfront while leaving key commitments to be negotiated later.
Scope Of Future Negotiations
The reported Iranian terms also appear to narrow the subjects covered in the next phase of talks.
According to Mehr, future negotiations would focus on uranium enrichment, sanctions relief and reconstruction. Notably absent are Iran's ballistic missile programme and its support for regional armed groups, issues that have long been central concerns for Israel and many policymakers in Washington.
While the U.S. and Iran are discussing the memorandum, Iranian officials have publicly stressed that nuclear issues remain outside the current memorandum talks, and the U.S. understanding indicates that missile program demands would be eased rather than eliminated.
— Unlikely Buddha (@Unlikely_Buddha) June 14, 2026
Their omission is likely to attract scrutiny. Missile capabilities and regional proxy networks have been among the most contentious issues in previous diplomatic efforts involving Iran, raising questions about how comprehensive any eventual settlement would be.
The differing accounts have reinforced a broader concern that Washington and Tehran may be presenting different political narratives built around the same document.
Lebanon Remains A Potential Flashpoint
Perhaps the most fragile element of the reported agreement involves Lebanon.
Mehr's account states that fighting should end across all fronts, including Lebanon. The complication is that Israel is not a formal party to the memorandum and is therefore not directly bound by its terms.
That creates an obvious enforcement challenge. Shortly before the agreement was announced, Israeli forces reportedly conducted strikes against Hezbollah targets in Beirut. Trump later indicated those actions should not have occurred, highlighting the limits of Washington's influence over every theatre connected to the conflict.
For Tehran, the Lebanon provision appears central to the broader deal. Yet any ceasefire remains vulnerable if military operations continue outside the agreement's framework.
Agreement Still Taking Shape
Questions also remain about timing.
Pakistan's prime minister has said a formal signing ceremony is expected in Switzerland, while Swiss officials have reportedly offered to host the event if all parties agree. That means the document currently driving headlines may not represent the final version ultimately signed.
⚡️🇵🇰 Pakistan’s Prime Minister officially confirms that Pakistan’s special mediation efforts have ended Iran US war.
— Zard si Gana (@ZardSi) June 15, 2026
“After three months of intensive efforts, Pakistan has succeeded. Pakistan will host official US–Iran peace agreement signing ceremony in Geneva, Switzerland.” pic.twitter.com/JIvZV0FqIH
A great deal can change between a leaked draft and a completed agreement. Trump has already dismissed an earlier Iranian account as fabricated, while US officials have challenged Tehran's description of how concessions and obligations would be sequenced.
For now, the arrangement looks closer to a framework than a finished peace. The fighting may have eased, but the competing versions emerging from Washington and Tehran suggest several key disputes remain unresolved.
The battlefield may have quietened, yet the argument over what the agreement actually means appears far from settled.
