U.S. and Iran sign June 12 interim ceasefire memo to end hostilities and Gulf maritime blockades

The United States and Iran signed an interim ceasefire memorandum on June 12, agreeing to end hostilities on all fronts and halt maritime blockades in areas including the Persian Gulf. The document was signed by Donald Trump and Iranian President Masoud Pezeshkian. The U.S. said it would resume military action if Iran violates the deal. The de-escalation lowers near-term risks of Middle East supply disruptions and is a short-term negative for crude oil prices.