Vice President JD Vance gave an update on the Iran deal during a White House press briefing in Washington, DC, saying the agreement "is already bearing real fruits for the American people." He highlighted that 12.5 million barrels of oil traveled through the Strait of Hormuz overnight, a sign that oil exports have resumed after months of blockage. Vance also reiterated the claim that Iran's nuclear program has been destroyed and emphasized that international nuclear inspectors will be allowed back into Iran as part of the deal, according to details shared by the vice president and reported by BBC News.

The initial agreement, a memorandum of understanding (MOU), was electronically signed by President Donald Trump, Vice President Vance, and Iranian parliamentary speaker Mohammad Bagher Ghalibaf. President Trump signed a physical copy in Versailles, France, on Wednesday while attending a dinner with French President Emmanuel Macron. The deal took effect immediately and waives U.S.-backed sanctions, allowing Iran to sell its oil freely, as detailed by the Associated Press.

The agreement also sets a 60-day timeline for further nuclear negotiations and requires Iran to dilute its stockpile of highly enriched uranium under international monitoring. While the MOU does not require Israel’s withdrawal from Lebanon, it affirms Lebanon’s territorial integrity and extends a ceasefire for another 60 days. According to CNN, nuclear inspectors from the International Atomic Energy Agency (IAEA) are expected to help oversee Iran’s compliance.

Vance stated that no U.S. taxpayer funds will go to Iran under the agreement, but noted that Gulf nations could contribute to a $300 billion reconstruction fund for Iran if it meets its obligations. President Trump and Vance both stressed that details about sanctions relief and the release of frozen assets would depend on Iran fulfilling its commitments.

The White House had initially planned a signing ceremony in Geneva for Friday, but that event has now been canceled. The deal's announcement led to a drop in oil prices and a surge in U.S. stock markets as shipping through the Strait of Hormuz resumed.

Despite the progress, uncertainty remains regarding the implementation of the agreement, ongoing fighting between Israel and Iran-backed groups in Lebanon, and the timeline for the full restoration of Middle East trade flows. Technical negotiations on the nuclear program and broader regional security are expected to continue over the coming weeks.