As of June 18th, the United States and Iran reached an initial ceasefire agreement, giving Iran major economic relief while leaving some of the most difficult nuclear issues for future negotiations. Under the deal, the United States will begin lifting its naval blockade of Iranian ports, while Iran will reopen the Strait of Hormuz to commercial traffic for 60 days.

One of the most important parts of the Importantly, this agreement allows Iran to restart oil exports before a final nuclear deal is reached. The United States will also temporarily ease some banking restrictions to make the oil trade possible. With the country facing high inflation and a falling currency, this decision could bring Iran billions of dollars.

According to the U.S. Energy Information Administration, oil passing through the Strait of Hormuz in the first half of 2025 was equal to about 20 percent of global petroleum consumption, showing the importance of the waterway to the global oil market. News of the agreement also pushed oil prices down, with the average U.S. gasoline price falling below $4 per gallon on Thursday for the first time in months.

However, some analysts argue that Iran is receiving more immediate benefits from the deal than the United States. Nicole Grajewski, an Iran foreign-policy expert at Sciences Po, said the agreement appears to favor Iran because Tehran receives economic benefits and reduced military pressure while making only limited new nuclear commitments. Critics are especially concerned that allowing oil sales and related financial transactions could weaken some of the United States’ strongest economic pressure on Iran.

The Trump administration argues that the United States still has leverage because many sanctions will remain and a final agreement will require Iran to follow nuclear restrictions. Supporters of diplomacy also say the deal could create a new opportunity for U.S.-Iran relations after months of war. Still, the hardest questions—including the exact limits to place on Iran’s nuclear program—have been delayed. The two countries now have 60 days of further talks to determine whether the temporary agreement can lead to a broader deal.