The US and Iran have reached a memorandum of understanding to formally end the war that erupted in February, leading to the immediate reopening of the Strait of Hormuz to global shipping.This interim accord includes the unfreezing of billions in Iranian assets and sanctions waivers for oil exports in exchange for commitments to prevent nuclear weapons development.Although the agreement stabilizes global energy markets and initiates a 60-day negotiation window, it leaves unresolved issues regarding regional proxy groups and long-term sanctions relief.