U.S. and Iran Enter Interim Deal as Focus Shifts to Implementation and Hormuz Sovereignty

The United States and Iran have transitioned into an interim agreement framework as of June 18, 2026. The U.S. has signaled the lifting of the maritime blockade on the Strait of Hormuz, shifting the conflict from active horizontal escalation to complex implementation disputes. While a formal signing ceremony involving Vice President JD Vance is expected in Switzerland, the arrangement currently serves as a functional bridge to broader negotiations regarding sanctions relief and nuclear verification. President Trump has maintained a conditional stance, publicly stating that the U.S. remains prepared to resume bombing and blockade operations should Tehran violate the agreement. Conversely, Iranian officials, including parliamentary speaker Mohammad Bagher Ghalibaf, have asserted that the Strait will not return to pre-war norms. Iran intends to implement transit fees for vessels after a 60-day grace period, signaling continued friction over maritime sovereignty. Despite the progress between Washington and Tehran, regional proxy conflicts remain volatile. Fighting between Israel and Hezbollah continues in Lebanon, and President Trump has recently criticized Prime Minister Netanyahu regarding the pace of Israeli strikes. Market risks have moderated following the deal's implementation, yet experts warn the situation remains fragile as core issues regarding long-term sanctions normalization and regional security remain unsettled.