U.S. and Iran Begin Implementation of De-escalation Agreement

The United States and Iran have moved into a critical implementation phase of a new diplomatic memorandum, marked by the lifting of the U.S. naval blockade in the Strait of Hormuz. U.S. Central Command confirmed that while warships remain in the area to monitor compliance, tanker traffic has resumed, with over 12.5 million barrels of oil passing through the waterway on Wednesday night. This move is part of an initial 60-day period designed to verify commitments and negotiate a broader, lasting settlement between Washington and Tehran. On the nuclear front, Trump administration envoy Steve Witkoff informed lawmakers that Iran has agreed to grant U.N. nuclear inspectors access to its sites. This includes assistance in locating enriched materials buried under debris and a reaffirmation of Iran's commitment to forgo nuclear weapons development. In exchange, the U.S. Treasury is expected to utilize sanctions waiver mechanisms for Iranian crude oil and petroleum services, though officials emphasize that relief remains conditional on meeting performance benchmarks. International reaction has been largely supportive, with China officially welcoming the memorandum and urging both nations to maintain the dialogue on equal footing. Meanwhile, the European Parliament is currently discussing the regional implications of the deal during its latest session. Despite the de-escalation, Iranian state media continues to assert that the Strait of Hormuz remains under its military supervision, highlighting the fragile nature of the current maritime coordination.