The 14-point memorandum, signed June 17 at France’s Palace of Versailles, set a 60-day window for sanctions relief, a $300 billion reconstruction fund, Iran’s no-nuclear pledge, and open Hormuz passage for 20% of global oil.

Tensions spiked when Hezbollah killed four Israeli soldiers, prompting Israeli airstrikes that killed dozens and Lebanon’s Health Ministry reporting 47 deaths; Iran then suspended talks set for Switzerland and issued naval warnings.

A U.S.-mediated ceasefire between Israel and Hezbollah emerged late Friday, but the strait remains a flashpoint amid conflicting signals and domestic pressures on Netanyahu.