Iran Deal's Unresolved Issues Head to G7 — Critical Details Still on the Table

So here's where things stand: the U.S. and Iran just announced a deal to end more than three months of war — and yes, it's a big deal. But before you pop the champagne, there's a lot of fine print still being written.

President Trump and Iran declared they've reached an initial agreement intended to end more than three months of war in Iran and reopen the Strait of Hormuz. Trump announced it Sunday night on social media, and Iran's Supreme National Security Council said the deal was reached 'following a difficult and intensive period of negotiations lasting several months.'

The Strait of Hormuz — if you're not familiar — is a narrow waterway between Iran and Oman that roughly 20% of the world's oil passes through. When it's blocked or threatened, energy prices everywhere feel it. Markets greeted the news with a rally in stocks, with the S&P 500 up 1.9%, and oil prices dropping by almost 5%. So if you've been watching your 401(k) or paying at the pump, this story is already touching your wallet.

Here's what's supposed to happen right away: The U.S. and Iran will end the sporadic attacks that have been taking place despite a ceasefire, and the Israel-Hezbollah fighting in Lebanon should stop. The deal is scheduled to be formally signed Friday in Switzerland.

But — and this is a big but — some of the thorniest issues are still unresolved. The fate of Iran's nuclear program will be negotiated but remains unresolved for now. Trump made no mention of the nuclear issue in his initial posts, though this is the main reason he cited for launching the war in February. In other words, the thing that started this whole conflict hasn't actually been settled yet.

While Trump has insisted Iran will not be allowed to develop a nuclear weapon, the proposed agreement gives the two sides 60 days to negotiate unresolved issues surrounding Iran's nuclear program, including uranium enrichment and its stockpile of enriched uranium.

There's also a money fight brewing. Iran wants billions of dollars in its assets that have been frozen abroad, and the lifting of U.S. and international sanctions. And the U.S. will commit to providing Iran access to its frozen assets, but will not give Tehran any funds — a distinction that's likely to cause friction.

As for Israel — which was not at the negotiating table — Prime Minister Benjamin Netanyahu said he and Trump 'do not always see eye to eye,' and fighting between Israel and Iranian-backed Hezbollah in Lebanon continued Monday. Israel was not part of the negotiations, and NPR's Carrie Kahn notes that a response from Israel's defense minister casts doubt on whether the country will cooperate.

The G7 summit happening right now in Evian, France, is where world leaders are trying to figure out what comes next. French President Emmanuel Macron said talks would focus on the long-term reopening of the Strait of Hormuz and the wider diplomatic opportunity created by the agreement. U.N. Secretary-General António Guterres called the deal a 'critical step.'

The bottom line: this is a genuine breakthrough that could stabilize global energy markets and end active fighting — but it's more of a ceasefire framework than a finished deal. The hard part — nuclear weapons, frozen money, and Israel's role — is still ahead. These issues will be difficult to resolve, and it's not clear what happens if agreement is not reached during the 60 days of negotiations. Watch this space.