DUBAI, United Arab Emirates (AP) — Iran will immediately take steps to reopen the Strait of Hormuz once a tentative deal with the U.S. to end the war is signed and will be allowed to sell its oil without restrictions, according to leaked copies of an interim agreement that officials say broadly matches the document.
The accord, due to be signed in Switzerland on Friday, also envisions Iran receiving at least $300 billion to rebuild after the war and says the U.S. would work to end all American and United Nations sanctions imposed on Tehran — if a final agreement addressing Iran’s nuclear program is reached.
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Rescue workers inspect a damaged ambulance belonging to Hezbollah's health unit that was hit in a previous Israeli airstrike in the southern village of Souaneh, Lebanon, Tuesday, June 16, 2026. (AP Photo/Mohammed Zaatari)
A man who returns to his village following the announcement of an initial ceasefire agreement between the United States and Iran, flashes victory sign as he stands on the rubble of his destroyed house in Nabatiyeh town, southern Lebanon, Tuesday, June 16, 2026. (AP Photo/Hussein Malla)
People walk along Tajrish square in northern Tehran, Monday, June 15, 2026. (AP Photo/Vahid Salemi)
A woman waves an Iranian flag during a pro-government campaign as a portrait of the slain Supreme Leader Ayatollah Ali Khamenei, who was killed in U.S. and Israeli strikes on Feb. 28, is displayed at right, in downtown Tehran, Iran, Monday, June 15, 2026. (AP Photo/Vahid Salemi)
The U.S. and Israel went to war on Feb. 28 in part to prevent Iran from ever getting a nuclear weapon — although U.S. President Donald Trump's goals in the conflict have repeatedly shifted. The interim deal stops the war before that aim is secured — instead opening a two-month period for nuclear negotiations — and appears to offer Iran several benefits up front while extracting little in return.
The U.S. agreement to immediately allow Iran to sell its oil freely and the offer to eventually lift all sanctions, for instance, represent major concessions that outstrip the terms of Iran’s 2015 nuclear deal with world powers that Trump withdrew America from in his first term, declaring it the “worst deal ever.”
The accord likely will draw intense criticism in Washington — and appears to be a major setback for Israeli Prime Minister Benjamin Netanyahu, who is coming under intense criticism at home as the details emerge.
Much of the agreement would restore the status quo before the war, including ending hostilities, restarting negotiations between the U.S. and Iran over Tehran's nuclear program, and reopening the strait, which is a crucial passage for the world’s oil and natural gas and whose closure created a historic energy crisis.
The deal includes an end to the fighting in Lebanon between Israel and the Iranian-backed militia Hezbollah. That is one of the most delicate parts of the agreement because Israel has maintained it will continue to defend itself and to occupy vast swaths of Lebanon. Iran has said Israel must withdraw under the deal, although the leaked versions make no mention of withdrawal.
A person who was briefed on the memorandum of understanding after it was signed and another who viewed a copy beforehand said it largely matched the text of what was published by the Saudi-owned broadcaster Al Arabiya, which reported details of the deal Tuesday. The two people spoke on condition of anonymity because of the sensitivity of the discussions.
Another two officials in the Mideast, who spoke on condition of anonymity for the same reason, also said the versions published by Al Arabiya and Bloomberg broadly matched the final agreement.
The White House and other American officials have not published the terms and did not immediately respond to questions. However, White House communications director Steven Cheung wrote online Wednesday after CNN published a leaked version of the deal that it “does not reflect the language of the actual" agreement, without elaborating.
Iran also has not published an official version of the deal. Iran's semiofficial Tasnim news agency, close to its paramilitary Revolutionary Guard, claimed Wednesday that Bloomberg's version had missing portions, without offering a full accounting.
Trump has cited various goals for the war, including at times vowing it would end Iran’s nuclear and missile programs and its support for Hezbollah and other proxy groups in the region. He also suggested it could lead to toppling the Iranian government.
The interim deal falls short of all of these goals, but Trump hailed it Wednesday.
“Nobody knows what it is but it’s very strong,” Trump said in France, where he is attending a Group of Seven summit.
But he also opened the door to abandoning it: “It’s a memorandum of understanding and if I don’t like it, we’ll go back to shooting at them, dropping bombs.”
Some concessions to Iran — including the full lifting of sanctions and the release of frozen assets — would happen gradually and be linked to progress in the nuclear talks, according to officials from Pakistan, a key mediator. They outlined some of the deal’s major points on condition of anonymity because of the sensitivity of the issue.
But in the meantime, the U.S. will issue waivers to sanctions that allow Iran to sell oil freely. Iran’s main buyer of oil, China, is believed to have bought at below-market prices because of its willingness to ignore the sanctions.
Granting oil waivers at the start of the 60-day talks strips the U.S. of a major point of leverage. Only at the conclusion of the overall deal in 2015 were sanctions on Iran's oil lifted.
The interim deal also opens the door to ending all sanctions Iran faces from the U.S. and at the U.N. — though it says the schedule for that will be worked out later. Still, that is far beyond the 2015 deal, which only lifted some sanctions in exchange for Iran drastically reducing its enrichment and stockpile of uranium.
The accord would also provide Iran with at least $300 billion to rebuild after an intense U.S. and Israeli bombing campaign — an extraordinary figure and another major benefit for Iran. That also appears dependent on the progress of further negotiations.
U.S. Vice President JD Vance has said Gulf Arab nations would invest that amount. Trump reiterated Wednesday that the U.S. would not contribute and said it was up to other countries if they wanted to invest.
The deal provides a major win for the global economy — the reopening of the Strait of Hormuz, the narrow mouth of the Persian Gulf through which a fifth of all oil and natural gas traded once passed before the war began. Since then, Iranian attacks on shipping and the threat to vessels effectively shut the strait.
The strait's closure drove up energy prices around the world and made many basics, including food, more expensive. Iran let out some vessels that paid tolls, something never done before in the strait, which has long has been considered an international waterway. The U.S. later provided military support to get other tankers out, but traffic was nowhere near levels before the war.
The deal also says the U.S. will lift a blockade imposed on Iranian ports and that the strait will return to its prewar traffic levels in 30 days, while acknowledging Iranian mines may need to be destroyed.
The interim deal sets a 60-day window, which can be extended, to negotiate over limiting Iran's nuclear program, which has been discussed at multiple rounds of talks during Trump's second administration without success. The U.S. promises not to make threats of military action under the current deal after two rounds of talks were interrupted by attacks.
Iran maintains its nuclear program is peaceful, though it has enough highly enriched uranium to build multiple atomic bombs, should it choose to do so, according to the International Atomic Energy Agency.
In the interim deal, Iran reiterates that it will never build a nuclear weapon — a promise it also made in the 2015 nuclear accord.
Miller and Price reported from Washington, and Magdy from Cairo. Associated Press writers Aamer Madhani in Evian-les-Bains, France, Darlene Superville in Geneva and Munir Ahmed in Islamabad contributed to this story.
Rescue workers inspect a damaged ambulance belonging to Hezbollah's health unit that was hit in a previous Israeli airstrike in the southern village of Souaneh, Lebanon, Tuesday, June 16, 2026. (AP Photo/Mohammed Zaatari)
A man who returns to his village following the announcement of an initial ceasefire agreement between the United States and Iran, flashes victory sign as he stands on the rubble of his destroyed house in Nabatiyeh town, southern Lebanon, Tuesday, June 16, 2026. (AP Photo/Hussein Malla)
People walk along Tajrish square in northern Tehran, Monday, June 15, 2026. (AP Photo/Vahid Salemi)
A woman waves an Iranian flag during a pro-government campaign as a portrait of the slain Supreme Leader Ayatollah Ali Khamenei, who was killed in U.S. and Israeli strikes on Feb. 28, is displayed at right, in downtown Tehran, Iran, Monday, June 15, 2026. (AP Photo/Vahid Salemi)
The Group of Seven wraps up three days of talks in the French Alps on Wednesday with discussions on the contentious future of artificial intelligence and U.S. dominance of the industry.
Executives of leading AI companies including OpenAI CEO Sam Altman, Google DeepMind CEO Demis Hassabis and Anthropic CEO Dario Amodei are attending discussions as U.S. President Donald Trump and other leaders close formal talks of the leading industrial nations in the lakeside resort of Evian-les-Bains with a session on the future of artificial intelligence and another on fostering economic growth.
Trump plans to stop outside Paris for a glitzy dinner at the Palace of Versailles before jetting back to Washington on Wednesday.
The G7 leaders spent the bulk of the meetings Tuesday discussing the war between Russia and Ukraine and a tentative deal to end the Iran war. Trump did not reveal details of the agreement expected to be signed by the United States and Iran on Friday in Switzerland, saying “nobody knows what it is but it’s very strong."
The G7 includes France, Canada, Germany, Italy, Japan, the U.S. and the United Kingdom. Guest nations at this summit include Brazil, Egypt, India, Kenya, South Korea, Qatar, Ukraine and the United Arab Emirates.
Here is the latest:
Brigitte Macron took some G7 leaders’ spouses to an event called “Protecting Children in the Age of Artificial Intelligence” as their partners met with AI titans.
Macron led Kenya’s Rachel Kimetto, Germany’s Charlotte Merz, Canada’s Diana Fox Carney, South Korea’s Kim Hye-kyung, France’s Brigitte Macron, Britain’s Victoria Starmer, Brazil’s Janja Lula da Silva and Heiko von der Leyen, husband of the EU executive, to La Buvette Cachat, an ornate wood and glass pavilion built in 1832 in Art Nouveau style on the south shore of Lake Geneva.
The tentative agreement would provide Iran with at least $300 billion to rebuild after the intense U.S. and Israeli-led bombing campaign, according to leaked copies of the document.
But Trump insists the U.S. won’t aid the effort.
“We’re not putting up ten cents,” Trump said while meeting with Egypt’s president. “People can decide to do that, but that’s up to them. We are not investing in it, and we do not have a fund.”
Trump said he’s not asking Gulf countries to contribute. He said other countries are free to do so if they choose.
The German leader says the G7 leaders spoke “very openly” and “very constructively” about the issues on the summit agenda.
Merz got off to a good start with Trump last year, but their relationship cooled after Merz said earlier this year that the U.S. was being “humiliated” by Iran and criticized Washington for going into the war without a strategy.
Merz said when asked about his relationship with Trump Wednesday that he “experienced this G7 summit as very constructive and really carried by a joint spirit, and at no point were there any personal disturbances.”
Merz is reiterating Berlin’s intention to help support a peace deal in the Middle East. That could include a military mission in the Strait of Hormuz if there is a ceasefire.
But Merz said there is “a series of preconditions that are not yet fulfilled, so there is no immediate hurry.”
Germany’s government would need to secure a parliamentary mandate for any military mission.
Merz noted that there are still two weeks of parliamentary sessions before the legislature’s summer break starts in July and said that “there is no time pressure at the moment.”
“It’s a memorandum of understanding and if I don’t like it, we’ll go back to shooting at them, dropping bombs,” Trump said.
Trump also repeated his claim that his negotiating prowess and willingness to use military action pushed the Iranians to make a deal.
“Nobody could have made this deal,” he said.
During a news conference with Trump on the sidelines of the summit, Egyptian President Abdel-Fattah el-Sissi said that his government “values the U.S. support to Egypt,” as well as efforts to solve the Ethiopian dam issue.
El-Sissi has forged close ties with Trump since the American leader’s first term in the White House.
Egypt fears that Ethiopia’s controversial dam could slash its share of Nile water, and it has called for a legally binding agreement on the dam’s operation.
German Chancellor Friedrich Merz said the outcome of the summit shows that the group’s support for Ukraine is “as strong as seldom before.”
He said it also sends a clear signal to Moscow that all G7 members will step up pressure on Russia, including through sanctions.
“That sets a new tone, including in trans-Atlantic unity and determination,” Merz said, adding that it could be a “decisive step” toward peace negotiations.
The G7’s AI lunch will be one of the first times that OpenAI CEO Sam Altman and Anthropic CEO Dario Amodei will be appearing together since they made an awkward appearance at an AI summit in India earlier this year.
At that meeting, the two rivals were part of a group of 13 tech leaders on stage when the summit host beckoned them to lift up their hands in a chain, like at the end of a theater show.
But Altman and Amodei avoided hand contact, and both eventually put up their fists instead, in a moment that went viral on social media.
The two have longstanding differences over approaches to AI safety. Amodei worked at OpenAI before he and a group quit to form Anthropic in 2021.
“Nobody knows what it is but it’s very strong,” Trump said of the deal that is expected to be formally signed by U.S. and Iranian officials on Friday.
Trump added that a surging stock market is validating the deal.
“There’s nothing so smart as the market, and the market loves it, Trump said.
Among those not expected at the G7 lunch was Nvidia CEO Jensen Huang, who opened a new factory in Dallas on Tuesday and gave an exclusive interview to The Associated Press. Huang, whose company’s advanced chips are seen as essential for the AI boom, said he thought new social norms are needed when it comes to AI.
Another tech figure who was in France but not at the G7 was Amazon founder Jeff Bezos, who appeared at a tech conference in Paris. Bezos told the crowd his new AI startup, Prometheus, would be different from current AI large language models because it would be the basis for a series of engineering tools.
He also said disagreed with the view that AI will eliminate jobs, saying the technology “is going to create a labor shortage because it’s going to make it possible for people to identify more problems” to solve with AI.
Trump offered a round of applause for Macron at the beginning of the G7 session on global economic imbalances, saying the French president is “doing great” and paying tribute to the Evian summit’s organisation, a diplomat informed of the talks said.
An AP reporter close to the meeting’s room was able to hear the applause.
A senior French diplomatic official later described the Evian gathering as “the best G7” in years, citing the quality of informal exchanges among leaders. The official said those discussions helped secure endorsement from all G7 members, including Trump, of a joint statement on key geopolitical issues, including the Middle East and Ukraine.
Officials would not speak publicly about the leader’s talks that were behind closed doors.
High-profile AI industry figures will take part in a rare huddle with political leaders on the meeting’s final day.
The leaders of three of the world’s most powerful AI companies — OpenAI CEO Sam Altman, Google DeepMind CEO Demis Hassabis and Anthropic CEO Dario Amodei — were due to attend a working lunch on the theme of “Ensuring a safe, rapid and effective deployment of artificial intelligence.”
European AI labs were represented by Arthur Mensch, CEO of France’s Mistral AI; Robin Rombach, CEO of Germany’s Black Forest Labs, Victor Riperbelli of U.K.-based Synthesia and Uljan Sharma, CEO of Italy’s Domyn.
Other AI founders joining the lunch include Aidan Gomez, CEO of Canada’s Cohere, Ren Ito, the founder of Japan’s Sakana AI, Vivek Raghavan of India’s Sarvam AI. Salesforce CEO Marc Benioff was also taking part.
That was his opening phrase as he walked in — late — to the first session of the day at the G7 summit.
The room laughed, and Trump grinned. After exchanging niceties with the U.S. president, Macron then got the meeting underway.
G7 leaders were to discuss concerns that China is flooding export markets with subsidized products, unfairly out-competing their own industries and destroying jobs. They gathered for a session focusing on “promoting balanced, shared and sustainable economic growth” alongside partners including leaders of India, South Korea, Kenya and Brazil.
Talks come as China is redirecting its products away from the U.S. tariff wall and toward more open markets in Europe and elsewhere in Asia.
The shift in Chinese trade risks creating a European sequel to the China Shock that wiped out hundreds of thousands of factory jobs in the American heartland in the 2000s. Despite U.S. sanctions, China notched a record global trade surplus last year.
Leaders of France, the UK, Italy, Germany and Canada have gathered for informal talks ahead of a G7 session on global economic imbalances, French President Emmanuel Macron’s office said.
They then joined the meeting involving partners including India, South Korea, Kenya and India.
Keir Starmer says he isn’t sure whether Trump has made a decision about whether to reimpose sanctions on Russian oil.
The British leader says he talked to Trump about the temporary U.S. sanctions waiver.
Starmer told British broadcaster ITV he and Trump had “a very constructive discussion about Ukraine,” but “I don’t know that a decision has been made yet.”
He said G7 leaders shared “a real determination to stand with Ukraine,” including through more sanctions on Russia.
Trump said on Wednesday that he’s delaying Jay Clayton’s nomination to lead the U.S. intelligence community in a bid to force Congress to act on a voter ID bill that currently lacks enough support for passage.
Trump said in a lengthy post on his social media site that he will keep Bill Pulte, a top U.S. housing official, as acting director of national intelligence. Lawmakers in both parties had opposed Trump’s nomination of Pulte, citing his apparent lack of experience in the intelligence field, which essentially forced Trump to turn to Clayton.
Clayton had been set to appear on Wednesday for a Senate confirmation hearing that was fast-tracked because of the lapse of a crucial surveillance program due to bipartisan anger over Trump’s pick of Pulte.
Carney did not get a bilateral meeting with Trump at the summit, despite the free trade agreement between the countries being up for renewal on July 1.
Carney says he had seven or eight discussions with Trump and he expects to have more Wednesday.
He says they discussed a wide range of subjects, from the economy, relations, his birthday, artificial intelligence, Ukraine and Iran.
Canadian prime ministers usually get a bilateral meeting with an American president at G7 summits. And it is a crucial time for talks to potentially renew the free-trade agreement between the two countries and Mexico. Trump said last week that he may not renew the deal.
Macron is the only G7 leader to get a bilateral meeting thus far. Trump met with the leaders of non-G7 countries of Qatar, UAE, Egypt and India.
The expansive palace is where he’ll have dinner with Macron before the flight back to Washington.
At the final day of the G7 summit in Evian-les-Bains, Trump is set to participate in working sessions with his counterparts from France, Britain, Canada, Germany, Italy and Japan, alongside leaders from some developing nations and tech CEOs.
In between sessions, he’ll hold one-on-one talks with Egypt’s president and India’s prime minister.
Trump is also holding a news conference before the trip to Versailles.
G7 leaders said in a joint statement overnight they would increase military support for Ukraine after recent “progress on the battlefield.”
They also plan to levy harsher sanctions on Russia’s energy sector in the wake of the recent deal to reopen the Strait of Hormuz.
They plan to give more air defense technology including interceptors and grant military production licenses to Ukraine.
Kyiv has sought the permits to construct their own Patriot missiles.
Carney says a tentative deal to end the Iran war could be a game changer in the world.
The Canadian prime minister, speaking on the final day of the summit, said the agreement could have positive effects including the ability to provide additional defensive support in Ukraine.
Carney said here has been a change in tone concerning Ukraine, which was discussed in detail at the summit on Tuesday.
Many countries are vested in making the Iran deal work, he said.
Leaders gathered at the G7 summit issued a joint statement overnight Tuesday on the agreement reached between the U.S. and Iran focused on securing safe passage without tolls in the Persian Gulf.
“We reaffirm that the right of transit passage without restrictions or tolls is the bedrock of international trade,” said the statement of leaders from Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.
Iran floated a similar idea in April to fund reconstruction of areas in the country damaged by war.
The closure of the strait has driven up fuel and fertilizer costs and rattled economies worldwide.
The statement also offered support to a French and British-led naval mission to the Persian Gulf to safeguard ships and remove mines from one of the crucial choke-points in the world’s energy supply chain.
Canadian Prime Minister Mark Carney gave U.S. President Donald Trump a present for his 80th birthday, but said it’s “not gold.”
Trump was “very pleased,” Carney said, adding that he “likes it a lot.”
Carney didn’t specify what the gift was and a spokesperson for the prime minister didn’t immediately know.
Trump is known for his love of gold. An Oval Office makeover at the start of his term included large amounts of fresh gold trim.
Trump and Carney have a positive relationship despite Trump’s previous comments about making Canada the 51st state of the United States.
Britain's Prime Minister Keir Starmer, left, Brazil's President Luiz Inacio Lula da Silva, second from left, and Canada's Prime Minister Mark Carney, second from right, arrive for a group photo at the G7 summit, Tuesday, June 16, 2026, in Evian-les-Bains, France. (AP Photo/Julia Demaree Nikhinson)
European Council President Antonio Costa, Ukrainian President Volodymyr Zelenskyy, Japan's Prime Minister Sanae Takaichi and others gather for a group photo at the G7 summit, Tuesday, June 16, 2026, in Evian-les-Bains, France. (AP Photo/Julia Demaree Nikhinson)
President Donald Trump helps France's first lady Brigitte Macron up a step as she arrives for a group photo with leaders and their spouses at the G7 summit, Tuesday, June 16, 2026, in Evian-les-Bains, France. (AP Photo/Julia Demaree Nikhinson)
U.S. President Donald Trump arrives to attend a musical interlude before a gala dinner as part of the G7 summit, in Evian-les-Bains, France, Tuesday June 16, 2026. (Ludovic MARIN/Pool Photo via AP)
U.S. President Donald Trump walks after posing for a family photo photograph during a gala dinner as part of the G7 summit, in Evian-les-Bains, France, Tuesday June 16, 2026. (Ludovic Marin/Pool Photo via AP)
