President 
Donald Trump and his Iranian counterpart Masoud Pezeshkian on Wednesday signed an interim 14-point deal at the Palace of Versailles to end the US-Israeli war on Iran. The signing took place at a post-G7 dinner hosted by French President Emmanuel Macron, with BBC coverage built around the moment-of-signing video. The deal extends the ceasefire 60 days and reopens the Strait of Hormuz, with Tehran diluting its enriched uranium stocks in exchange for sweeping sanctions relief and a $300 billion reconstruction fund, per France 24.
What did the deal put on paper? A 60-day window for the two countries to hammer out a lasting agreement, with Tehran "down-blending" its enriched uranium stockpile in exchange for sanctions relief and a $300bn reconstruction fund. Deutsche Welle led with the Hormuz reopening as the headline-deliverable. The reconstruction-fund and uranium-dilution clauses are concessions either side had hesitated to make at earlier negotiation points.
Why Versailles? Macron's office had previously set the Wednesday dinner to mark the 250th anniversary of US independence. Pegging the signing to that civic anniversary at the most heavily-symbolic French diplomatic venue layers ceremonial weight onto the substantive deal — the stagecraft the administration prefers for marquee photo events.
What's the "down-blending" clause? Senior administration officials said the deal would help prevent Iran from obtaining a nuclear weapon, pointing to the clause in which Iran's enriched uranium stockpile "will be destroyed" through "down-blending". Down-blending is the IAEA-compatible procedure of diluting high-enriched uranium with natural uranium until below weapons-grade.
What's the $300bn fund for? The reconstruction-fund line is the largest single financial concession, per France 24. The structure provides post-war economic relief on a scale that materially changes Iran's economic-recovery trajectory — and is the piece Republican-side critics flag as the "worst foreign policy blunder".
How does the Hormuz reopening flow? Deutsche Welle led the deal-coverage with the Hormuz reopening as the headline outcome. The strait — the conduit for roughly 20% of the world's oil and LNG — had been effectively closed since the late-February US-Israel strikes. Reopening is the materially-quantifiable deliverable that anchored Brent's prior-day 4.7% sell-off.
Figures referenced: Donald Trump. — JudgeMarket.
