IranJUNE 12 (DAY 106) — US-Iran Reach “Final, Agreed Text” of Pakistan-Brokered Peace Deal (Islamabad MOU); Trump CANCELS Planned Strikes, Disputes Iran’s Account — “NOTHING to Do With the Terms Agreed to in Writing”; CENTCOM Downs Iranian Attack Drones Over Hormuz; Israel’s Katz Vows Strikes Will “Escalate and Expand,” Won’t Withdraw From Lebanon/Syria/Gaza; Israel Strikes Yazd Missile Plant; Markets Surge
On June 12, 2026 (Day 106 of the Iran-Israel-US war, Operation Epic Fury / Friday), the conflict reached its most significant diplomatic inflection of the post-April ceasefire phase — amid continuing kinetic activity. DIPLOMACY: Pakistani Prime Minister Shehbaz Sharif announced that the United States and Iran had reached “a final, agreed upon text of the peace deal,” with Islamabad “working closely with both sides to finalize the next steps” and Sharif declaring “peace has never been this close” (Just the News, Al Arabiya, AP via Britannica). Iranian Foreign Minister Abbas Araghchi said a deal had “never been closer,” referring to an “Islamabad Memorandum of Understanding” whose details would be shared “in due course” (CBS News). DISPUTE: President Trump, who on the evening of June 11 had cancelled strikes set for that night (“discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved”), publicly disputed Iran’s framing on June 12, stating that Iranian state media’s description “has NOTHING to do with the terms that were agreed to, in writing,” and a senior Iranian official cautioned that nothing had been formally signed (CBS, RFE/RL, CNBC). TERMS: the leaked 14-point MOU reportedly commits Iran to reopen the Strait of Hormuz within 30 days; Iranian state media (IRNA) claimed the draft involves the release of roughly $24 billion in frozen Iranian assets and that Tehran makes no commitment to cede management of the strait (CNBC, Arab News / IRNA — Iranian state-sourced, disputed). KINETIC: US Central Command reported intercepting multiple Iranian one-way attack drones attempting to strike commercial ships transiting Hormuz (CBS, RFE/RL, ABC); Israel struck Iran’s primary missile and sea-mine production facility in Yazd early Friday (AOL / AP); and Israeli Defense Minister Israel Katz vowed attacks would “escalate and expand,” expecting Trump to uphold the no-nuclear “principle” plus missile and proxy constraints, while declaring Israel would not withdraw from Lebanon, Syria, Gaza, or the northern West Bank (CNBC, AOL / AP). MARKETS: global stocks surged and oil prices eased on deal hopes, with SpaceX debuting on Wall Street; Trump and Vice President Vance worked to calm Republican concerns over leaked terms reportedly favorable to Iran (AP via Britannica, CNBC, The Hill). Net assessment: Day 106 is a contested breakthrough — a finalized text claimed by the mediator and Tehran, its specifics disputed by Washington, and not yet signed — unfolding alongside live drone interceptions, an Israeli strike, and an Israeli vow to widen the war.
Pakistan PM Sharif: US and Iran Reach “Final, Agreed Upon Text” of Peace Deal — “Peace Has Never Been This Close”
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Pakistani Prime Minister Shehbaz Sharif announced on June 12 that the United States and Iran had reached “a final, agreed upon text of the peace deal,” with Pakistan “now working closely with both sides to finalize the next steps” (Just the News 4:08pm; AP via Britannica 6:18 PM ET). “Setting aside the noise, we can confirm that a final, agreed upon text of the peace deal has been reached,” Sharif posted on X, tagging both the US and Iranian presidents and adding “peace has never been this close as it is now” (Al Arabiya, The Hill). Pakistan has mediated between the two sides for months.
Islamabad / Washington
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Just the News + Al Arabiya + AP/Britannica + The Hill June 12: Sharif confirms final agreed text of US-Iran peace deal; working on next steps; peace never closer.
Trump Cancels Strikes Set for Thursday Night — “Brought to the Highest Level of Iranian Leadership and Approved”
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President Trump cancelled the strikes that had been set for Thursday evening (June 11), writing on Truth Social that “discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved” and that he had “cancelled the scheduled strikes and bombings against Iran this evening” (CNN, NBC, CNBC). The cancellation reversed his own Day 105 vow of “bigger” and “more powerful” action and set up the June 12 deal-text announcement. Trump also said the Strait of Hormuz would reopen once a deal is signed.
Washington
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CNN + NBC + CNBC: Trump cancels Thursday-night strikes, 'highest level of Iranian leadership and approved'; Hormuz reopens on signing.
Trump Disputes Iran’s Account: State-Media Terms “Have NOTHING to Do With the Terms Agreed to, in Writing”
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President Trump publicly disputed Iran’s framing of the agreement, stating that Iranian state media’s description “has NOTHING to do with the terms that were agreed to, in writing” with Iran, and characterizing those leaking it as “dishonorable people” (CBS News, CNBC, RFE/RL). The dispute exposes a fundamental gap between the Pakistani/Iranian “deal reached” framing and Washington’s position that the publicized terms are not the agreed text.
Washington
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CBS + CNBC + RFE/RL June 12: Trump says Iran media account 'NOTHING to do with the terms agreed to in writing'; 'dishonorable people'.
Iranian FM Araghchi: Deal “Never Closer” — “Islamabad Memorandum of Understanding,” Details “in Due Course”
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Iranian Foreign Minister Abbas Araghchi said on June 12 that an agreement “has never been closer,” referring to an “Islamabad Memorandum of Understanding” and stating that all details would be shared with the public “in due course” (CBS News, Al Arabiya). Araghchi also chided Iranian media speculation about the content, urging outlets to “refrain from entering speculation” pending finalization — even as a senior Iranian official separately cautioned that nothing had yet been formally signed.
Tehran
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CBS + Al Arabiya June 12: Araghchi 'never closer', 'Islamabad MOU', details in due course; senior Iranian official says nothing signed yet.
CENTCOM Intercepts Multiple Iranian One-Way Attack Drones Attempting to Strike Commercial Ships in Hormuz
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US Central Command reported intercepting multiple Iranian one-way attack drones launched in an attempt to strike commercial ships transiting the Strait of Hormuz, late June 12 into early June 13 (CBS News, RFE/RL, ABC News). The interceptions occurred even as deal momentum built, underscoring that the strike-and-blockade architecture remained fully active through the diplomatic breakthrough. Traffic flow through the strait continued, per US officials.
Strait of Hormuz
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CBS + RFE/RL + ABC June 12-13: CENTCOM intercepts multiple Iranian one-way attack drones targeting commercial ships in Hormuz; traffic continues.
Israel Strikes Iran’s Primary Missile and Sea-Mine Production Facility in Yazd
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The Israeli military announced early Friday that it had struck the Islamic Republic’s primary facility for missile and sea-mine production in Yazd, Iran (AOL / AP). The strike came as Israeli Defense Minister Israel Katz declared that attacks against Iran would “escalate and expand to additional targets and areas that assist the regime in building and operating weapons against Israel,” citing continued Iranian missile fire on Israeli civilian areas.
Yazd, Iran
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AOL/AP June 12: Israel struck Iran's primary missile and sea-mine production facility in Yazd early Friday.
Israel’s Katz: Attacks Will “Escalate and Expand” — No Withdrawal From Lebanon, Syria, Gaza, Northern West Bank
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Israeli Defense Minister Israel Katz said attacks against Iran will “escalate and expand,” that he expects Trump to uphold the “principle” of preventing Iran from acquiring nuclear weapons plus “additional principles in the realm of missiles and terrorist proxies,” and vowed Israel will not withdraw its forces from Lebanon, Syria, Gaza, and a northern area of the West Bank (CNBC, ABC). “We act against both near and distant threats and strive for decisive outcomes rather than compromises and concessions,” Katz wrote, signaling that any US-Iran bilateral text leaves the Israeli theater’s territorial questions unresolved.
Jerusalem
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CNBC + ABC June 12: Katz attacks 'escalate and expand'; expects Trump to uphold no-nuclear principle + missiles/proxies; no withdrawal Lebanon/Syria/Gaza/W.Bank.
Leaked 14-Point MOU Reportedly Commits Iran to Reopen the Strait of Hormuz Within 30 Days
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The draft memorandum of understanding reportedly comprises 14 points and includes a commitment from Iran to reopen the Strait of Hormuz within 30 days (CNBC). Trump said in the Oval Office that the strait would be reopened as soon as a deal is signed. The Hormuz-reopening clause is among the terms most consequential to the global energy market, where the effective closure has driven oil, gas, and fertilizer prices higher.
Islamabad
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CNBC June 12: leaked 14-point MOU includes Iran commitment to reopen Hormuz within 30 days; Trump says strait reopens on signing.
Iran State Media (IRNA): Draft Sees Release of ~$24 Billion in Frozen Assets; Tehran “Cedes No Management” of Hormuz
State Media
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Iranian state news agency IRNA reported that the draft deal involves the release of approximately $24 billion in frozen Iranian assets and that, per “the broad outlines of the current text,” Iran makes no commitment to cede management of the Strait of Hormuz or to restore pre-war conditions (Arab News citing IRNA). These figures are Iranian-state-sourced and directly disputed by President Trump, who said the publicized terms are not those agreed in writing; treat attribution accordingly.
Tehran
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Arab News / IRNA June 12: draft sees ~$24B frozen assets released; Iran cedes no Hormuz management. State media, disputed by Trump.
Markets Surge on Deal Hopes — Global Stocks Up, Oil Eases, SpaceX Debuts on Wall Street
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Global stocks surged on June 12 on hopes a peace deal would be reached, with oil prices easing from war highs and SpaceX soaring in its Wall Street debut (AP via Britannica 5:26 PM ET, CNBC, The Hill). The market optimism priced the diplomatic breakthrough even as US officials cautioned that uncertainty remained and the text was not yet signed.
Global markets
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AP/Britannica + CNBC + The Hill June 12: global stocks rise, oil eases, SpaceX IPO debut, on Iran deal hopes.
Trump and Vance Move to Calm Republican Concerns Over Leaked Terms Seen as Favorable to Iran
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President Trump and Vice President Vance worked on June 12 to calm concerns from Republicans over details leaked by Iran to media outlets, amid reports that the Islamic Republic would benefit financially from the deal (The Hill). The intra-party friction introduces a US-side ratification risk to any final agreement, independent of whether Tehran signs.
Washington
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The Hill June 12: Trump and Vance seek to calm Republican concerns over leaked terms, reports Iran benefits financially.
Blockade and Hormuz Closure Stand Pending Signing — World Bank Flags War as Top Global-Growth Risk
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The US naval blockade and the effective closure of the Strait of Hormuz remained in force on June 12 pending any signed agreement, with Trump conditioning reopening on a signature (CNN, CNBC). The World Bank’s June report cited the Iran war as a leading drag on global growth — forecast at 2.5% for 2026, with a downside scenario of 1.3% on more severe energy disruption — quantifying the economic stakes riding on whether the finalized text is actually signed.
Strait of Hormuz
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CNN + CNBC + World Bank June 11-12: blockade/Hormuz closure stand pending signing; World Bank 2026 growth 2.5%, downside 1.3%.
Strategic Assessment
Day 106 is the inflection the entire post-April-17 phase had been building toward: a mediator-confirmed “final, agreed upon text,” a US strike package cancelled on the strength of it, and Tehran publicly invoking an “Islamabad Memorandum of Understanding.” Yet the breakthrough is contested at its core. President Trump’s flat assertion that Iranian state media’s account “has NOTHING to do with the terms that were agreed to, in writing,” combined with a senior Iranian official’s caution that nothing has been signed, means Day 106 records a framework claimed but not consummated. The gap between the Pakistani/Iranian “deal reached” framing and the American “not those terms” framing is the single most important variable into Day 107.
The kinetic layer did not pause for the diplomacy. CENTCOM’s interception of Iranian one-way attack drones over Hormuz, Israel’s strike on the Yazd missile and sea-mine facility, and Katz’s explicit vow that attacks will “escalate and expand” demonstrate that the strike-and-blockade architecture remains fully active even as the text is finalized. Katz’s parallel declaration that Israel will not withdraw from Lebanon, Syria, Gaza, or the northern West Bank signals that any US-Iran bilateral text leaves the Israeli theater’s territorial questions unresolved — a structural fault line beneath any “peace.”
The terms themselves carry the next escalation triggers. A reported 14-point MOU with a 30-day Hormuz-reopening commitment, set against Iranian state media’s claim that Tehran cedes no management of the strait and gains ~$24 billion in unfrozen assets, defines exactly the points most likely to collapse the text before signing — and the domestic-political friction (Trump and Vance managing Republican objections to terms seen as favorable to Iran) adds a US-side ratification risk. Markets priced the optimism; the signing risk is unpriced. Watch items into Day 107: whether any party publishes the actual text, whether the drone-interception cycle escalates, Israeli follow-on strikes after the Yazd hit, and whether the disputed Hormuz-management clause is reconciled or becomes the deal-breaker.