The MOU signing removes the immediate tail risk of conflict escalation but the hawkish caveats from Baghaei will caution on further meaningful risk-off unwind in oil. A formalised Hormuz transit fee regime introduces a structural cost floor for tanker operators and crude importers that will not disappear with the peace deal. Iran's refusal to export nuclear materials or discuss missile capabilities signals the agreement is narrower than hawks in Washington will accept, keeping geopolitical risk premium alive. Markets will likely read the signing as modestly constructive but Baghaei's tone as a reminder that the harder negotiations are still ahead.
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Iran and the US have signed the MOU text electronically, but Tehran immediately ruled out missile negotiations, nuclear material exports and Hormuz fee waivers, keeping oil risk premium firmly in play.
Summary:
- The Iran-US MOU text has been officially signed electronically by both presidents
- Friday's Geneva meeting was not intended as a signing ceremony; negotiating teams remain in place
- Baghaei ruled out any discussion of Iran's missile or defensive capabilities in any process or with any party
- Iran's nuclear materials will not be sent outside the country; the option on enriched uranium is dilution
- Fees will be charged for services to ships transiting the Strait of Hormuz
The Iran-US memorandum of understanding has been officially signed, with foreign ministry spokesperson Esmaeil Baghaei confirming both presidents put their names to the electronic document. Baghaei, Iran's chief public voice on the negotiations and a senior diplomat who has led much of Tehran's external messaging through the peace process, wasted little time in drawing the limits of what the agreement actually covers.
On missiles, his language was blunt to the point of theatrical. Iran's defensive capabilities will not be discussed in any process or with any party. The missiles, he said, are only meant to be fired, not negotiated. The comments land as a direct signal to Washington that any attempt to extend the MOU into weapons territory will be rejected outright.
On nuclear material, Baghaei was equally firm. Enriched uranium will not be leaving Iranian soil. The option Tehran is prepared to consider is dilution, not export, a position likely to draw scrutiny from US lawmakers already sceptical of the deal's architecture.
On Hormuz, the position confirmed earlier by chief negotiator Qalibaf was reinforced: ships will pay for the services they receive transiting the strait. The framing is deliberately procedural, but the commercial and geopolitical implications are significant for global energy flows.
The Geneva meeting planned for Friday was described as not intended for signing purposes, with a decision on whether it proceeds expected within hours. Negotiating teams remain in place.
