Deutsche Welle and Al-Monitor report a June 17 memorandum of understanding between the US and Iran that provides 60-day sanctions waivers on oil exports, shipping, and banking following a nearly four-month conflict. Pre-conflict sanctions had halved Iran's oil exports amid roughly 50 percent inflation, with the war adding a further 10 percent economic contraction. Trump stated on June 24 that Iran confirmed no tolls on Strait of Hormuz shipping after negotiations concluded in Switzerland.