Trump administration weighs congressional review for U.S.-Iran deal

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Trump weighs Iran deal review

Highlights

Trump announces at the 2026 G7 summit that he is open to congressional review of the new U.S.-Iran memorandum of understanding, but gives no timeline for submission.
The preliminary agreement digitally signed Sunday extends the U.S.-Iran ceasefire by 60 days and outlines future negotiations, with full details to be released Friday.
Sen. Lindsey Graham welcomes reopening of the Strait of Hormuz, as Trump claims shipping traffic and oil flow are resuming, driving gas prices lower after recent disruptions.

Congressional review and deal timeline

As reported by CNBC, Trump says during the 2026 G7 summit in Évian-les-Bains, France, that he would not mind sending the U.S.-Iran memorandum of understanding to Congress for review, though he does not say when lawmakers might receive it.

The framework is announced and signed digitally on Sunday and is aimed at helping end hostilities between the U.S. and Iran that began in February. Trump says he wants to send the deal to Congress and jokes that lawmakers would approve it even if told not to do so.

The preliminary agreement would extend the U.S.-Iran ceasefire for 60 days and create a structure for future negotiations over Tehran’s nuclear program and other issues. The text of the agreement is not yet released, although Trump says he will unveil details on Friday.

Market and political impact

Reaction on Capitol Hill is lukewarm, with lawmakers in both parties raising questions about the terms of the arrangement and Iran’s commitment to it. The scrutiny includes concern from some Trump allies, showing that support for the deal is not yet assured even within the president’s own political camp.

Sen. Lindsey Graham of South Carolina says he is pleased by the prospect of reopening the Strait of Hormuz, which is effectively shut down this spring during the conflict, disrupting international supply chains and pushing gas prices higher. But he also says Congress should have a chance to review any nuclear agreement with Iran and argues that Vice President JD Vance and the negotiating team should help present the final deal to lawmakers.

Trump says shipping traffic is already starting to return through the Strait of Hormuz. He adds that oil is beginning to move again and that prices are coming down rapidly, suggesting potential relief for energy markets if the ceasefire holds.

In our earlier report on the market reaction to the preliminary U.S.–Iran peace deal, we noted that oil prices slid to a three-month low, improving risk appetite and helping the FTSE 100 push higher. Banks and aerospace and defence stocks led the gains as the prospect of the Strait of Hormuz reopening eased supply-chain and energy-price concerns, even as several midcap names moved on company-specific news.

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