Hostilities between the U.S. and Iran may be paused, but the contest over who
prevailed is starting. Both sides cast the June 17 memorandum of understanding
signed by their leaders as a victory. Analysts say Iran won new sanctions relief
and reconstruction financing and therefore holds the upper hand; the U.S.
secured reopening of the Strait of Hormuz — which had been operating normally
before the conflict — and concessions on Iran’s nuclear program that Tehran had
already made. The White House circulated talking points to allies to present the
pact as a political win.
