President Trump on Thursday defended the terms of the 14-point memorandum of understanding he and Iranian President Masoud Pezeshkian signed Wednesday, calling those who say he conceded too much to Tehran "jealous, bad people, or stupid" as commercial tankers began transiting the Strait of Hormuz and the 60-day clock on a final deal began to run.

The signing, brokered by Pakistan and styled the "Islamabad MoU," followed a day of hedging in which Trump had told reporters at the Group of Seven summit in France he would resume strikes if Tehran did not comply. The text, dictated to reporters Wednesday by senior U.S. officials and published in matching form by Iran on Thursday, extends the ceasefire begun April 8, reopens the strait without tolls for 60 days, contemplates at least $300 billion for Iranian reconstruction and sets out the removal of "all types" of U.S. sanctions on the Islamic Republic.

What is new

The ceasefire that suspended fighting in April is now a written agreement, and oil and shipping markets are pricing accordingly. Brent crude for August fell about 1 percent to $78.64 a barrel Thursday morning and U.S. West Texas Intermediate for July dropped 1.7 percent to $75.46, CNBC reported. The International Energy Agency said in its monthly report that a lasting end to the war would push 2027 global supply to 110.3 million barrels a day and produce "a significant overhang."

The memorandum is a framework, not a final agreement. Direct negotiations on Iran's nuclear program, ballistic missiles and the release of frozen assets were expected to begin Friday. Iran's Foreign Ministry spokesperson Esmaeil Baghaei told state media Thursday that Tehran would monitor U.S. compliance "without any leniency," that its missile program would be "off the table" in those talks and that it would not ship its stockpile of highly enriched uranium abroad.

On the terms

Pezeshkian, in a social-media post that accompanied images of the signed document, called the memorandum "a historical document and a message from a powerful Iran: Peace will be realized in the shadow of mutual respect." Trump, on Truth Social, pointed to record U.S. equity highs and falling crude as evidence the deal was working.

Independent analysts read the text as favorable to Tehran. Amrita Sen, founder of Energy Aspects, told CNBC that "the language is quite favorable or heavily favorable towards Iran," particularly on the pace at which sanctioned vessels would be allowed through the strait. Holger Schmieding, chief economist at Berenberg, wrote that Iran "seems to have largely prevailed on many counts" and that Washington's bombing campaign had not produced regime change in Tehran. The National Iranian American Council called the agreement "the most significant diplomatic breakthrough since the outbreak of the war" on Feb. 28 while warning it "faces determined opposition from Israel, hardliners in Washington, and a vocal faction of Iranian conservatives."

The counterpoint

Republican critics and Iran hawks attacked the terms as too generous. Nikki Haley, Trump's first-term ambassador to the United Nations, wrote on X after the memorandum granted Iran immediate waivers for oil and petroleum exports that "If this is true, Iran wins," and that "There should be zero sanctions relief day one." CBS News flagged additional points of contention: the memorandum has no sunset clauses, omits any limit on ballistic missiles and commits at least $300 billion to Iranian reconstruction. Trump, asked Wednesday about missiles, told reporters that "If other countries have them, it's a little bit unfair for them not to have some" and said he believed Iran should be allowed to enrich uranium "for purposes of electricity" while never being permitted to acquire a weapon. Former President Barack Obama, in an ABC News interview Sunday, said he was "doubtful" any Trump deal would be "significantly different" from the 2015 JCPOA.

Trump capped Wednesday's news conference with a warning he repeated Thursday: "If you don't adhere to the agreement, I don't want to do that, but we're going to bomb the hell out of you." Technical talks on enrichment limits, the disposition of Iran's 60-percent-enriched uranium and the schedule of sanctions relief are set to begin Friday and run through mid-August.