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Donald Trump has signed a new agreement with Iran, halting the nearly four-month conflict and reopening the Strait of Hormuz. This document is fundamentally different from the nuclear deal signed by Barack Obama in 2015. The differences are not just in the details, but in the very philosophy of the negotiations.

The new agreement extends the ceasefire regime for 60 days, while discussion of the nuclear program has been postponed to the next stage. This fundamentally diverges from the Joint Comprehensive Plan of Action (JCPOA), from which Trump withdrew in 2018.

Two Agreements — Opposite Approaches

Obama's JCPOA united the US, UK, France, Germany, Russia, China, and the European Union. In exchange for verifiable limits on the nuclear program, some sanctions on Tehran were lifted. The strategy was based on restraint — negotiators sought clear restrictions for at least ten years. Obama presented the deal as a way to buy time.

Trump chose a different tactic: he withdrew the US from the deal in 2018, imposed a maximum pressure campaign, and only reached an agreement after recent strikes on Iran. The key difference lies in the sequence: Obama started with diplomacy, while Trump bet on economic and military pressure.

The agreements also differ in scale. Obama's document was about 159 pages long and took about two years to develop. Trump moved toward the agreement much faster, with Qatar and Pakistan acting as mediators. A formal signing ceremony is planned in Geneva, although the memorandum itself was agreed upon remotely. Signatures were placed by Trump, Vice President JD Vance, and Iranian Parliament Speaker Mohammad-Bagher Ghalibaf.

At the Core — The Enrichment Issue

The JCPOA allowed Iran to enrich uranium on its territory, with a limit of 3.67% for 15 years. The document also set a cap — 5,060 operational centrifuges and uranium stockpiles of no more than 300 kg under strict inspector control. These frameworks increased the time Iran would need to create a nuclear weapon: from two to three months before the deal to one year after its conclusion.

However, the restrictions were not permanent. After 10 years, some limits on centrifuges began to be lifted, and after 15 years, the enrichment conditions were relaxed — this was the part of the agreement most often criticized by opponents of the JCPOA.

Trump took a tougher path. His team pushed for a complete ban or strict restrictions on uranium enrichment in Iran and insisted on longer and more stringent timelines. After the US withdrawal from the deal in 2018, the limits ceased to apply. In May 2025, the IAEA recorded stockpiles of over 400 kg of uranium enriched to 60% — far more than allowed under the agreement's terms. With such volumes, creating a nuclear charge became possible in a matter of days. Iran remains the only non-nuclear-weapon state engaging in enrichment at this level.

The terms of the 2015 agreement included a mechanism for the snapback of UN sanctions — if Iran violated the agreements, restrictions could be reinstated quickly. Domestic enrichment for Iran is a matter of national right. This point remains the most frequent major obstacle to any new agreements.

Currently, the 2026 memorandum has not resolved the fate of uranium enrichment. In the coming weeks, it should be determined what will happen to Iran's enriched material stockpiles.

How Trump's Approach Changed the Sanctions Regime

The Obama administration opened access to the deal's benefits for Iran as quickly as possible: it unfroze Iranian assets and allowed oil exports. The US Treasury estimated that Tehran was able to immediately access about $50 billion — not $100 billion, as critics often claimed.

The Trump team implemented a phased and reversible mechanism for lifting restrictions. Iranian media noted that within the 60-day window, the discussion involved about $24 billion in frozen funds. Vance disagreed with this figure, noting it was absent from the official text. A US representative clarified that the money would be transferred only after the terms of the deal were met.

The current scheme also suspends sanctions on Iranian oil and petrochemical exports. European countries indicated they would lift restrictions only after Tehran confirmed compliance with the agreements. The 2015 agreement kept in place measures related to combating terrorism and human rights violations. Only the restrictive measures on the nuclear program were eased.

Critics of the previous deal claimed that the influx of funds strengthened Iran's regional allies. Trump emphasized that his version involved virtually no payments and was built on concrete results.

"If I make a deal with Iran, it will be a really good and fair one, unlike the one Obama signed — where Iran was given huge sums of cash and a direct path to nuclear weapons. Our deal is the complete opposite..." — The Hill quotes Trump.

Frameworks, Leverage, and Next Steps

The JCPOA agreement only addressed the nuclear program. Issues of missiles and support for regional allies were not considered. The 2015 document barely mentioned ballistic missiles and entities like Hezbollah. Trump demands that the new terms also cover this area.

Trump links his proposals to broader goals. In his memorandum, progress is tied to unblocking the Strait of Hormuz and overall regional security. The differences are clear: Obama bet on compromise involving multiple countries, while Trump relies on pressure and stricter, longer-term conditions.

Iran and the US interpret the key provisions of the document differently. Tehran insists on preserving its rights to uranium enrichment, while American representatives emphasize tightening restrictions in the future. Supporters of the previous deal warn that pressure could backfire. According to them, it was precisely after the US withdrawal in 2018 that the Iranian program developed most rapidly.

Over the next 60 days of negotiations, it will become clear whether the bet on pressure can yield more than conventional diplomacy, especially after Trump's threat against Kharg Island.

Expert opinion: Markets have already reacted to the news with rising oil prices, anticipating stabilization in the region. However, investors should remember: the 60-day window is not a final deal, but merely a pause. Any escalation in negotiations over uranium enrichment could instantly shatter the fragile balance achieved.