Trump Signs Peace Deal with Iran After 15-Week War

President Donald Trump and Vice President JD Vance signed a preliminary peace deal with Iran on June 14, 2026, formally ending a 15-week war that began on February 28. Trump signed the agreement again on June 17 at the Palace of Versailles in France. The deal includes a 14-point peace plan designed to secure access to the Strait of Hormuz and prevent a global depression, initiating a 60-day window for further negotiations.

The conflict, conducted by the United States and Israel, resulted in the deaths of 13 U.S. service members, 26 Israelis, and between 3,000 and 3,500 Iranians. Approximately 3,700 people died in Lebanon following renewed Israeli attacks on March 18. The U.S. military also killed three Indian civilian sailors near Oman. The Iranian economy collapsed, with extensive destruction of education and healthcare infrastructure.

Economically, the war cost the U.S. an estimated $132 billion, including $60 billion in increased consumer fuel costs. Global trade disruptions occurred as Iranian attacks on ships in the Strait of Hormuz pushed crude oil prices to $120 per barrel in March. In response to these costs, the United States Department of Defense is seeking $80 billion in additional funds for munitions and personnel. Secretary of Defense Pete Hegseth has proposed an unprecedented $1.5 trillion annual budget, though the plan faces Republican opposition ahead of midterm elections.