GENEVA—The United States and Iran signed a preliminary agreement on June 14 to reopen the Strait of Hormuz and begin 60 days of negotiations aimed at ending the conflict in the Middle East. While the memorandum of understanding (MOU) had not been made public as of June 15, senior U.S. officials outlined key details of the agreement during a briefing with reporters that day. U.S. President Donald Trump also briefly discussed the scope of the agreement during remarks following a meeting with French President Emmanuel Macron in Évian-les-Bains, France, during the G7 summit on June 15. Here are five takeaways from the initial deal....