Update: Trump was filmed signing the agreement while having dinner with French and European leaders at the Palace of Versailles.

The memorandum of understanding between the United States and Iran has officially been signed and is now in effect.

Under the agreement, the Strait of Hormuz has been fully opened, and the US will now provide sanctions relief through the termination of all sanctions and "waivers for the export of Iranian crude oil, petroleum products, and derivatives, and all associated services, including banking transactions, insurances, transportation, etc." The US will also "make fully available for use the frozen or restricted funds and assets of the Islamic Republic of Iran," according to the memorandum.

Iran has agreed that it will not procure or develop nuclear weapons.

Trump noted earlier that if Iran does not honor the agreement, "we'll probably go back to bombing them until they honor it."

Axios reported earlier that the US and Iran were discussing moving the official signing of the memorandum to a remote signing on Wednesday, as opposed to Friday in Switzerland.

This comes after President Trump, Vice President JD Vance, and Speaker of the Iranian Parliament Mohammad-Bagher Ghalibaf signed the memorandum on Sunday. Accounts of the signing differ, with one diplomat from one of the mediating countries claiming it never happened, but US officials and others saying it did. A source familiar with the signing said this was a "second signing."