We’ve now got the full text of the U.S.-Iran peace deal—and allies are appalled at the gains it hands to Iran

Good morning. On Fortune’s radar today:

We’ve now got the full text of the U.S.-Iran peace deal.

Allies are glad the war is over but appalled at the gains it hands to Iran.

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THE PARSE OF THE DEAL

The price of peace: $300 billion, and Iran gets control of the Strait

We’ve now got the full text of the “Memorandum of Understanding” that ended the war between the U.S. and Iran. Read the full text here. The BBC has a good summary here. And the WSJ has a useful annotated version here. The main points: 

An end to the fighting, followed by an extendable 60-day negotiation period aiming for a more detailed pact that will include a compliance-monitoring mechanism. 

Iran is banned from obtaining nuclear weapons but “will maintain the current status quo of its nuclear program,” it says. 

The blockades of the Strait of Hormuz will be ended, allowing “passage of commercial vessels with no charge for 60 days.” After that period, the “future administration and maritime services” of the Strait will go to Iran and Oman—language which seems to leave open a backdoor for tolls. 

Iran will receive $300 billion in an investment package coming mainly from international partners.

$100 billion in Iranian assets will be unfrozen.

Conspicuous by its absence: There is no mention of Iran curbing its proxy terror group, Hezbollah. In fact, Israel continued to pound southern Lebanon over the last 24 hours. That conflict isn't done.

Reaction: Most countries are glad the war is over and that trade will flow through the Strait again. However, the U.S.’s allies are fuming that the deal cements Iran’s dominance of the Gulf region, leaves its nuclear power program in place, and does nothing to stop Hezbollah’s attacks on Israel.  

Israel’s Netanyahu regards the deal as a strategic disaster. It leaves Israel to fight Iran alone. Former vice president Mike Pence called it “appeasement.” Louisiana Republican Senator Bill Cassidy said, "this is the worst foreign policy blunder in........

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