Two governments signed the same 14-point memorandum on June 14. They are now describing two different documents.

Washington’s version: the Strait of Hormuz is “permanently toll-free,” full stop, no negotiation. Tehran’s version: the free-passage clause was always a 60-day bridge, after which Iran collects “service fees” for security, environmental protection, and insurance coordination — dressed up as a Dardanelles-style tariff, not a toll. Both readings can cite the same MOU, because the MOU only commits to zero charges for the 60-day ceasefire window and says nothing definitive about what comes after.