Trust with Iran must be rebuilt before economic cooperation can resume: Saudi Foreign Minister

Saudi Foreign Minister Prince Faisal bin Farhan Al Saud declared in Vienna that rebuilding trust with Tehran is a prerequisite for resuming economic cooperation, even as he cautiously welcomed the newly inked US-Iran Memorandum of Understanding (MOU) aimed at de-escalating regional tensions. Speaking at the European Council on Foreign Relations, Prince Faisal emphasized that recent Iranian attacks on Gulf Cooperation Council (GCC) states have severely damaged confidence, reversing prior diplomatic gains. This latest diplomatic push comes on the heels of the '2026 Iran war,' or 'Operation Epic Fury,' which saw US and Israeli strikes on Iran in February 2026, followed by Iranian retaliatory attacks across GCC nations, severely disrupting Gulf energy infrastructure and maritime traffic through the Strait of Hormuz. The US-Iran MOU, signed on June 17, 2026, and slated for formal signing this week, seeks an immediate cessation of hostilities, a lifted naval blockade on Iran, and the initiation of talks on Iran nuclear program. Riyadh's tempered optimism underscores the deep fissures remaining, particularly regarding robust verification measures for Iran nuclear ambitions and addressing its regional conduct, concerns amplified by the 2018 US withdrawal from the Joint Comprehensive Plan of Action (JCPOA) and its subsequent effective repeal in October 2025. With the MOU serving as a preliminary framework, the real test lies in the forthcoming 60-day negotiations to iron out critical details, especially concerning Iran nuclear capabilities and the promised $300 billion reconstruction fund. Regional players, including Saudi Arabia, will closely monitor the establishment of effective, long-term verification regimes and the definitive cessation of support for proxies like Hezbollah, which continues operations in Lebanon. The success of this fragile understanding hinges on whether it can move beyond a mere ceasefire to build genuine regional security architecture, addressing concerns over freedom of navigation and ensuring Iran civilian nuclear program poses no threat.