A US-Iran agreement to extend the ceasefire between the two countries has been signed and is now in effect.

President Donald Trump formally signed the deal – which is set to reopen the Strait of Hormuz – while attending the G7 summit in France.

The 14-point agreement says that Iran will never have a nuclear weapon, and also commits a $300bn fund for the “reconstruction and economic development” of the country – although the US is not required to contribute.

The BBC’s Caroline Hawley explains what you need to know about the agreement.

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0:00 Papers are signed

0:35 Key points in the agreement

01:38 Who gains the most?

02:08 Did Trump achieve his goals?

03:31 Nuclear weapons agreement

04:57 Iran’s protesters

05:59 Impact on economy

07:23 Will it work?