US, Iran sign tentative deal to permanently end war: 10 things to know – Oil price falls, Hormuz reopens | Today’s news
The US and Iran have signed a tentative agreement to “immediately and permanently end” all military operations on all fronts including Lebanon, signaling an apparent end to the West Asian conflict more than 100 days after it began in late February.
This was announced by Pakistani Prime Minister Shehbaz Sharif, who was a key mediator in the peace talks between the US and Iran. Sharif said in a post on his social media that the official signing of the agreement will take place in Switzerland on Friday, June 19.
This was followed by a post by US President Donald Trump on the social media platform Truth Social, where he wrote: “The agreement with the Islamic Republic of Iran is now complete. I hereby fully authorize the free opening of the Strait of Hormuz and at the same time I hereby authorize the immediate lifting of the United States naval blockade.”
“Ships of the world, start the engines. Let the oil flow!” Trump claimed.
Soon after, Iran’s Deputy Foreign Minister Kazem Gharibabadi said in televised comments that the agreement meant an “immediate end” to the war between the countries and that they would hold talks within two months to seek a “final agreement”.
Here are the top 10 moments and reactions to the US-Iran peace deal:
- Iran’s Mehr news agency reported that the US would release $12 billion in frozen assets to Iran ahead of the talks, citing a 14-point memorandum of understanding, the details of which are still unclear.
2. After the MoU is formally signed, the US is expected to release $24 billion in frozen Iranian assets during a 60-day negotiation period.
3. Brent crude fell 3.95% to $83.88 per barrel in response to the peace deal announcement.
4. In a joint statement, the UK, France, Germany and Italy said they were ready to lift sanctions on Iran and would work “with the US, Iran and regional partners to seize this moment, maintain momentum and achieve a long-term diplomatic settlement”.
5. The Strait of Hormuz is expected to reopen after the formal signing of the agreement on Friday. However, Turkey’s Anadolu Agency quoted the memorandum of understanding as saying the critical waterway could reopen within 30 days of the formal signing of the agreement.
6. Energy experts have warned that it will be months before oil companies can resume operations to the point of meeting global demand.
7. The Indian rupee is poised to climb well above 95 per US dollar at the open on Monday, after settling at 95.11 on Friday.
8. Iranian Foreign Minister Abbas Araghchi said that the terms of the resolution of Iran’s nuclear program would be finalized within 60 days after the initial agreement was signed, and that the parties could decide to extend this period.
9. Trump said on Sunday that the Iran peace deal had been delayed by “a few hours” because of Israel’s attack on Beirut. Trump lashed out at Israeli Prime Minister Benjamin Netanyahu over the attack on Beirut, saying: “Why did Bibi (Netanyahu) have to carry out a heinous attack?” This was reported by Axios.
10. Trump is now heading to the French Alps to meet his fellow world leaders at the Group of Seven (G7) summit after announcing the deal.
