US-Iran peace deal news LIVE: Trump envoy Witkoff heads to Switzerland for nuclear talks with Tehran, report says | Today’s news
US-Iran peace deal news LIVE: US President Donald Trump has again defended the deal amid criticism in Washington. Some Republican lawmakers, including allies in his own party, argued he made excessive concessions to end a conflict that has become increasingly unpopular with American voters ahead of the November election.
The Iran War, which began on February 28 with airstrikes by the United States and Israel on Iran, has claimed at least 7,000 lives, with the highest casualties in Iran and Lebanon. The conflict also raised global energy prices, contributing to inflationary pressures around the world.
Brent crude prices rose slightly on Friday, but were still on track for a weekly decline of around 8% following the Lebanon ceasefire. Crude shipments through the Strait of Hormuz also increased following this week’s deal.
Before Iran imposed a blockade during the conflict, the Strait of Hormuz handled nearly 20% of the world’s oil and liquefied natural gas supplies.
On Friday, Iran’s authority responsible for overseeing the strait announced it would suspend planned transit fees while negotiations on an interim agreement continue.
The Memorandum of Understanding (MoU) includes significant sanctions relief for Iran, the release of tens of billions of dollars worth of frozen assets and immediate US waivers to allow Iranian oil exports. It also outlines a $300 billion fund to rebuild Iran, along with other economic incentives.
Meanwhile, Israel and Hezbollah reached a cease-fire agreement in Lebanon on Friday after a surge in hostilities threatened efforts to turn a temporary arrangement aimed at ending the Iran conflict into a broader, more permanent Middle East peace deal.
Planned US-Iranian talks in Switzerland were canceled that day as renewed violence in Lebanon raised doubts about when talks could resume. These discussions are seen as key to securing the reopening of the Strait of Hormuz, a key route for global shipping.
While the White House did not provide a specific explanation for the delay, it said Thursday night that holding such meetings “has never been easy or predictable.”
Later, Trump told NBC News that he had spoken with Israeli officials and urged them to accept a ceasefire.
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