Welcome to our live coverage of events in the Middle East, where the United States and Iran have agreed to a tentative deal to end the war. Many critical details remain to be ironed out, with a memorandum of understanding expected to be signed in Geneva on Friday.
Key Details of the Agreement
The US and Iran have reached a tentative peace deal, though questions about the reopening of the Strait of Hormuz and the future of Iran's nuclear program persist. The agreement was first announced by Pakistan's Prime Minister Shehbaz Sharif, who has been mediating. Shortly after, Donald Trump confirmed the deal, stating: "The Deal with the Islamic Republic of Iran is now complete. Congratulations to all!" Trump later described it as a "Great Deal" that would bring peace and security to the region, claiming the Strait of Hormuz would be reopened.
In a post on Truth Social, Trump wrote: "The Leaders of the Region have, for the first time, found a President who can help them achieve real Peace. With the opening of the Strait upon the signing of the Deal on Friday, for purposes of mine removal, oil will flow on both ends again for the Region, and the World!"
Iran's Deputy Foreign Minister Kazem Gharibabadi said in televised comments that the agreement puts an "immediate end" to the war between the two countries, including on all fronts such as Lebanon. However, the management of the Strait of Hormuz remains uncertain. Iran's state media Mehr reported that the MoU to be signed in Geneva stipulates that the strait will be managed under "Iranian arrangements."
In a call to the New York Times, Trump claimed that under the deal, the strait would be "permanently toll free." He also warned that if Iran fails to reach a final nuclear accord with the US, he would restart military attacks on Tehran or make the US "the guardian of the Middle East" in return for 20% of the region's revenues.
Reactions and Market Impact
Some, like Republican Senator Lindsey Graham, have expressed concern about differing statements from US and Iranian negotiating teams. Leaders in Europe, Japan, and Australia have welcomed the deal, while UN Secretary-General António Guterres hailed it as a "critical step."
Asian markets responded positively, with benchmarks in Tokyo and Seoul gaining more than 5% early Monday. Oil prices fell more than $3 a barrel. There has been no immediate reaction from Israel, which said it was not party to the planned US-Iran deal. The agreement was sealed despite an Israeli strike on Lebanon on Sunday that drew criticism from both Iran and Trump.
