Deal terms take shape after months of conflict
The United States and Iran reached a tentative agreement to end their months-long war, with a formal signing ceremony scheduled for Friday in Switzerland. Senior US officials outlined a memorandum that includes standards for diluting Iran's uranium stockpile, lifting the US naval blockade, and guaranteeing toll-free passage through the Strait of Hormuz. Iran's supreme leader endorsed the deal, describing it as a move the US made 'out of desperation.'
Oil markets react as Strait of Hormuz reopens
Global markets surged on the announcement, with US crude oil prices falling to their lowest point since early March. However, prices remain up 40% since the start of the year. While Trump declared the Strait of Hormuz reopened, most commercial ships have stayed put, awaiting security guarantees. US allies are proposing a naval demining and escort mission to reassure shipping crews and insurers that the waterway is safe to transit.
G7 leaders rally behind the agreement
At the G7 summit in the French Alps, world leaders praised the Iran deal, buoying Trump's attitude toward the international gathering. The agreement also requires Israel to withdraw from Lebanon, according to Iranian officials. Meanwhile, the US lifted its naval blockade, and Vice President JD Vance confirmed that nuclear inspectors will return to Iran under the terms of the accord.