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Deal, blockade, and Hormuz
The United States and Iran reached a deal aimed at ending the war and reopening the Strait of Hormuz, with a signing ceremony set for Friday in Switzerland, mediator Pakistan said.
“A signing ceremony is set for Friday in Switzerland, mediator Pakistan said.”
Trump said the Strait of Hormuz would be reopened on Friday and that he was authorizing the immediate removal of the United States Naval blockade, while global markets soared after the tentative deal was announced.
The memorandum of understanding gives the two sides 60 days to resolve what to do about Iran’s stockpile of highly enriched uranium and its nuclear program, according to Iranian state media.
Oil prices fell more than $4 a barrel on the news that shipping may soon be restored through the key trade route, and the price of U.S. crude oil closed down 4.8% to $80.75 per barrel while Brent crude closed down 4.7% to $83.17 per barrel.
The deal was finalized despite an Israeli strike criticized by both Trump and Tehran, as Iran’s Foreign Minister Abbas Araghchi warned Israeli attacks there need to be completely halted and that the U.S. bears responsibility.
Israel, Lebanon, and competing claims
Even as the U.S. and Iran moved toward a signing, Israel said its forces won’t withdraw from land seized in Lebanon, and Netanyahu told reporters he was not aware of the broader details of the deal.
Netanyahu said, “Trump and I have known each other for many years. Many times we see things eye to eye, and sometimes we do not,” while also insisting, “Any agreement with Iran must be backed by a credible military threat.”
A senior administration official said Israel’s withdrawal from Lebanon is not a condition of the deal, while the BBC reported that a spokesperson for the secretary-general of the United Nations said the deal “represents a critical step towards the peaceful settlement of the conflict.”
Iran’s semi-official Tasnim news agency reported that three oil tankers and two ships carrying essential Iranian goods have passed through the US naval blockade on the Strait of Hormuz, and a screenshot from MarineTraffic showed the Iranian bulk carrier Momentum Phonix heading to the western side of the strait.
The BBC also reported that residents had begun returning to the rubble of their homes in several towns in southern Lebanon as Israeli airstrikes targeted dozens of sites across the region over the weekend after Israel issued evacuation warnings.
What’s at stake next
The deal’s text remained confidential in multiple accounts, and the BBC said a senior US official stated details of the MOU will be released publicly in “24 to 48 hours,” leaving lingering questions about what the agreement actually requires.
“released publicly in24 to 48 hours2”
The NBC News live updates said the memorandum of understanding leaves some key issues unresolved, setting up potential future tensions, including the 60-day window for Iran’s highly enriched uranium and its nuclear program.
The Washington Post reported that the deal appeared to leave significant areas of disagreement unresolved and subject to further negotiations, especially Iran’s nuclear program and the wide range of U.S. sanctions imposed on Tehran.
The CBS News account said Pakistani Prime Minister Shehbaz Sharif described the agreement as including “the immediate and permanent termination of military operations on all fronts, including in Lebanon,” while also noting that the deal would be signed during an official ceremony on June 19 in Switzerland.
With the Strait of Hormuz reopening and the U.S. naval blockade ending, the NBC News report said the U.S. Strategic Petroleum Reserve has fallen to its lowest level since 1983, as the administration continues draining 172 million barrels from the reserve into global markets to mitigate rising prices.
