Oil prices dropped after Trump announced an initial US-Iran deal to reopen the Strait of Hormuz, but shipping, insurance and mine-clearing hurdles could delay a return to normal. Analysts warn energy, fertiliser and consumer prices may remain under pressure for months.
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The United States and Iran say they have reached a tentative agreement to end the war, reopen the Strait of Hormuz and halt fighting in Lebanon. The deal is expected to be signed Friday in Switzerland, but nuclear issues, sanctions relief and Israel’s role remain unresolved.
An Israeli strike on Beirut’s Dahieh area killed at least three people and prompted President Donald Trump to say the attack should not have happened as a US-Iran deal neared. Iranian officials blamed the US and Israel for the consequences and warned of a response.
Trump held separate calls with Putin and Zelenskyy as the Ukraine war loomed over the upcoming G7 summit. Russian officials said Trump pushed for an end to hostilities, while Zelenskyy said he and Trump agreed to continue talks at the summit.
Trump and Pakistan said a U.S.-Iran deal could be finalized within 24 hours, but Iran said it would not be signed Sunday. The proposed memorandum includes provisions on the Strait of Hormuz, the U.S. blockade of Iranian ports and Iran’s enriched uranium stockpile.
Trump said a deal to stop the war with Iran could be signed Sunday and that the Strait of Hormuz would be “open to all” afterward. Iran rejected the Sunday timeline but said a signing could happen in the coming days.
Trump said an initial agreement with Iran is scheduled to be signed Sunday and would reopen the Strait of Hormuz, but Iran’s Foreign Ministry said no signing would occur that day. The two sides have signaled a deal may be near while offering conflicting accounts of its timing and terms.
Trump said a U.S.-Iran deal is scheduled to be signed Sunday and would reopen the Strait of Hormuz, but Iran said the memorandum would not be signed that day. Pakistan, a key mediator, said finalization could come within 24 hours.