Brent crude has fallen to levels last seen before the Iran war as shipping through the Strait of Hormuz gradually resumes. The rebound in traffic follows a U.S.-Iran memorandum setting up 60 days of negotiations, though disputes over fees and vessel authorization remain.
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IAEA chief Rafael Grossi said inspections in Iran will take place under a preliminary US-Iran agreement. Tehran says access to damaged nuclear sites and materials depends on a final deal and sanctions relief.
The UN’s International Maritime Organization has begun evacuating more than 11,000 sailors stranded after the Strait of Hormuz was effectively closed during the US-Israel war against Iran. The operation follows a US-Iran memorandum of understanding, though disputes remain over inspections and the strait’s future.
Israel and Hezbollah agreed to a ceasefire, U.S. and regional officials said, but strikes and shelling continued in southern Lebanon after the deadline. Lebanon’s health ministry said Israeli attacks Friday killed at least 47 people and wounded 97.
The national average price for regular gasoline fell below $4 a gallon for the first time since March after a preliminary U.S.-Iran agreement to end the war and reopen the Strait of Hormuz. Prices remain well above prewar levels, and experts warn broader cost pressures may persist.
Trump’s 14-point memorandum with Iran extends a ceasefire and promises sanctions relief, but leaves nuclear limits, uranium stockpiles and enforcement details for 60 days of talks. The framework also includes immediate oil waivers, a proposed $300 billion reconstruction plan and provisions on the Strait of Hormuz.
Trump and Iranian President Masoud Pezeshkian signed a 60-day initial agreement to halt the war, reopen the Strait of Hormuz and begin talks on Iran’s nuclear program. The deal drew praise from G7 leaders and sharp criticism from U.S. lawmakers and Iranian hardliners.