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.
Posts tagged as “Hormuz Security Force”
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 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 a settlement to end the Iran war had been reached, but Iranian officials said Tehran had not made a final decision. A proposed memorandum reportedly includes a 60-day ceasefire extension, reopening the Strait of Hormuz and further nuclear talks.
U.K. Defense Secretary John Healey resigned after rejecting the government’s military funding plan, saying it would leave the armed forces under-resourced and could make the country less safe. The BBC reported he had pushed for defense spending to reach 3% of GDP by 2030 but was offered a smaller increase.
John Healey resigned as Britain’s defence secretary, saying Prime Minister Keir Starmer and the Treasury had failed to provide the resources needed for national defence. His departure is the sixth ministerial resignation since Labour’s poor election showing last month.