Pakistan PM says signing of agreement – as it happened

Donald Trump confirmed on his Truth Social platform that a deal between the US and Iran has been reached.

“The Deal with the Islamic Republic of Iran is now complete,” Trump wrote. “Congratulations to all! I hereby fully authorize the toll free opening of the Strait of Hormuz. and, simultaneously herewith, authorize the immediate removal of the United States Naval blockade. Ships of the World, start your engines. Let the oil flow!”

Thank you for following our live coverage of what has been an eventful day, with a tentative peace deal on the table. what appears to be the most significant breakthrough yet in ending the war in Iran.

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For now, here is a quick recap of the latest.

The US. Iran have reached a tentative peace deal to end the war, although many critical questions and details, including the reopening of the strait of Hormuz, and the future of Iran’s nuclear program, remain unanswered.

The agreement was first announced by Pakistan’s prime minister, Shehbaz Sharif, who has been acting as a mediator. Minutes later, Donald Trump confirmed the deal, writing: “The Deal with the Islamic Republic of Iran is now complete. Congratulations to all!”

Trump subsequently said the “Great Deal” would bring peace. security to the region and claimed the strait of Hormuz would be reopened. “The Leaders of the Region have. for the first time, found a President who can help them achieve real Peace,” he said in a post on Truth Social. “With the opening of the Strait upon the signing of the Deal on Friday, for purposes of mine removal, oil will flow on both ends again for the Region,. the World!”

In televised comments. Iran’s deputy foreign minister Kazem Gharibabadi said the agreement with the United States puts an “immediate end” to the countries’ war. He said the end of the war had been declared on all fronts, including Lebanon.

However. how the strait of Hormuz will be managed seems uncertain, with Iran’s state media Mehr saying that an MoU expected to be signed in Geneva on Friday stipulates that it will be carried out under “Iranian arrangements”.

In a call to the New York Times. Trump claimed that under the deal the strait would be “permanently toll free”.

Trump also insisted that if Iran failed to reach a final nuclear accord with the US. he would restart military attacks on Tehran or make the US “the guardian of the Middle East” in return for 20% of the region’s revenues.

Some, such as Republican senator Lindsey Graham have expressed concern about the differing substance from US and Iranian negotiating teams.

Leaders in Europe, Japan,. Australia have welcomed the deal, while the UN chief António Guterres hailed it as a “critical step”.

Asian markets have responded positively to news, with benchmarks in Tokyo and Seoul gaining more than 5% early Monday. Oil prices fell more than $3 a barrel.

There has been no immediate reaction to the announcement from Israel. which has said it was not party to the planned US-Iran deal. The agreement ‌was sealed despite an Israeli strike on Lebanon on Sunday that drew criticism from both Iran and Trump.

Trying to wrap your head around what has been agreed upon?

This handy explainer on the tentative peace deal is what you need.

More than three months after attacking Iran. Trump on Sunday gave his approval to a “memorandum of understanding” that marks the most significant breakthrough in peace talks so far.

With an agreement on a framework for a peace deal with Iran. Trump may ⁠have found a way to begin extricating himself from an unpopular war while setting global markets on a path toward easing energy prices that have spiked during the crisis.

But has he settled for a deal. appears short of many of the goals he outlined in the early days of the conflict?

As Reuters reports, Trump may be potentially opening himself up to attacks from hawks in his own party. leaving the US ⁠looking strategically worse off than it did before he ⁠went to war.

Australia’s prime minister and foreign minister have also welcomed the deal.

In a joint statement Anthony Albanese and foreign minister Penny Wong said:

“We are pleased the agreement between the US. Iran includes steps towards reopening the Strait of Hormuz and the restoration of freedom of navigation,” they said.

“While full recovery will take time, restoring this vital trade corridor is essential to easing pressure on energy prices. economises, including in our region.”

While the peace was welcome, more work was needed to secure a “durable and lasting peace”, the pair said.

“Iran must address longstanding concerns about its nuclear program and the threat it poses to international security,” they said.

Share prices soared Monday in Asia after a deal was announced on ending the Iran war. reopening the strait of Hormuz.

Benchmarks in Tokyo and Seoul gained more than 5% early Monday. Oil prices fell more than $3 a barrel.

US President Donald Trump confirmed the deal and authorised an end to the US naval blockade of Iranian ports. But it may take months for oil prices to stabilise after the disruptions from the war caused them to surge, pushing costs up gasoline. many other products.

While greeting the deal, US Republican Senator Lindsay Graham has also expressed concern about conflicting statements regarding its details.

Writing in a post on X, he said:

double quotation mark I am pleased to hear the memorandum of understanding with Iran to allow the Strait of Hormuz to open has been agreed to. I will be watching closely the ensuing negotiations regarding Iran’s nuclear program and other matters. I am somewhat concerned that Iran’s view of the agreement seems different than what the American negotiating team is claiming.

double quotation mark Under our law, any nuclear deal with Iran will be sent to Congress for review. a vote. I look forward to reviewing the final product. I believe it is imperative that the architect of the deal, Vice President Vance and his negotiating partners, be part of the process in presenting the final deal to Congress. Congratulations to all in getting us to this point. Time will tell.”

Japan’s welcomes ⁠the US-Iran deal toward ending ⁠hostilities. ⁠hopes ​for steady implementation of the agreement, ⁠including the actual reopening of the ⁠strait of Hormuz ​for ‌international vessels, ‌prime minister Sanae Takaichi ‌said on Monday.

In an X post, Takaichi said Japan “strongly hopes” that “free. ‌safe navigation through the Strait ​of Hormuz will be ensured in practice, and that ⁠a final agreement on ​Iran’s nuclear ​issue and ​other matters ​will ‌be reached ​as ​soon as possible.”

High oil. gas prices and energy supply problems won’t be solved overnight, despite an agreement to end the Iran war and open the strait of Hormuz announced Sunday, writes the Associated Press.

It will probably take months before energy companies can resume operations to the point of meeting the world’s demand. according to energy experts. The slow pace of the process of shipping. refining crude oil, and doubts about the security of travelling through the strait mean the effect won’t be seen immediately, they said.

Ships loaded with crude oil have been stranded in the Persian Gulf for more than three months, unable to safely travel through the waterway, through which about a fifth of the world’s oil. gasoline supplies typically travelled before the war began.

“It’s going to take time for people to feel comfortable and for insurance to be in place.. particularly to get people on the ground to restart some of these assets,” said Daniel Evans, global head of fuels. refining research at S+P Global Energy.

The United Kingdom, France, Germany. Italy said they were prepared to lift sanctions imposed on Iran, according to a joint statement Sunday, welcoming an agreement reached between the Washington and Tehran to end the war in the Middle East.

double quotation mark We are prepared to lift relevant sanctions in response to clear. verifiable steps by Iran on its nuclear programme. We will work intensively with the US, Iran. regional partners to seize this moment, maintain momentum and achieve a long-term diplomatic settlement,” the joint statement read. “Iran must never acquire a nuclear weapon. We stand ready to work with the US, Iran and the IAEA (International Atomic Energy Agency) to this end.”

The United States will release $12bn in frozen assets to Iran before the start of negotiations. Mehr news agency reported on Monday.

Quoting a 14-point memorandum of understanding between the two nations. the document published by Mehr stipulated “the release of 24 billion dollars in frozen Iranian assets during the 60?day negotiation period” that begins after the memorandum of understanding is concluded.

“ Half of this amount must be made available to Iran before the start of the negotiations,” the text. which has not been officially confirmed, specifies.

In a call with the New York Times. president Trump has said that under an agreement with Iran the strait of Hormuz will be “permanently toll free”.

Trump also insisted that if Iran failed to reach a final nuclear accord with the US. he would restart military attacks on Tehran or make the US “the guardian of the Middle East” in return for 20% of the region’s revenues.