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Opening summary
Hello and welcome to our live coverage of events in the Middle East, with the US and Iran agreeing to a tentative deal to end the war.
There are still many details to be ironed out after an MoU is expected to be signed in Geneva on Friday.
Here is what we know so far.
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The US and 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.
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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!”
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Trump subsequently said the “Great Deal” would bring peace and 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, and the World!”
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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.
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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”.
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In a call to the New York Times, Trump claimed that under the deal the strait would be “permanently toll free”.
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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.
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Some, such as Republican senator Lindsey Graham have expressed concern about the differing substance from US and Iranian negotiating teams.
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Leaders in Europe, Japan, and Australia have welcomed the deal, while the UN chief António Guterres hailed it as a “critical step”.
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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.
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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.
Key events
The United States and Iran said they reached a deal to end the Middle East war on all fronts including Lebanon, and reopen the vital strait of Hormuz, but offered little indication on the thorny question of Tehran’s nuclear programme, reports Agence France-Presse.
Washington and Islamabad said the agreement was to be signed on Friday in Switzerland. But the content of the deal, which follows weeks of fraught negotiations and periodic threats from Trump of fresh hostilities unless Iran reached a deal, remained unclear.
Iran’s Mehr news agency reported the US would release $12bn in frozen assets to Iran before the start of negotiations.
It quoted a 14-point “memorandum of understanding” between the two nations, which it said stipulated “the release of 24 billion dollars in frozen Iranian assets during the 60?day negotiation period” that begins after the MoU is signed.
The Trump administration didn’t immediately comment on the details of the agreement, which may prove contentious as the US presses its effort to end Tehran’s nuclear ambitions and deal with its stockpile of highly enriched uranium – believed to have been buried by US strikes last year.
In an interview with the New York Times on Sunday, Trump said Washington was still negotiating whether Iran would suspend its enrichment for 20 years.
French president Emmanuel Macron said the deal between the US and Iran will be discussed at the G7 summit, which begins Monday in the French resort town of Evian-les-Bains and brings together leaders of the world’s major advanced economies, including president Donald Trump.
“The aim will be to assess the implications of this agreement, support for Lebanon, the long-term reopening of the Strait of Hormuz, and, of course, reaching a deal on Iran’s nuclear and ballistic (missile) programs,” Macron said in a video posted on X.
Egypt, Qatar and the United Arab Emirates will join discussions in Evian on Tuesday.
The G7 includes the US, France, Canada, Germany, Italy, Japan and the UK.
Global oil prices have tumbled amid fresh hopes that a US-Iran peace deal may end the greatest energy supply crisis in the history of the market, write the Guardian’s Jillian Ambrose and Jonathan Barrett.
The price of Brent crude dropped below $84 a barrel as the new trading week began in financial centres across Asia-Pacific, amid optimism that the strait of Hormuz could reopen shortly and bring a return of Gulf oil exports to the market.
Read the full story below:
How much sticking power will the “great deal” – as Trump has described it – have given that so many details are yet to be addressed?
Speaking to Australian Associated Press, Kylie Moore-Gilbert, an expert on Middle Eastern politics who spent more than two years in an Iranian prison, said the pause in fighting would probably be temporary because of unaddressed sticking points.
The agreement failed to deal with Tehran’s ambitions to build nuclear weapons, its use of proxies in the region, its missile program and human rights abuses, she said.
Every single reason cited for this war by the Trump administration … has not been addressed,” she said.
All those sticking points remain, and we can expect that the Islamic Republic will continue in its intransigence and resist coming to any kind of arrangement or agreement on those points.
This is just kicking the can down the road to the next conflict.”
World leaders react to the peace deal
News of the deal has sparked comment from leaders around the globe, including in France, Qatar, the UK, Turkey, Japan and Australia.
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Qatar’s foreign ministry expressed its “full support for all efforts and initiatives aimed at enhancing regional security and stability’”.
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Turkish President Recep Tayyip Erdogan stressed “the need to avoid rhetoric, provocations, and actions that could escalate tensions in the period leading up to the signing of the agreement, and to remain vigilant against possible sabotage.”
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French President Emmanuel Macron called for “the urgent and unconditional reopening of the Strait of Hormuz,” adding that France and the UK were “ready to support”.
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British prime minister Keir Starmer said “toll-free freedom of navigation must now be restored in the Strait of Hormuz,” adding that the UK was ready “to offer support on mine clearance.” “It remains the UK’s firm and longstanding position that Iran must never have a nuclear weapon,” he added.
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Australian prime minister Anthony Albanese and foreign minister Penny Wong called for “continued restraint and constructive engagement”. “Iran must address longstanding concerns about its nuclear program and the threat it poses to international security,” they said in a joint statement.
Crude prices plunge, stocks surge on US-Iran peace deal
News of the US-Iran peace deal has been greeted by global markets with a sigh of relief.
The strait of Hormuz – a vital maritime chokepoint through which roughly 20% of the world’s crude oil supply transits – was effectively closed by Tehran soon after US-Israel strikes on Iran kicked off the conflict on 28 February, roiling global markets for months.
Writing on Truth Social on his 80th birthday, President Trump said:
“ 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!”
Crude prices tanked as much as 5% Monday, with West Texas Intermediate approaching $80 a barrel for the first time since the start of March. Brent was down more than 4% at about $83.60
Asian equities surged, led by Tokyo and Seoul, which piled on more than 5% apiece.
It’s been an eventful day, with the most substantial development we have seen so far in reaching a peace deal.
The tentative agreement comes more than three months after the US and Israel launched strikes Iran. But a lot of questions remain.
This helpful explainer addresses what we know, and don’t, so far.
Opening summary
Hello and welcome to our live coverage of events in the Middle East, with the US and Iran agreeing to a tentative deal to end the war.
There are still many details to be ironed out after an MoU is expected to be signed in Geneva on Friday.
Here is what we know so far.
-
The US and 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 and 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, and 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, and 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.
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