Iran war highlights: Deal to be signed on June 19; report says US will allow Iran to ‘immediately’ sell oil

US President Donald Trump, France's President Emmanuel Macron with his wife Brigitte walk before a family photo photograph prior to a gala dinner as part of the G7 summit in Evian-les-Bains, France.

Iran war highlights: Iran foreign minister Abbas Araghchi has said the talks on final agreement with US 'likely' to start Friday, AFP reported. Even as Iran and the US seem to be inching closer to a deal, Araghchi struck a cautious tone, saying: "We have a history of broken commitments... a history of agreements being torn up. All of this is present in our minds."

Oil prices ease

Oil prices extended losses on Tuesday, as markets weighed prospects for resumption of supply through the key Strait of Hormuz against shaky physical market drivers and a lack of details from a preliminary deal to end the Iran war.

By 0436 GMT, Brent crude futures fell 25 cents, or 0.3%, to $82.92 a barrel and U.S. West Texas Intermediate inched down 9 cents, or 0.1%, to $80.66 a barrel, Reuters reported.

On Monday, oil prices fell nearly 5% to their lowest close since March 4, after US President Donald Trump said a memorandum of understanding was signed to end the US-Israeli war with Iran, though full details have not been made public.

US Vice President JD Vance told Fox News on Monday that President Donald Trump may decide to release Washington's agreement with Tehran before Friday.

The agreement, which was electronically signed by leaders in the US and Iran, is expected to be signed in person on Friday.

Trump has dismissed reports that Washington would provide USD 300 million to Tehran under the newly announced peace agreement as "fake news."

In a post on Truth Social, Trump reiterated his administration's position that the agreement with Iran would ensure that Tehran does not develop nuclear weapons.

"Iran has agreed to never have a Nuclear Weapon! Also, the story that the US is paying Iran 300 million Dollars is Fake News, put out by the Dumocrats!!!" Trump wrote.

Trump says MoU signed

Trump said on Monday a preliminary agreement to end the war in the Gulf has been signed by the US and Iran, though details have yet to be made public and both countries said a permanent truce is yet to be negotiated.

The agreement would extend a tenuous ceasefire announced in April by another 60 days and reopen the Strait of Hormuz, which Iran has effectively blocked since the U.S. and Israel attacked Iran in February.

"The deal's all signed," Trump said after he arrived in France for a summit of the G7 group of big economies. He said Vice President JD Vance would attend a formal signing ceremony in Geneva on Friday.

History of broken commitments, says Araghchi

Even as US and Iran inch closer to a deal to end months of conflict, Iran foreign minister Abbas Araghchi struck a cautious tone, saying: "We have a history of broken commitments... a history of agreements being torn up. All of this is present in our minds."

Strait of Hormuz ‘reopened’

Trump also said Monday that ships were again moving through the Strait of Hormuz and the vital oil route would be "completely open" by Friday, after Washington and Tehran announced a deal to end the Middle East war.

The reopening of one of the key oil passage marks a major step toward ending months of deadly conflict and economic turmoil triggered by US-Israeli strikes on Iran on February 28.

"Ships are starting to move, many loaded up with Oil, out of the Strait of Hormuz," Trump said, adding later that he did not "think we will need much help" keeping the waterway open.

Iranian media reported on Monday evening that three oil tankers and two cargo ships carrying goods had passed through the area that had been subject to a US naval blockade.

Iran hails MoU

Iranian President Masoud Pezeshkian has described the memorandum of understanding (MoU) between Iran and the United States as the outcome of months of negotiations and sustained diplomatic efforts, saying that its successful implementation could become a source of national pride.

In a post on X, Pezeshkian praised officials and institutions involved in the negotiations that culminated in the agreement, which is expected to be formally signed later this week.

"The memorandum of understanding that has been drafted is the result of months of dialogue and persistent follow-ups in this regard, and if all its provisions are properly implemented, it can be considered a document of pride for the country," Pezeshkian wrote.

"I deem it necessary to thank my brothers, Dr alibaf, Araghchi, the members of the Shura Council, and all those who played a role in this path," he added.