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

Iran war LIVE: 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 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 US West Texas Intermediate inched down 9 cents, or 0.1%, to $80.66 a barrel, Reuters reported.

Iran war LIVE: Calling it "too early to be optimistic," Iranian academic Elham Kadkhodaee has urged caution over the proposed US-Iran Memorandum of Understanding (MoU), saying the document is not a comprehensive peace agreement but a temporary arrangement aimed at extending the ceasefire and allowing time for further negotiations.

Speaking to ANI, Kadkhodaee, an assistant professor of West Asian Studies at the University of Tehran, said the understanding currently under discussion should not be seen as a final resolution to the longstanding tensions between Washington and Tehran.

Iran war LIVE: A tentative agreement to end the war with Iran has raised hopes of lower prices for gasoline, groceries, airline tickets and other goods that became more expensive during the conflict.

But economists and industry analysts say consumers should not expect immediate relief.

Even if oil supplies from the Middle East begin flowing normally again, it could take time for lower costs to reach fuel stations, supermarkets and other retailers.

The fighting around the Strait of Hormuz disrupted supplies of crude oil and refined fuels, while also affecting supply chains for fertiliser, food products and even footwear.

Iran war LIVE: Iran's top diplomat said on Tuesday that a tentative agreement aimed at ending the war with the United States would require Israel to withdraw from Lebanon, a demand that Israel has already rejected and one that could jeopardise the deal and trigger a return to full-scale fighting.

The agreement between the US and Iran has not been made public, and officials from both sides have at times offered differing interpretations of its terms.

Although Israel is not a party to the accord, it entered the conflict after joining the US in launching strikes on Iran on February 28. Israel has also fought the Iran-backed Hezbollah group in Lebanon and occupies large areas of the country.

Iran war LIVE: Israeli Prime Minister Benjamin Netanyahu told President Donald Trump last year that he was the "greatest friend Israel ever had in the White House."

But as Trump works to secure a deal to end the war with Iran, he has turned sharply against Netanyahu, using rhetoric that no previous US president has publicly employed against the longtime Israeli leader.

Trump has claimed credit for Israel's existence, declaring that "without me, there would be no Israel," while also questioning Netanyahu's judgment in media interviews. At one point, he even described the Israeli prime minister as “crazy.”

Iran war LIVE: Gold prices climbed more than 1% on Tuesday as expectations of a US Federal Reserve interest-rate hike later this year eased following an interim US-Iran peace agreement that pushed oil prices lower and reduced concerns over inflation.

Spot gold rose 0.8% to $4,338.86 an ounce by 1:55 p.m. ET (1755 GMT), after touching its highest level since June 5 in the previous session.

Meanwhile, US gold futures for August delivery settled 0.1% higher at $4,354.40 an ounce.

Iran war LIVE: Oil prices extended their decline on Tuesday, slipping below $80 a barrel for the first time since early March, while US stock indexes delivered a mixed performance.

The S&P 500 fell 0.4%, leaving it 1.1% below the record high it touched earlier this month. The Dow Jones Industrial Average rose 391 points, or 0.8%, moving closer to another record, with more stocks advancing than declining on Wall Street.

However, losses in several heavyweight technology stocks dragged the Nasdaq Composite down 0.7% in late trading.

Iran war LIVE: The US will allow Iran to immediately begin selling oil and fuel under the deal to end the war, offering Tehran an early financial incentive to wind down the conflict, people familiar with the agreement said.

The provision for waivers of sanctions on oil sales takes effect immediately upon the signing of the agreement this week and also covers necessary services including banking, transportation and insurance to facilitate the sales, the people said.

-WSJ

Iran war LIVE: Iranian Parliament Speaker Mohammad-Bagher Ghalibaf and Lebanese Parliament Speaker Nabih Berri on Tuesday stressed the importance of preserving Lebanon's sovereignty and ensuring the fulfilment of commitments outlined in the memorandum of understanding linked to the Tehran-Washington peace agreement aimed at ending hostilities in West Asia, news agency ANI reported.

According to Iran's state broadcaster IRIB, the two leaders discussed the latest regional developments during a telephone conversation and reiterated the need to safeguard stability and support the implementation of the understandings reached under the agreement.

Iran war LIVE: Israel's offensive on Lebanon has been a sticking point for Iran-US deal, with Israel leaders criticising the pact. Defense Minister Israel Katz has maintained that Israel will not withdraw from the parts of southern Lebanon it occupies or give up its ability to respond to Hezbollah attacks. If Iran strikes Israel over the war in Lebanon, Katz said, Israel will hit Iran "with full force."

A senior US official quoted by the Axios said the deal does not require an Israeli withdrawal and would not create a "one-way ceasefire," meaning Israel could respond if Hezbollah attacks. Trump has said he hopes to "solve" the situation in Lebanon and that "we'll have to have a little chat with Hezbollah about this."

Iran war LIVE: Iran's nuclear programme has been a thorny issue for the peace deal. Trump on Monday said that Iran has agreed to ‘never have nuclear weapons'

Araghchi has said that talks with the US on a final agreement covering Iran's nuclear programme will begin after the MoU signing.

"In the final agreement, decisions will be made on the nuclear issues and the lifting of sanctions," he added.

However, US intelligence has doubts on Iran's intentions on peace deal with CIA Director John Ratcliffe informing President Trump and other senior officials that evidence gathered by US intelligence agencies indicating its unwillingness, Axios reported.

Iran war LIVE: President Donald Trump said he may hold a press conference to read the full memorandum of understanding (MOU) with Iran word-for-word to ensure accurate media coverage once it is released.

"I will actually not only release it, I'll probably have a press conference and read it to you word-by-word, so that the press covers it accurately, because it's, it's a very important document."

Iran war LIVE: Former Israeli prime minister Naftali Bennett told Iran International that the Islamic Republic’s agreement with the United States is temporary, and that Israel must ensure the deal dismantles Tehran’s missile program and prevents Iran from obtaining a nuclear weapon.

Iran war LIVE: While the interim agreement extends the ceasefire announced in April by another 60 days, the final deal will be finalised after the negotiations resume on Friday. Iran foreign minister Abbas Araghchi said on Tuesday that talks with the US will resume on Friday in Geneva where the representatives from two sides will be physically signing the interim deal.

However, uncertainty may still loom over the final deal as Araghchi said the deal to end the war with the US would also require Israel to withdraw from Lebanon. He said that Israel's continued occupation of southern Lebanon would violate the memorandum of understanding reached between the United States and Iran, in comments aired on Iranian state television.

Iran war LIVE: The Swiss foreign ministry said that the potential signing of the US-Iran deal is currently scheduled for Friday, 19 June at the Bürgenstock resort in central Switzerland.

Iran war LIVE: Hezbollah said it has received assurances from Iran that it will push for an Israeli withdrawal from Lebanon in the next phase of US-Iran talks after the signing of a memorandum of understanding on Friday.

According to Hezbollah’s media relations office cited by Reuters, the withdrawal would be treated as an outcome of ongoing negotiations rather than a pre-condition for the deal. However, the group added a strong red line, stating there would be “no nuclear deal between Iran and the United States unless the Israelis withdraw” from Lebanon.

Iran war LIVE: Once the deal is signed, the strategic oil passage, Strait of Hormuz, would be opened without tolls or any other restrictions. The vessels are already moving in Hormuz, including a supertanker sanctioned for its role in moving Iranian oil is moving toward the Persian Gulf, Bloomberg reported.

Iran media also reported that at least three Iranian oil tankers and two cargo ships carrying essential goods passed through the Strait of Hormuz.

Trump, on his Truth Social, announced the removal of US naval blockade on Hormuz “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!,” he wrote.

He said Hormuz “is already partially opened,” and “it’ll be completely opened” on Friday.

Iran war LIVE: The MOU will provide a structure for how the US-Iran relationship will operate in the future, a US official was quoted as saying by Reuters. The official further said that any benefits to Iran such as sanctions relief and release of Tehran's frozen funds would only come based on their willingness to work with Washington on their nuclear program and not fund "radicalism" in the region.

"We are prepared to release frozen funds and we are prepared to relieve sanctions, and we'll do some small gestures of that in the beginning if they make some small gestures to us that show that they're willing to meet their commitments as well," another US official was quoted as saying.

Iran war LIVE: US President Donald Trump on Tuesday took a jibe at Israeli Prime Minister Benjamin Netanyahu saying Israel's been fighting Hezbollah for too long and a lot of people are being killed.

"Israel's fighting Hezbollah too long and too many people are being killed," Fox News reported.

He “suggested” that let Syria deal with Hezbollah if Israel cannot do so without killing people.

"If Israel can't do the job without killing everyone else, he'll do the job. Syria will do the job."

Iran war LIVE: Trump says he'll send agreement aimed at ending war with Iran and opening nuclear negotiations to Congress for review, AP reported.

Iran war LIVE: US President Donald Trump on Tuesday said he had advised Israel to allow Syria to handle Hezbollah.

Referring to Al-Sharaa as “a person that I put there,” Trump said he “suggested to Israel” that the Syrian leader should “take care of Hezbollah," CNN reported.

“He’s not a Boy Scout, but he’s done an amazing job of pulling it together, and he is very good with Hezbollah. Does not like them,” Trump said. “I suggested to Israel to let Syria take care of Hezbollah, because to be honest with you, I think they do a better job of doing it.”

Iran war LIVE: At the G7 summit, Trump said Iran’s current leaders are “not radicalised” and want to “help their country,” hoping for a “good relationship” with the United States.

He said that once a final deal is reached, Iran’s economic prospects would be “good,” but added that its leaders need to “prove themselves first.”

Trump repeated that “whether they do well or poor – they can’t have a nuclear weapon.”

He also claimed that if no agreement had been reached, the US had plans to escalate its actions against Iran, adding, “If we did that, I believe they would have never ever been able to rebuild.”

Iran war LIVE: Qatar has said that agreements on deeply divisive regional issues between the US and Iran will not be reached in a matter of days. Foreign Ministry spokesman Majed al-Ansari said key points of discussion include the Strait of Hormuz, regional security, non-aggression pacts and broader ties between Iran and its neighbours.

“We are on the right track now towards regional security. Obviously, there are a lot of challenges coming ahead, but let’s take this as a moment to enjoy some optimism,” he told reporters in Doha. He added that talks also cover Iran’s nuclear programme, as well as concerns over proxy groups, missiles and other long-standing regional tensions, stressing, “These will not be resolved in mere days.”

Iran war LIVE: Trump says that Iran has “rational” leadership now because of the US-Israeli attacks on the country that killed senior Iranian figures. This is untrue because Iran’s powerful hardliners are now energised by a three-month confrontation they feel Tehran has won.

-The Guardian