The United States and Iran have signed a deal to end the Middle East war, with a ceremony set for Friday in Switzerland that will mark the start of a 60-day negotiation period.
The memorandum of understanding aims to put an end to months
of conflict initiated by US-Israeli strikes on Iran in February, which wreaked
chaos across the region and rattled the global economy.
Oil prices tumble
Oil prices fell more than two percent on Thursday, extending
the losses sustained since news of the deal broke at the weekend.
International benchmark Brent North Sea crude was down 2.1
percent to $77.87 a barrel as of 0525 GMT.
US, Iran confirm signing
US President Donald Trump signed the memorandum of
understanding on Wednesday after he attended the G7 summit in France, during a
candlelit dinner at the Palace of Versailles, according to a video posted by a
Trump aide.
Iranian Foreign Ministry spokesman Esmaeil Baqaei, quoted by
the state news agency IRNA, said the document “was finalised with the
signatures of the presidents”.
Iran’s chief negotiator and parliament speaker, Mohammad
Bagher Ghalibaf, said the deal represented a US “failure”.
‘Immediate’ effect
The memorandum “shall enter into force with immediate effect
and as a first step, Islamic Republic of Iran will instantly reopen the Strait
of Hormuz and the United States of America will immediately lift the naval
blockade”, Pakistan’s Prime Minister Shehbaz Sharif wrote on X.
Sharif also confirmed that Pakistan, with Qatari support,
would host a ceremony in Switzerland on Friday to “commemorate this landmark
event and commence with the technical level talks”.
Iran to charge ships
Tehran reiterated its plans to charge ships crossing the
Strait of Hormuz after the 60-day period stipulated in the document had
elapsed.
Iran’s chief negotiator Ghalibaf said in an interview aired
on state television that the “Strait of Hormuz will not return to pre-war
conditions”, adding: “Iran has the right to sovereignty over the Strait of
Hormuz and of course we will receive a fee for services.”
Terms of the deal
The document says Tehran has agreed to dilute its enriched
uranium stockpile under UN supervision, which one US official described as a
“major, major win”.
Iran has repeatedly insisted that nuclear issues would only
be discussed in subsequent talks after the initial deal is signed.
The agreement allows Tehran to resume oil sales, while all
sanctions will be lifted if a final deal is reached after the 60-day
negotiation period.
Iran could also get access to a $300 billion reconstruction
fund, though officials said Washington was under no commitment to contribute.
Trump threatens Iran
Trump warned Iran on Wednesday that he was ready to resume
military action if Tehran did not abide by its obligations.
“If they don’t behave, we’ll go right back to dropping bombs
right smack in the middle of their head,” Trump said at the G7 summit.
Lebanon strikes
The Israeli military announced on Thursday that one of its
soldiers had been killed in fighting in southern Lebanon the day before, in an
incident that also wounded seven soldiers.
The US-Iran deal is supposed to halt the war on all fronts,
including in Lebanon.
Nonetheless, Prime Minister Benjamin Netanyahu has said
Israeli forces would remain in Lebanon, where they are fighting Iran-backed
militant group Hezbollah.
Hezbollah chief Naim Qassem has called the deal a “great
victory” and has urged Lebanon to seize the moment to expel Israeli forces.
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