The United States and Iran have announced an agreement aimed at ending hostilities across the Middle East, including in Lebanon, and reopening the strategically important Strait of Hormuz.
The deal, which Washington and Tehran said would be formally signed on Friday in Switzerland, is being seen as a significant step towards ending months of conflict that have claimed thousands of lives and disrupted global energy markets.
US President, Donald Trump, announced that the Strait of Hormuz, a major route for global oil shipments, would reopen following the signing of the agreement.
“The Deal with the Islamic Republic of Iran is now complete,” Trump wrote on social media on Sunday while marking his 80th birthday.
“Ships of the World, start your engines. Let the oil flow!”
Iran’s Deputy Foreign Minister, Kazem Gharibabadi, also confirmed the development, describing it as an “immediate end” to the war between both countries.
He disclosed that further negotiations would be held within two months in pursuit of a final agreement.
The announcement came hours after Tehran threatened retaliation over an Israeli strike targeting Hezbollah positions in Beirut, an incident that appeared capable of derailing the peace effort.
However, Pakistan’s Prime Minister, Shehbaz Sharif, later declared that both sides had agreed to an immediate and permanent cessation of military operations across all fronts, including Lebanon.
Sharif also acknowledged the roles played by Qatar, Saudi Arabia and Turkey in facilitating the negotiations.
Despite the breakthrough, key aspects of the agreement remain unclear.
Iran’s Mehr news agency reported that the United States would release $12 billion in frozen Iranian assets before negotiations commence.
The agency further claimed that a 14-point memorandum of understanding between both countries provides for the release of $24 billion in frozen Iranian assets during a 60-day negotiation period following the signing of the agreement.
The Trump administration has yet to comment on those claims.
Questions also remain over Iran’s nuclear programme, particularly its uranium enrichment activities and stockpile of highly enriched uranium.
In an interview with the New York Times, Trump said discussions were ongoing over whether Iran would suspend uranium enrichment for 20 years.
He suggested that a 15-year suspension could be acceptable but declined to discuss the negotiations publicly.
The agreement has been welcomed internationally.
United Nations Secretary-General Antonio Guterres described it as a critical step towards resolving the Middle East conflict.
The United Kingdom, France, Germany and Italy also expressed readiness to lift sanctions on Iran and pledged to work with all parties to secure a long-term diplomatic settlement.
Global markets reacted positively to the announcement.
Oil prices fell by more than four per cent in Tokyo trading, while Japan’s Nikkei stock index gained three per cent.
The closure of the Strait of Hormuz had contributed to higher fuel prices and supply chain disruptions worldwide, affecting sectors ranging from transportation to agriculture.
US Vice President JD Vance said reopening the waterway would help reduce energy costs and boost economic growth across the region.
He added that he intends to attend the signing ceremony in Geneva and said Trump could also be present.
Sunday’s developments followed tensions sparked by an Israeli airstrike on Beirut, which Trump accused of delaying the agreement.
Speaking to Axios, the US President criticised Israeli Prime Minister Benjamin Netanyahu over the attack.
Israel’s operations against Hezbollah in Lebanon have long complicated efforts to secure a broader regional peace agreement, with Iran insisting that any settlement must also address the conflict involving its ally, Hezbollah.
AFP
Titilope Adako is a talented and intrepid journalist, dedicated to shedding light on the untold stories of Osun State and Nigeria. Through incisive reporting, she tackles a broad spectrum of topics, from politics and social justice to culture and entertainment, with a commitment to accuracy, empathy, and inspiring positive change.
What do you think about this?
Drop your opinion in the comment section.
FOLLOW US & Share this with someone who needs to see this.
