Iran war live: Trump says ‘let the oil flow’ as he announces peace deal with Tehran

The US and Iranian officials said they had agreed on a framework to end their war, halt the US blockade of Iran and reopen the Strait of Hormuz.

"The Deal with the Islamic Republic of Iran is now complete," US president Donald Trump wrote on Truth Social.

His post came shortly after Pakistani prime minister Shehbaz Sharif announced a deal had been struck early on Monday local time. The memorandum of understanding is scheduled to be officially signed on Friday in Switzerland.

Trump said the Strait of Hormuz, a major shipping route for global oil and gas supplies that Iran has effectively shut ⁠down for months, would open on Friday, and that he had ordered the end of the US blockade of Iranian ports.

"Ships of the World, start your engines. Let the oil flow!" Trump wrote.

Oil prices ​fell on the ⁠news. Brent crude futures fell 4 per cent in early trading on Monday, while US West ‌Texas Intermediate slid more than 4.6 per cent.

The fate of Iran's nuclear program, another thorny issue, will also be addressed in those later talks, sources previously told Reuters.

Asian shares surge and oil prices fall

Asian markets surged today while oil prices tumbled following a tentative peace agreement between the US and Iran.

The deal is expected to alleviate global inflationary pressures and potentially reduce the need for further interest rate hikes by central banks worldwide.

The breakthrough was first announced by Pakistani prime minister Shehbaz Sharif, stating that "a deal had been struck".

Nuclear deal to be finalised within two months of signing peace deal

Iranian foreign minister Abbas Araghchi has said that the terms of dealing with Iran's nuclear program will be finalised in the 60 days after the initial agreement is signed.

A senior US administration official said last week that the agreement would begin the process of destroying or removing Tehran's highly enriched uranium.

That's something disputed by Iran, which has insisted it would hold onto its stockpile.

Details of the final peace deal have not been shared by either of the nations.

However, Iran's Mehr news reported that under the framework, Iran would reiterate its commitment under the Nuclear Non-Proliferation Treaty not to pursue nuclear weapons.

G7 leaders to discuss US-Iran deal in France

Leaders of the Group of Seven wealthy nations meet at a French lakeside resort today shortly after the US and Iran said they had reached a preliminary deal to end their war.

Discussing next steps ⁠on Iran will be one of several issues the global leaders will wrestle with during the 15-17 June summit, which will also seek common ground on the war in Ukraine, tackling global economic imbalances and sourcing critical minerals outside of the dominant supplier China.

US president Donald Trump is due to arrive in Evian-les-Bains for the gathering at a time when global leaders are increasingly wary of the United States, although French officials were glad ⁠to have secured his presence after he left last year's G7 summit ​in ⁠Canada early.

Many G7 leaders have been directly impacted by Trump's volatile moves on the global stage that have upended the Middle East, global trade and diplomacy. His actions have led to larger questions about the US commitment to ⁠the post-war global order it helped establish.

What do we know about the Iran-US peace deal

The U.S. and Iran have agreed to a peace deal, bringing an end to months of fighting that has sparked devastation across the region and upended the global economy since the conflict began in late February, U.S. and Pakistani officials announced on Sunday.

The agreement, brokered after weeks of halting negotiations in Pakistan and then Qatar, will see a permanent ceasefire implemented as well as the reopening of the Strait of Hormuz.

Both sides will now enter talks to iron out the details of the agreement and move forward on longer-term issues, including key questions such as uranium enrichment and sanctions.

Trump calls Netanyahu 'difficult'

Donald Trump has yet again criticised Israel's Benjamin Netanyahu for mounting attacks on Lebanon and said that he should be "very thankful" to the US.“He’s a very difficult guy,” Trump said of Netanyahu.

The US president told the New York Times: "And to be honest with you, he should be very thankful to us for doing this. Because if Iran had a nuclear weapon, Israel wouldn’t be around for two hours.”

Trump insisted that it was the threat of further attacks on Iran that made Tehran agree to the deal. “They did not want the third attack,” he said.

“They do care about living.”

“The bottom line is that those attacks that we made had a huge impact on having this deal made, a huge impact.

Ro Khanna says Democrats should back Trump-Iran deal

US lawmaker Ro Khanna said the Democrats should welcome the peace deal between Donald Trump and Iran as he welcomed the reopening of the Strait of Hormuz."Democrats should support it," he said in a post on X.

"...we can be relieved that gas and food costs will start coming down for Americans. And that no more American or civilian lives will be lost," he added.

Netanyahu sends birthday message to Trump after jeopardizing Iran peace deal

Israel's prime minister Benjamin Netanyahu has penned a birthday message to President Donald Trump as he turns 80 years old.

“Happy birthday Donald. This year your birthday comes at an auspicious time,” he wrote in a tribute on X, alongside a photo of the two world leaders clasping hands. “America celebrates 250 years of freedom - a great nation built on liberty and faith.”

He continued, “I wish you continued strength and vigor as you lead America towards a bright future of peace through strength, and as we continue to bring the U.S. - Israel alliance to ever greater heights.”

The birthday message came after Netanyahu defied Trump by striking Lebanon while the peace deal was near.

Turkey and Japan welcome US-Iran peace deal

More countries are welcoming the peace deal between the US and Iran to end their months-long war and reopen the Strait of Hormuz.

Turkish president Recep Tayyip Erdogan welcomed the agreement, calling it an important step toward peace and stability in the Middle East.

"I view the agreement reached between the United States and Iran as an important development for establishing peace and tranquility in our region," Erdogan said in a post on X.

"I emphatically underscore 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," he said.

Japanese prime minister Sanae Takaichi said Tokyo had actively pursued diplomatic efforts, saying that the priority was to calm the situation.

She said Japan expected the deal to be steadily implemented, free and safe navigation through the Strait of Hormuz to be secured, and a final agreement on Iran’s nuclear issue to be reached as soon as possible.

President Donald Trump has announced that the Strait of Hormuz would reopen on Friday once the peace deal with Iran was formally signed by both nations.

"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," Trump wrote on Truth Social.

"Ships of the World, start your engines. Let the oil flow!" he added.

Oil prices fall to lowest since March as Trump announces peace deal

Oil prices slipped to their lowest since March after US president Donald ‌Trump and Iran's deputy foreign minister said they had reached an initial deal to end the war and to resume traffic through the Strait of Hormuz.

Brent crude futures fell $3.58, or 4.10 per cent, to $83.75 a barrel and US West Texas ​Intermediate was at $80.87, down $4.01, or 4.72 per cent.

Both contracts tumbled more than 3 per cent on Friday.

The world has lost ​millions of barrels of oil and gas supply since the war closed the Strait of Hormuz, a chokepoint for a ‌fifth of ⁠the world's oil and liquefied natural gas supplies, for more than three months.