Crude prices fell in reaction to the peace deal. Brent crude was down over 3.5% in early trading, falling below $85 a barrel. West Texas Intermediate (WTI) or the US crude variant, fell as much as 5%. Follow for the latest on West Asia war.
US-Iran War Live Updates: After more than three months of fighting, disruption to global energy supplies and heightened tensions across West Asia, the end of the war is finally in sight.
The US and Iranian officials said on Sunday night they have agreed to a peace deal that could reopen the Strait of Hormuz, ease sanctions on Tehran, and pave the way for broader negotiations on Iran’s nuclear programme.
The deal is set to be signed on Friday, June 19.
US President Donald Trump said the proposed deal would bring “Peace and Security to the whole Region” and claimed it would succeed where previous administrations had failed.
“The Leaders of the Region have, for the first time, found a President who can help them achieve real Peace. With the opening of the Strait upon the signing of the Deal on Friday, for purposes of mine removal, oil will flow on both ends again for the Region, and the World!” Trump posted on Truth Social.
Reports carried by Iranian media, citing details of a draft memorandum of understanding, suggest the agreement includes the release of a portion of Iran’s frozen assets, a phased lifting of US sanctions, a region-wide ceasefire and provisions allowing Iran’s nuclear facilities and enriched uranium to remain inside the country.
The reported framework also references a $300 billion rebuilding fund for Iran, although some reports indicate the document uses the term “rebuilding” rather than “compensation”.
Reuters has separately reported that a draft agreement under discussion includes the release of roughly $25 billion in frozen Iranian assets.
Crude prices fell in reaction to the peace deal. Brent crude was down over 3.5% in early trading, falling below $85 a barrel. West Texas Intermediate (WTI) or the US crude variant, fell as much as 5%.
Follow CNBC-TV18’s live coverage for the latest developments, diplomatic reactions, military updates, and market moves as the region awaits what could be the most significant breakthrough since the war broke out on February 28.
