Return to pre-crisis oil and gas supplies months away even if strait of Hormuz reopens

The United States and Iran are set to sign an interim peace deal on Friday in Geneva, Switzerland, aimed at ending a nearly four-month conflict and reopening the Strait of Hormuz. US President Donald Trump announced the deal's completion, authorizing the toll-free opening of the Strait and the removal of the US naval blockade of Iranian ports. The conflict, which began on February 28 in response to US and Israeli attacks, has resulted in thousands of deaths and economic disruption. While the deal calls for an immediate and permanent termination of military operations, key tensions like Iran's nuclear program and sanctions relief are deferred to future technical talks. International reactions have been cautiously welcoming, though uncertainties remain regarding the deal's implementation and potential risks.

The United States and Iran have reached an agreement to end hostilities, including Israeli attacks on Lebanon, and to reopen the Strait of Hormuz. US President Donald Trump announced the deal's completion, stating it would allow oil to flow freely. Iran's deputy foreign minister indicated that sanctions relief would be addressed during a 60-day ceasefire. Pakistan and Qatar have applauded the agreement as a step towards regional peace and stability. Pakistani Prime Minister Shehbaz Sharif congratulated both nations and thanked Qatar, Saudi Arabia, and Turkiye for their contributions. The accord is reportedly set to be signed in Switzerland on Friday, following months of conflict that resulted in significant casualties and soaring global energy prices.

The US and Iran have reached a deal, brokered by Pakistan, aimed at easing regional tensions. The agreement reportedly includes the lifting of Iran's closure of the Strait of Hormuz and the US blockade of Iranian ports, which could provide economic relief to both the global economy and Iran. A key component of the deal, according to Pakistan's Prime Minister, is the immediate and permanent termination of military operations, including in Lebanon. However, Israeli Prime Minister Benjamin Netanyahu has not indicated a willingness to end Israel's offensive against Hezbollah in Lebanon, and recent Israeli strikes have nearly jeopardized the agreement. Iran reportedly refrained from further missile attacks on Israel to facilitate the deal's finalization.

Markets reacted positively to a US-Iran peace deal that will reopen the Strait of Hormuz, causing oil prices to fall to a three-month low of $83 a barrel and wholesale gas prices to drop 6%. This disruption, lasting over 100 days, had significantly impacted global energy supplies. However, a full return to pre-crisis oil and gas supply levels is expected to take months, even with the reopening of the crucial trade route. Buyers are now focused on replenishing depleted emergency crude stockpiles, which could keep prices between $80 and $90 a barrel for the remainder of the year. Damage to Qatar's gas processing facilities and the need to restart production in Iraq and Kuwait will further delay the return of normal gas and oil exports.

Energy experts predict that oil and gasoline supplies will take months to return to normal, even after an agreement to end the Iran war and open the Strait of Hormuz. The process of shipping and refining crude oil is slow, and stranded ships must first exit the waterway. Restarting oil production that was halted due to storage issues will also take time, with some countries like Iraq potentially taking up to a year to fully resume operations. Energy companies need to feel confident in the security of the Strait of Hormuz and the durability of the ceasefire before resuming full operations.

Oil prices declined in Asia after Pakistan announced a deal between the US and Iran, brokered by Pakistan's Prime Minister Shehbaz Sharif. President Donald Trump stated the agreement will lead to the reopening of the Strait of Hormuz shipping route, a critical waterway for global oil and LNG. Iran's Deputy Foreign Minister Kazem Gharibabadi confirmed the deal's finalization. The Strait of Hormuz had been effectively closed since late February following US and Israeli airstrikes on Iran, with Tehran threatening vessels. Brent crude fell 4.8% to $83.18 a barrel, and US-traded oil dropped 5.6% to $80.13. An official signing ceremony is scheduled for June 19 in Switzerland.

The US and Iran have announced a framework peace deal to tentatively end their 15-week conflict, with an agreement expected to be signed this week. The deal includes a 60-day period for intensive technical talks on contentious issues like Iran's nuclear program, and Iran's deputy foreign minister stated they will seek sanctions relief. Donald Trump announced the reopening of the Strait of Hormuz and the removal of the US naval blockade. Hardliners in Iran expressed anger over the deal's perceived lack of guarantees on sanctions and compensation. Israel stated its forces will remain in security zones in Lebanon, Syria, and Gaza indefinitely.

The United States and Iran have reached a tentative deal to end over 100 days of war, according to statements from US President Donald Trump and Iran's Deputy Foreign Minister Kazem Gharibabadi. The agreement, brokered with Pakistan's mediation, is set to be signed in Switzerland on Friday. Key aspects of the deal include the reopening of the Strait of Hormuz within 30 days under Iranian arrangements, allowing for toll-free shipping. Additionally, the US is reportedly set to release $12 billion in frozen assets to Iran. Negotiations are ongoing regarding Iran's uranium enrichment, with a potential 15 or 20-year suspension being discussed. Israel has not yet commented on the agreement.

The United States and Iran have reached a tentative agreement to end over 100 days of conflict, with hostilities to cease immediately on all fronts, including Lebanon. A signing ceremony is scheduled for Friday in Switzerland. The deal also includes the immediate end of the naval blockade against Iran. Negotiations for a final agreement will continue for 60 days. While the agreement is expected to reduce violence and reopen shipping lanes, significant uncertainty remains regarding Israel's adherence to the terms, particularly concerning its presence in Lebanon. Israeli officials have indicated a continued military presence in security zones in Lebanon, Syria, and Gaza.

US President Donald Trump stated on Saturday that the US was poised to sign a new agreement with Iran that day, aiming to prevent Tehran from acquiring nuclear weapons and reopen the Strait of Hormuz to international shipping. Pakistan's Prime Minister Shehbaz Sharif indicated Islamabad was preparing for an electronic signing within 24 hours, followed by technical talks. However, an Iranian foreign ministry spokesperson expressed caution, suggesting the signing would not occur the next day but might happen in the coming days. Meanwhile, pro-government rallies continued in Iran, with some protesters expressing opposition to an agreement with the US. Trump also discussed efforts to resolve the Iran conflict with British Prime Minister Keir Starmer.

The United States and Iran are reportedly close to signing the first stage of a peace deal to end a conflict now in its 107th day. US President Donald Trump stated the agreement could be signed as early as Sunday, with a post on his Truth Social platform indicating the Strait of Hormuz would immediately reopen to all traffic upon signing. However, Iran's Ministry of Foreign Affairs has downplayed this optimism, stating the signing will not occur on Sunday and an exact date is undetermined. Iran's chief negotiator, Mohammad Bagher Ghalibaf, expressed continued resolve for "final victory," while President Masoud Pezeshkian highlighted Iran's unity in forcing a ceasefire during a recent 12-day war. Iran's Foreign Minister indicated the proposed agreement includes 14 points, with the first being the lifting of US blockades on Iranian ports and an end to hostilities across all fronts.

US President Donald Trump announced that a deal to end the war with Iran could be signed as early as Sunday, June 15, 2026. Iran, however, has rejected this specific timeline, stating the signing could occur in the "coming days." Trump indicated that the Strait of Hormuz would be reopened to all once the agreement is finalized and expressed the US intention to eventually acquire Iran's nuclear material. The article suggests both nations appear close to signing the initial phase of a peace deal, though they disagree on the exact timing.

The US claims a deal to end the war with Iran could be signed as early as Sunday, with President Trump stating it would extend the current ceasefire for 60 days and reopen the Strait of Hormuz. However, Iran disputes this timeline, suggesting the signing will occur in the "coming days" and that the initial agreement, a memorandum of understanding mediated by Pakistan, will focus on ending the war and not discuss nuclear issues. While Trump has shared details of the agreement, including Iran's commitment to never acquire nuclear weapons, Iran's Foreign Ministry spokesperson indicated caution due to the other party's instability. Pakistani Prime Minister Shehbaz Sharif expects the agreement to be finalized within 24 hours, followed by electronic signing and technical talks. There is ambiguity regarding the exact timing and method of signing, with reports of preparations for a physical ceremony now replaced by talk of an electronic signing.

President Trump announced on Saturday that the US is poised to sign a new agreement with Iran on Sunday, which he claims will prevent Tehran from acquiring nuclear weapons and reopen the Strait of Hormuz to international shipping. Trump stated that Iran "no longer want a Nuclear Weapon, nor will they have one." He also mentioned an "ultimate alternative" if the deal is not signed. While Pakistan's Prime Minister indicated an electronic signing within 24 hours, an Iranian foreign ministry spokesperson advised caution, stating the signing would not occur on Sunday. The proposed deal, according to various sources, could involve reopening the strait, lifting a US naval blockade, and subsequent negotiations on Iran's nuclear program, though details and timelines differ significantly between US and Iranian accounts.

On day 106 of the war, Iran and the United States indicated a deal to end the conflict is close, with a final text reportedly agreed upon but key steps pending. Iranian Foreign Minister Abbas Araghchi stated a memorandum of understanding with Washington was "never been closer," while Pakistan's Prime Minister Shehbaz Sharif confirmed a "final, agreed-upon text" exists. The initial phase of the proposed deal includes a ceasefire on all fronts, including Lebanon, lifting the Strait of Hormuz blockade, and unfreezing Iranian assets. While Iranian officials claim President Trump agreed to release $24 billion in frozen assets, Trump has previously dismissed reports about the deal as "fake news." Securing and maintaining a ceasefire in Lebanon is identified as a critical test for the agreement's success.

President Donald Trump announced that a deal to end fighting between the US and Iran is scheduled to be signed on Sunday, which he stated would reopen the Strait of Hormuz to all. This announcement came as Iran's foreign ministry expressed caution, stating that an exact signing date had not been decided but indicated it would not be on Saturday. Pakistan, acting as a mediator, also confirmed the deal was expected within 24 hours and preparations for electronic signing were underway. Trump further mentioned a plan to address Iran's enriched uranium stockpiles at an appropriate time. He also issued a warning about an "ultimate alternative" if the situation did not resolve smoothly.

US President Donald Trump announced on Saturday that an initial deal to end a Middle Eastern war would be signed on Sunday, with the Strait of Hormuz to be immediately reopened. However, Iran's Foreign Ministry spokesman stated that the signing would not occur on Sunday, though a memorandum of understanding could be signed in the coming days. Pakistani Prime Minister Shehbaz Sharif confirmed that both sides had agreed on a peace deal framework and that Islamabad was preparing for an electronic signing on Sunday, followed by technical talks. Iran's spokesman cautioned against definitive statements on the signing date due to the other side's hesitation.

The United States and Iran are reportedly close to a deal to end the ongoing war and reopen the Strait of Hormuz, with Pakistan's Prime Minister stating it could be finalized within 24 hours. This potential breakthrough follows recent exchanges of fire between Iran, the U.S., and Israel. Key aspects of the emerging agreement include finalizing terms for Iran's nuclear program within 60 days, which involves removing enriched uranium, and reopening the vital shipping lane. The deal is also expected to include the phased lifting of sanctions on Iran and the release of frozen assets. However, the status of Lebanon and a potential ceasefire there remains unclear, with Iran insisting on its inclusion in any agreement.

As Iran and the US approach a potential deal to end a recent conflict, Tehran is commemorating the anniversary of a 12-day war with Israel in June 2025. This past year has been bloody for Iran, with government figures reporting over 3,468 deaths in the current conflict with the US and Israel, including Supreme Leader Ayatollah Ali Khamenei. Iranian authorities assert that assassinations and strikes have not deterred their resolve, portraying their losses as a necessary struggle against foreign domination. Despite significant casualties, Iran claims a superior position, having survived two wars and disrupted global energy markets by controlling the Strait of Hormuz. Hardliners are reportedly criticizing the terms of the potential US-Iran agreement, which may address frozen funds, the Strait of Hormuz, and Iran's nuclear program.

Iran and Pakistan state a deal to end fighting is "never been closer," echoing a similar sentiment from US President Donald Trump. Iran's conditions for final negotiations include the release of half its frozen assets, suspension of oil sanctions, and lifting of a naval blockade, alongside ending the Israeli conflict with Hezbollah. From the US perspective, the deal requires Iran to dismantle its nuclear program and destroy nuclear material. A senior US official stated no funds would be released until Iran meets US demands, including opening the Strait of Hormuz and ceasing funding for terrorist groups. US Vice-President JD Vance clarified that economic benefits would only flow to Iran and the region if Iran meets its obligations. The Pakistani prime minister acknowledged misinformation campaigns aiming to sabotage the peace deal.

Pakistan's Prime Minister Shehbaz Sharif announced that a "final, agreed upon text of the peace deal" between the US and Iran has been reached, stating that peace is closer than ever. Both US and Iranian officials cautioned against media speculation on the agreement's terms, with Iran's Foreign Minister Abbas Araghchi indicating a deal is "never been closer." A senior US official confirmed they are "very close" to a deal involving significant sanctions relief and unfreezing of Iranian assets in exchange for Iran dismantling its nuclear program and handing over nuclear material, with sanctions relief contingent on Iranian compliance. Iranian Foreign Ministry spokesperson Esmaeil Baghaei stated relevant institutions are in the "final stages of summarising the text of the understanding." This diplomatic development follows recent US-Iran strikes and comes after weeks of alternating threats and indications of a potential ceasefire agreement.

Prospects for a US-Iran peace deal remain uncertain due to conflicting claims from both sides. President Trump initially suggested a preliminary agreement was imminent but later expressed frustration, calling Iran "dishonorable." Iranian state media denied a deal was fully agreed upon, while Pakistan's Prime Minister claimed a final text had been reached. A senior US official indicated an 80-85% chance of an agreement within days, mentioning economic rewards for Iran and relief of sanctions. However, significant disagreements persist, particularly regarding the Strait of Hormuz and the terms of Iran's nuclear program and frozen assets.

President Trump has indicated that an agreement to end the conflict with Iran is nearing finalization. This statement follows his decision to cancel planned military strikes against Iran. The article does not specify when this agreement is expected to be finalized or provide details about its terms. The context suggests a potential de-escalation of tensions between the United States and Iran, with the President expressing optimism about an imminent resolution.

U.S. and Iranian officials indicate they are close to an agreement to end their war, with a senior U.S. official stating the tentative deal includes terms for removing and destroying Iran's nuclear material and dismantling its nuclear program. Regional officials suggest the emerging deal will facilitate the reopening of the Strait of Hormuz, phased lifting of sanctions, and release of frozen Iranian assets. This breakthrough follows recent exchanges of fire between Iran, the U.S., and Israel. The war, which began on February 28, has significantly disrupted oil and natural gas shipments from the Persian Gulf. While a fragile ceasefire has been in place since April 7, President Trump has expressed optimism about a deal, though he also issued a warning to Iranian officials. Israel is not a party to the negotiations but maintains that Iran must not possess nuclear weapons.

President Donald Trump has denied reports of leaked Iran ceasefire terms, calling them "fake news" and "dishonorable." He stated on Truth Social that the published terms had no relation to what was agreed upon in writing. This statement comes amidst ongoing efforts to reach a more lasting end to the war launched by the US and Israel against Iran on February 28. Trump had previously indicated a deal was approved and could be signed soon. Meanwhile, Iranian Foreign Minister Abbas Araghchi suggested an "Islamabad Memorandum of Understanding" for a ceasefire was close to finalization, urging against speculation on terms until they are officially announced. The Iranian state news agency IRNA had published what it described as seven main points of the deal, reportedly showing little Iranian compromise on key issues.

As a potential Iran-US ceasefire agreement nears, Gulf states are prompted to reassess their long-term security arrangements. The recent war on Iran, initiated by the US and Israel, has exposed vulnerabilities in the existing US-Gulf security model, with Gulf nations hosting US facilities becoming targets of Iranian attacks. Despite relying on US forces for security, their presence has made them targets, highlighting the need for new solutions as Iran remains a regional neighbor. The conflict has also impacted Gulf economies, particularly those reliant on the Strait of Hormuz, encouraging new thinking on economic and security strategies. This situation may lead Gulf states to consider engagement with Iran rather than continued confrontation.