US President Donald Trump has said that the Iran deal was going to a second stage, and that the US would not be investing any money in Iran.
“We have our deal done with Iran, and it should be successful, it goes to a second stage, which I think would be actually easier,” he said during a press briefing at the G7 summit in France.
He said that under the deal Iran will never have a nuclear weapon, and warned that “all hell” would break out if it tried to acquire one.
Earlier, Iran’s foreign minister said Iran and the US will start a new round of negotiations on Friday in Switzerland to reach a final peace agreement after the official start of an interim agreement.
Abbas Araghchi also warned that any Israeli attack on Lebanon or continued presence on Lebanese territory from now on constituted a violation of the interim agreement with the United States.
“In our view, the two parties to this memorandum are the US and Israel on one side, and Iran and Hezbollah on the other,” he said.
“This is perhaps the most important issue in the memorandum – the declaration of an immediate and permanent end to the war on all fronts, including in Lebanon.”
A permanent truce between the US and Iran remains to be completed
Doubts had been swirling around the interim deal to end the war in the Middle East as shippers said it could take weeks for confidence to return after any reopening of the Strait of Hormuz, and fundamental questions remained unanswered.
However, Iranian state television said today that Iranian oil tankers and other vessels had resumed shipping, in what appeared to be an easing of a US naval blockade.
“Three Iranian oil tankers are currently sailing in the northern Indian Ocean, and two others carrying essential goods and livestock feed are en route and sailing towards southern ports,” said a state television reporter from a site in the Strait of Hormuz.
He added that “the operation to lift the naval blockade has been implemented”, in reference to the US measure in place since 13 April.
The interim agreement is intended to extend a tenuous ceasefire announced in April by another 60 days and reopen the strait, which Iran has effectively blocked since the US and Israel attacked it in February.
Negotiators will address difficult issues like the future of Iran’s nuclear programme during the next phase of talks.
Two other issues that Mr Trump and Israeli Prime Minister Benjamin Netanyahu used to justify the war – ending Iran’s support for regional armed proxies and curbing its missile programme – are not thought to be on the agenda for those negotiations.
‘Very general document’
Oil prices fell yesterday to their lowest level since 10 March, shortly after the blockade of the Strait of Hormuz, a narrow waterway between Iran and Oman, cut off one-fifth of the world’s oil trade.
But this morning the price steadied, reflecting a more cautious stance, with Brent crude futures LCOc1 sliding 0.3% to $82.96 a barrel in Asian trading hours.
Iranian President Masoud Pezeshkian wrote on social media that the interim agreement was an “important step” toward stopping the fighting but noted a final deal for a lasting truce “has yet to take shape”.
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US Vice President JD Vance told CNN that the signed memorandum was a “very general document.” Details would be released over the next two days, US officials said.
Mr Vance said it included “a very significant sanctions relief package” for Iran. He later told Fox News that Mr Trump may decide to release the agreement before Friday.
US and Iranian officials say it could eventually deliver substantial economic benefits to Iran by lifting sanctions, unfreezing foreign assets and setting up a $300 billion reconstruction fund, paid for by neighbouring Gulf states, which host US military bases.
US officials, speaking on condition of anonymity, said Iran would have to satisfy US demands never to build a nuclear weapon and cut off support for militias like Hezbollah in Lebanon in order to get those benefits.
Iranian officials, who have always denied intending to build a nuclear weapon, say they have given up little by agreeing to resume diplomatic discussions over Iran’s uranium enrichment programme that were interrupted by the war.
Rebuilding confidence
While the latest agreement could lift Iran’s chokehold on the Strait of Hormuz, that only restores the prewar status quo, and shippers say traffic will only restart once they are satisfied they can transit safely.
Iran has suggested it will retain control with Oman over the strait. The US said the strait will be open toll-free for 60 days and it would expect that provision to be part of a final agreement.
Models of missiles and drones are seen in front of a photograph of Iran’s late supreme leader
Mr Trump said in a Truth Social post that ships loaded with oil were starting to move out of the strait, “going along the Southern ‘Highway,’ which is totally safe, secure, and pristine”.
The fighting between US ally Israel and the Iran-allied Hezbollah militia in Lebanon, which has uprooted 1.2 million people, remains another key sticking point.
Iran has said the deal requires a full cessation of hostilities there, but Mr Netanyahu said Israel would keep its forces in southern Lebanon and would retain the right to respond to Hezbollah attacks.
“Iran wanted us to withdraw from it, but I stood firm,” he said. Israel has not directly participated in the peace talks with Iran.
A US official said an Israeli withdrawal from Lebanon, which it invaded in March after Hezbollah joined the war, was not a condition of the deal.
Iranian Foreign Minister Abbas Araqchi said Israeli attacks must stop immediately.