Less than 24 hours ago, the US and Iran announced they reached a framework deal to end the war, with the agreement set to be signed in Switzerland on Friday according to BBC.
The exact text of the framework terms has not yet been released, but Iranian state media has reported that among the terms are an end to sanctions, a commitment for Iran not to produce nuclear weapons and the reopening of the Strait of Hormuz within 30 days.
Iranian Deputy Foreign Minister Kazem Gharibabadi says that talks on a final deal will happen over a 60-day period where Iran has “several issues to address”.
On Lebanon, negotiator Pakistan says both the US and Iran “have declared the immediate and permanent termination of military operations”, with Lebanese President Joseph Aoun saying the people of his country look forward to “practical steps that put a definitive end to the cycle of violence”.
But it’s unclear if Israel and Iran-backed armed political group Hezbollah will abide by this term of the framework. Israel’s defence minister says its forces intends to stay in Lebanon, while Iran has called for a “complete halt” to action.
Following President Trump’s announcement to “let the oil flow!” – BBC Verify has been checking ship-tracking data, finding at least one oil tanker has crossed the Strait.
Earlier, oil prices fell and, as our economics editor writes, while it will still take some time for any sense of normal to return to the world economy, “this is undoubtedly positive news”.