U.S. and Iran agree on preliminary end to war… But will Israel follow suit? Oil falls while stocks climb amid peace agreement.
Meanwhile, displaced Lebanese return home despite warnings and LA braces for protests as Iranian football team arrives.
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The latest news at this hour:
U.S. AND IRAN AGREE ON PRELIMINARY END TO WAR: On Sunday, representatives of the U.S. and Iran reached an agreement to end the war, which will be signed in Geneva this Friday, according to Pakistani officials. The memorandum of understanding will reportedly end the U.S. blockade of Iranian ports, reopen the Strait of Hormuz and will bring an end to attacks “on all fronts”, according to Iran’s deputy foreign minister. Attacks in the region, both on Iran, Lebanon and Gulf countries have continued despite the ceasefire signed in April. The MOU paves the way for an official deal, which would address more thorny issues like Iran’s nuclear program.
While the memorandum puts in place the framework for the future peace, there are still concerns about the negotiations needed to reach a final deal and whether both sides have the same understanding of the deal.
The agreement comes as Trump attends the first day of the G7 summit — June 15 — where he will meet with other G7 leaders for the first time since the start of the war in Iran. The main topics of discussion at the summit are likely to be the wars in Iran and Ukraine.
…BUT WILL ISRAEL FOLLOW SUIT?: Israel’s National Security Minister pushed back on the U.S.-Iran agreement to end the war, saying that Israel is not bound to follow the agreement. He also mentioned that the Israeli forces will not withdraw from the occupied territories in Lebanon.
Iran has repeatedly stressed that Israeli strikes on Lebanon are an obstruction to a peace deal and has previously threatened to withdraw from negotiations if they did not cease. Lebanon’s leader responded that this was not done in the interest of the Lebanese people. Since the start of the war, Israel has continued attacking Lebanon, citing the threat posed by Hezbollah to Israel which has continued to attack Israel. Israel has also deepened their occupation of Lebanon, even after a ceasefire agreement between Israel and Lebanon.
OIL FALLS WHILE STOCKS CLIMB AMID PEACE AGREEMENT: Following the announcement of the U.S.-Iran peace deal, Brent crude oil fell as much as 5.5%, Asian Pacific and U.S. stocks climbed in the hopes that the Strait of Hormuz will open as promised., Bloomberg and Al Jazeera report.
However, there are also certain technical difficulties before the oil flow through Hormuz can return to normal, with the main one being the mines that have to be cleared.
DISPLACED LEBANESE RETURN HOME DESPITE WARNINGS: Following the announcement of the U.S.-Iran peace agreement, displaced Lebanese residents return to their home to Lebanon, Al Jazeera reported. This comes despite local authorities warning people not to return to Lebanon, as Israel signals it won’t withdraw troops or abide by the U.S.-Iran MOU.
Heavy fighting between Israeli Defense Forces and Iran-backed Hezbollah paramilitary in the southern region of the country has killed 3,800 people in Lebanon and displaced 1.2 million, as Israel occupies more of Lebanon.
LA BRACES FOR PROTESTS AS IRANIAN FOOTBALL TEAM ARRIVES: Not long after the Iranian national football team arrived in Los Angeles to compete against New Zealand on Monday, the U.S. Iran peace deal was signed. However, tensions remain high in Los Angeles, as the city, which is often called Tehrangeles and is home to the largest Iranian population outside of Iran, braces for protests — several of which have already taken place, Al Jazeera reports.
BBC Sport reports that the Iranian team have faced visa problems and had to move their base camp to neighbouring Mexico amid the U.S.-Iran war. According to the team manager, the hostile political climate has had an effect on the team’s preparations. Iran’s striker Mehdi Taremi said in an interview: “This kind of tension undermines the joy of the World Cup”.
Stay safe out there!
Best,
Petro
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