Paris, France. Doubts persisted over a preliminary U.S.-Iran agreement aimed at ending the war in the Middle East, as shippers said confidence would take weeks to recover after any reopening of the Strait of Hormuz and major issues remained unresolved. U.S. President Donald Trump said on Monday that the United States and Iran had signed the interim deal, while both countries said a permanent truce still had to be negotiated.
Interim agreement details
The interim agreement would extend by 60 days a fragile ceasefire announced in April and reopen the Strait of Hormuz, which Iran has effectively blocked since the United States and Israel attacked Iran in February.
Trump said after arriving in France for a G7 summit that “the deal’s all signed.” He said Vice President JD Vance would attend a formal signing ceremony in Geneva on Friday.
Iranian President Masoud Pezeshkian said on social media on Monday that the interim agreement was an “important step” toward halting the fighting, but said a final deal for a lasting truce “has yet to take shape.”
Outstanding issues
Negotiators are expected to address difficult issues, including the future of Iran’s nuclear programme, during the next phase of talks within the 60-day period.
Two other issues cited by Trump and Israeli Prime Minister Benjamin Netanyahu as reasons for the war — ending Iran’s support for regional armed proxies and limiting its missile programme — are not thought to be part of those negotiations.
Market response
Oil prices fell on Monday to their lowest level since March 10, after the blockade of the Strait of Hormuz, the narrow waterway between Iran and Oman, disrupted one-fifth of the world’s oil trade.
By Tuesday, prices had steadied, reflecting a more cautious market stance. Brent crude futures fell 0.3% to $82.96 a barrel during Asian trading hours.
Conflict impact
The agreement represents the most significant step so far toward resolving the conflict, which has killed at least 7,000 people, mostly in Iran and Lebanon, and disrupted global energy markets.