live Oil prices fall as Iran vows retaliation over U.S. sanctions
Oil prices fell after the U.S. expanded economic sanctions on Iran, as Tehran vowed to retaliate and warned it had tools to respond, raising concer...
U.S. and Iranian officials said on Sunday they have agreed on a deal to end their war, halt the U.S. blockade of Iran and reopen the Strait of Hormuz, possibly leading to lower energy prices once oil shipments resume through the critical waterway.
If implemented, the agreement between the United States and Iran is expected to restore one of the world’s most critical energy shipping routes and ease pressure on global oil markets after weeks of disruption.
Officials said the deal includes an immediate ceasefire and a framework for further negotiations on security and nuclear-related issues.
A spokesperson for UN Secretary-General António Guterres said the agreement marks a critical step toward a peaceful settlement of the conflict. The UN welcomed the deal, highlighting the ceasefire, the reopening of the Strait of Hormuz, and continued negotiations.
In a joint statement, Britain, France, Germany and Italy said Iran must never acquire a nuclear weapon. The four countries expressed readiness to work with the United States, Iran and the IAEA to support this goal and urged swift implementation of the agreement.
Prime Minister Keir Starmer called the deal a significant step toward ending the conflict and restoring stability. He emphasised the need for freedom of navigation in the Strait of Hormuz and reiterated that Iran must not obtain nuclear weapons.
He stated: “Iran must never have a nuclear weapon… toll-free freedom of navigation must now be restored in the Strait of Hormuz.”
President Emmanuel Macron welcomed the agreement as the result of a major diplomatic effort involving multiple partners.
"This agreement must allow for the urgent and unconditional reopening of the Strait of Hormuz, which the international mission established with the United Kingdom is ready to support," he said.
Chancellor Friedrich Merz called the agreement a diplomatic breakthrough that could strengthen global economic stability and security in the Middle East.
European Council President António Costa welcomed the deal and expressed hope for an end to the conflict. He also stressed the importance of restoring freedom of navigation in the Strait of Hormuz.
Prime Minister Anthony Albanese welcomed the agreement, saying Australia has long supported de-escalation. He stressed the need for restraint and continued diplomatic engagement to secure a lasting peace.
Chancellor Christian Stocker urged all parties to fully implement the agreement, including reopening the Strait of Hormuz. He said the deal creates an opportunity for broader negotiations on regional stability, including Iran’s nuclear and missile programmes.
President Recep Tayyip Erdoğan welcomed the agreement as a positive development for regional peace and stability. He urged restraint, warning against rhetoric or actions that could undermine the implementation process and calling for vigilance against possible sabotage.
Foreign Minister Hakan Fidan also welcomed the agreement, describing it as an important step toward lasting peace and calling for continued constructive negotiations.
Qatar welcomed the memorandum of understanding between the United States and Iran, including provisions on freedom of navigation in the Strait of Hormuz, calling it an important step toward lasting peace and economic growth.
The Foreign Ministry praised both sides for resolving disputes through dialogue and commended Pakistan and other regional and international partners for their role in de-escalation and facilitating the agreement.
Pakistan welcomed the announcement of the peace deal between the United States and Iran, reached after intensive talks, and the decision to end military operations on all fronts.
It also praised the mediation efforts of Qatar, Saudi Arabia and Türkiye, and noted that the agreement paves the way for further discussions ahead of the official signing in Switzerland on 19 June.
Japan "strongly hopes" that "free and safe navigation through the Strait of Hormuz will be ensured in practice, and that a final agreement on Iran's nuclear issue and other matters will be reached as soon as possible."
Foreign Minister Winston Peters called the agreement a constructive step toward reducing tensions and improving stability in a region vital to global economic security. He emphasised diplomacy as the key tool for resolving long-standing issues.
Iran on Saturday denounced U.S. plans to announce new sanctions that could put further strain on the Islamic Republic's economy and have an impact on its most important trading partners including China.
Ukraine’s President Volodymyr Zelenskyy said on Monday that Kyiv wants peace but will not surrender to Russia, as foreign leaders joined Independence Day events marking 35 years since Ukraine’s independence.
A newly created pro-government political party has secured a commanding victory in Kazakhstan's snap parliamentary election, according to exit polls, strengthening President Kassym-Jomart Tokayev's influence at a pivotal moment in the country's political transition.
Only four commodity vessels crossed the Strait of Hormuz on Sunday, following 13 transits a day earlier, as disruptions continue to restrict traffic through the key energy chokepoint.
Ukrainian President Volodymyr Zelenskyy has rejected calls for a wartime election, arguing that holding a vote while Russia's full-scale invasion continues would divide the country and undermine national unity.
Oil prices fell after the U.S. expanded economic sanctions on Iran, as Tehran vowed to retaliate and warned it had tools to respond, raising concerns over potential disruption to regional oil supplies.
Pakistan is stepping up efforts to protect its trade and energy supplies as the Iran war disrupts shipping through the Persian Gulf, driving up freight costs and putting pressure on key export routes.
Iran on Saturday denounced U.S. plans to announce new sanctions that could put further strain on the Islamic Republic's economy and have an impact on its most important trading partners including China.
U.S. President Donald Trump has vowed to hit Iran hard economically, after Treasury Secretary Scott Bessent said that Washington would impose measures on Tehran that have "never been seen" as soon as next week.
U.S. President Donald Trump said Iran was not ready to make what he called the "right deal" with Washington as tensions persisted over the war and the Strait of Hormuz.
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