Oil tankers began moving through the Strait of Hormuz on Thursday as an interim agreement between the United States and Iran came into effect, marking a tentative de-escalation in a conflict that has disrupted global energy markets and heightened regional tensions.
The partial reopening of maritime traffic through the strategic waterway (which carries around one-fifth of global oil shipments) helped push oil prices to their lowest level since early March, as traders priced in the return of normal export flows in the coming months.
The United States said it had lifted its blockade measures on Iran as part of the phased deal, although officials cautioned that key political and security issues remain unresolved.
The agreement establishes a 60-day window for negotiations over Iran’s nuclear programme, alongside broader discussions on regional security and missile capabilities.
U.S. Vice President JD Vance is expected to lead the American negotiating team in talks that Washington says will focus on limiting Iran’s long-range missile development while preventing further escalation.
The framework also reportedly includes proposals for a $300 billion reconstruction package for Iran and wider regional economic incentives, although details remain under negotiation.
Iran’s Supreme Leader Ayatollah Ali Khamenei struck a defiant tone, saying U.S. President Donald Trump signed the agreement “out of desperation” and warning that upcoming negotiations would be difficult if Washington imposes additional demands.
“If the American side wants to be too demanding, we will not accept it,” he said in a written message, signalling that Tehran is not prepared to concede on core nuclear or security issues.
Iran has also indicated it will continue to regulate shipping through the Strait of Hormuz during the interim period, although it will suspend transit fees while talks continue.
Despite the maritime de-escalation, fighting continued in Lebanon, where Israeli airstrikes targeted Hezbollah positions, underscoring the fragility of the wider agreement.
Israeli officials, who were not part of the negotiations, have signalled they do not intend to withdraw forces from occupied areas in southern Lebanon, releasing updated military maps showing an expanded presence.
The developments have raised questions over whether the ceasefire framework can hold beyond the initial negotiating period, particularly as implementation diverges across different theatres of the conflict.
In the United States, the agreement has sparked criticism from some Republican lawmakers aligned with Trump, who argue the administration has conceded too much in pursuit of a rapid end to the war.
However, Trump defended the deal, saying Washington remains committed to securing a lasting peace across the Middle East and urging regional actors to support the negotiations.
U.S. officials maintain that while the current agreement is limited in scope, it could still form the basis of a broader and more durable settlement if talks progress over the next two months.
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Israel and Hezbollah have agreed to a ceasefire, a senior U.S. official has said. Hezbollah has released a statement saying Israel must leave southern Lebanon. Israel has said it agrees to the ceasefire, but has said its armed forces won't leave Lebanon and will resume hostilities if attacked.
Iran's top joint military command, ​Khatam al-Anbiya Central ‌Headquarters, has said that the Strait of Hormuz is closed to ships again, citing alleged violations of a ceasefire agreement by the U.S. and Israel. Lebanon has said Israeli strikes killed 16 people on Saturday.
U.S. President Donald Trump sought a deal with Iran "out of deperation," Iranian Supreme Leader Mojtaba Khamenei has said, in a statement on social media. Khamenei added that he himself "held a different view," to Trump, but allowed the agreement after receiving assurances from Iran's President.
Iran and the United States have signed a memorandum outlining a proposed 60-day ceasefire and a roadmap for negotiations on sanctions, nuclear restrictions and regional security issues.
Donald Trump has said the U.S. will resume bombing Iran if Tehran doesn't "behave," at the sidelines of the G7 summit in France. Earlier, the U.S. President criticised Israel for its tactics against Hezbollah, saying it was unnecessary to bomb entire apartment buildings to tackle militants.Â
U.S. President Donald Trump said a preliminary agreement to end the war in the Gulf has been signed by the U.S. and Iran, though details have yet to be made public and both countries said a permanent truce is yet to be negotiated.
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