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Fighting has escalated sharply between Israel and Hezbollah in south Lebanon, with more than 18 people reported killed in Israeli strikes and four Israeli soldiers killed in one of the deadliest attacks by the Iran-backed group during this war. The violence showed no sign of abating as Israeli Prime Minister Benjamin Netanyahu on Friday vowed to "extract a very heavy price" from Hezbollah for the killing of the four soldiers. Paris urged Washington to put pressure on Israel to stop hostilities in Lebanon, where the intensifying violence strained an interim deal between the United States and Iran halting the broader Middle East war. The deal requires the United States, Iran, and their allies to declare an immediate and permanent termination of military operations on all fronts, including Lebanon. Violence abated significantly earlier this week, but has since picked up. Israel's leadership has promised to continue the occupation of Lebanon in defiance of the US-Iran agreement, which calls for Lebanon's sovereignty to be respected. In a statement on Friday, Israeli Defence Minister Israel Katz said Israeli forces would remain in southern Lebanon "from the Mediterranean coast to the heights of Beaufort". In an interview on Israeli television, Katz said the most important military goal was to hold territory. He said the Israeli military was destroying villages in the areas it occupied and would never allow people to return to their homes. Lebanon's health ministry said 18 people had been killed and 33 wounded in heavy air strikes in 11 towns since midnight, and that bombardment was preventing rescue and evacuation efforts. Israel said it carried out strikes targeting what it described as Hezbollah operatives and infrastructure across several areas of the south, saying these were in response to repeated ceasefire violations by the Iran-backed group. Hezbollah denied it had violated the ceasefire, and accused Israel of repeatedly violating the ceasefire terms, including the US-Iran agreement. Heavy fighting overnight was concentrated in an area north of the Litani River known as Ali al-Taher hill - high ground strategically important to Hezbollah where Israeli forces had sought to advance, a senior Lebanese security source said. Hezbollah said its fighters ambushed an Israeli force advancing near the hill, destroying three Merkava tanks with guided missiles and targeting troops with rocket and artillery fire. Hezbollah said it later attacked Israeli forces that had sought to enter the area to retrieve casualties. The Israeli military said four soldiers had been killed in an incident in Lebanon, but without giving further details. Lebanon was sucked into the regional war when Hezbollah opened fire at Israel on March 2, prompting Israel to launch a major offensive against the group and invade the south. Israel has rejected calls to withdraw troops from southern Lebanon, where its forces are occupying a self-declared security zone. Israel says this aims to shield northern Israel from Hezbollah attack. Hezbollah has continued to launch attacks on Israeli positions in the south, including with explosive drones that have killed and injured troops.
First LNG ship reaches India through Hormuz after peace deal An energy vessel that crossed the Strait of Hormuz has docked in an Indian port for the first time since the announcement of an initial peace agreement between the US and Iran on Sunday, as shipping traffic began to trickle back through the chokepoint. Liquefied natural gas (LNG) carrier MT Disha docked at Dahej Port in the western state of Gujarat early on Friday, reports said. The tanker was said to be among the first to cross the strait after the agreement between Washington and Tehran and the subsequent lifting of the US naval blockade of Iran. India is the world’s third-largest importer of oil, the fourth-largest of LNG, and the second-largest importer of liquefied petroleum gas (LPG). Before hostilities broke out, 45% of India’s crude oil imports, half of its LNG imports, and 90% of its LPG imports were routed through the Strait of Hormuz. The MT Disha had loaded its cargo in Ras Laffan, Qatar. LNG is a priority energy item for India, amid demand growth and a lack of strategic reserves. But with imports from Qatar and the UAE entirely halted, New Delhi has turned to the US, Oman, and Nigeria. #WATCH | First LNG vessel to arrive in India after the Iran-US MoU docks at Dahej Port in Gujarat— ET NOW (@ETNOWlive) June 19, 2026 LNG carrier Disha, which transited the Strait of Hormuz, reached the Petronet LNG jetty during morning hours, according to Bharuch Port Authority#LNG#India#IranUSDeal#Energypic.twitter.com/Og8DEAVCWg At least 12 tankers have moved through the strait in recent days, Turkish media reported. Among those were three Saudi oil supertankers and an Iranian products tanker, the report said, citing data analytics company Kpler. It is not clear if any of them were bound for India. Ships owned by Grimaldi Group, Cosco, Knutsen, and NYK were beginning to cross the strait after effectively being marooned there since February, Richard Meade, editor in chief of Lloyd’s List, said in a media briefing. Shipping traffic through the Strait of Hormuz had largely halted since the US-Israeli attack on Iran at the end of February, sending energy prices soaring globally. A fifth of global energy passed through the Middle East chokepoint before the conflict erupted. About 100 vessels transited the route daily before conflict began. All four of the world’s largest container carriers – Maersk, MSC, CMA CGM, and Hapag-Lloyd – had suspended Hormuz transit by March. Some 40 ships carrying LPG, LNG, and fertilizers were waiting to sail through the strait to India, reports said in May. A day after the announcement of a deal to end hostilities, an Indian official told Reuters that 16 India-bound vessels loaded with fertilizer were still stranded in the strait. During active hostilities in the region, Iran repeatedly targeted vessels in the strait, although several India-bound ships passed through it.
What you need to know about the preliminary U.S.-Iran agreement signed by Trump Vice President JD Vance has delayed his trip to Switzerland to negotiate the terms of a peace agreement with Iran on Friday. It's unclear exactly why the talks were called off at the last minute, with hundreds of journalists already waiting in the alpine city of Lucerne. But the delay raises questions over the sturdiness of the memorandum of understanding to end the war, signed by Trump on Wednesday. It came as Israel continued to heavily bombard Lebanon, despite the agreement promising to end all military operations, including in Lebanon. Lebanese media said at least 18 were killed in overnight strikes, and Israeli said four of its soldiers had been killed in fighting in southern Lebanon. Here are more details about the agreement and challenges they face in this latest effort to end the conflict: US lifts naval blockade There was immediate progress after the preliminary agreement to end the three-and-half month conflict that has killed thousands of people across the Middle East, rocked the global economy and pushed millions more into poverty around the world, according to the United Nations. The United States lifted its naval blockade on Iran. The short memorandum of understanding also promises to end military operations on all fronts and reopen the Strait of Hormuz, the crucial waterway through which much of the world's oil, gas and fertilizer must pass to reach global markets. The agreement prompted President Trump to celebrate on Truth Social writing: "Ships of the World, start your engines. Let the oil flow!" But there are still many potential pitfalls. Even before the agreement was signed, Trump made its fragility clear: "It's a memorandum of understanding," he said at the G7 summit in France. "If I don't like it, if they don't behave, we'll go right back to dropping bombs right smack in the middle of their head." The document doesn't solve the underlying reason for why the United States and Israel went to war with Iran. It creates a 60-day window — extendable by mutual agreement — for the two sides to resolve the enmity that goes back many decades. Israel remains defiant against the deal The preliminary agreement promises to end all military operations, including in Lebanon. Israel has invaded and taken large swaths of southern Lebanon in an offensive it says is targeting the Iranian-backed militia Hezbollah, which has killed more than 3,800 people, according to Lebanon's Health Ministry. Iranian Foreign Minister Abbas Araghchi has made clear that Iran considers Israel's withdrawal from southern Lebanon essential. "Without the withdrawal of Israeli forces from the territories they occupied during this war, the war has not fully come to an end," Araghchi said. Israel wasn't involved in the negotiations with Iran — though Trump said at a press conference this week that he had sent Israel a copy of the document before he signed it. Israeli Prime Minister Benjamin Netanyahu has remained defiant, saying his troops will remain in southern Lebanon for as long as Israel's security requires it. The conflict in Lebanon is causing an extraordinarily open rift between Trump and Netanyahu. "He's a very difficult guy," Trump said of the Israeli prime minister recently said to The New York Times. On Thursday, Israel's military released a new map showing an expanded area of southern Lebanon occupied by its troops, which it describes as a buffer zone. "Trump's agreement does not bind us," Israel's far-right national security minister, Itamar Ben-Gvir, wrote on social media on Monday. "We are not partners to this agreement that does not ensure our security." Vice President Vance hit back at critics in the Israeli government, warning at a press conference that "Donald J. Trump is the only head of state in the entire world who is sympathetic to the nation of Israel at this moment in time." Trump signed the deal to avoid "economic catastrophe" The agreement promises "the immediate and permanent termination of military operations on all fronts" — including in Lebanon, where Israel has continued its offensive. Iran and the United States also promise "not to initiate" any further war or operation against each other. Not long after Trump signed the memorandum, U.S. Central Command said Thursday it had ended its naval blockade of ships to and from Iranian ports, as promised in the agreement. Iranian state media reported the country's national security council will suspend tolls paid by ships for 60 days, per the deal, but that ships must still request Iran's permission — through a newly established Persian Gulf Strait Authority, before passing through the Strait of Hormuz, which was once considered an international waterway. Increased ship traffic through the strait will come as a relief to Trump, whose approval ratings have been sliding as Americans see soaring gasoline prices and spiking inflation. Last month Trump insisted he doesn't think about Americans' financial situation in his approach to Iran. But this week he acknowledged at a news conference that he had signed this agreement because he "didn't want to see an economic catastrophe." The memorandum gives major concessions to Iran Trump has repeatedly called the Iran nuclear deal — formally known as the Joint Comprehensive Plan of Action (JCPOA) — presided over by President Barack Obama in 2015 the "worst deal ever," and Trump abandoned the agreement in his first term in office. But the framework agreement signed this week hands major financial concessions to Iran that could ultimately go much further than the Obama-era arrangement. The document says the U.S. will work with regional partners to create a fund of "at least $300 billion" for Iran's reconstruction and economic development. Vice President Vance has said Gulf Arab nations would invest that amount. It also promises that the U.S. will unfreeze Iranian funds and assets that amount potentially to tens of billions of dollars. Mohsen Rezaei, military adviser to Supreme Leader Mojtaba Khamenei, told CNN Iran wants to see the release of $24 billion. These commitments do depend on further negotiations. But the Trump administration also plans to issue sanction waivers to allow Iran to immediately sell its oil. The waiver concedes a major point of potential leverage at the start of these 60-day talks. And the interim deal also opens the door to ending all U.S. and international sanctions on Iran. Iran has been under a plethora of U.S. sanctions since the 1979 Revolution. The penalties have kept Iran cut off from the global economy, preventing it, for example, from accessing the international banking sector. This new pledge goes far beyond the JCPOA deal, which removed some sanctions in exchange for Iran reducing its stockpile of uranium. The negotiation over Iran's nuclear program President Trump has boasted he will achieve a much "better" agreement than the JCPOA. The substantive talks on this are yet to begin, but so far, the commitment Iran has made in the memorandum that it "shall not procure or develop nuclear weapons" is the same promise it has made for years, including in the 2015 nuclear accord. The details of Iran's nuclear program are complex and technical. The JCPOA was negotiated over years by the U.S., U.K., France, Germany, Russia and China, with nuclear physicists and non-proliferation experts, and ran to 159 pages. Trump's framework was negotiated bilaterally by Steve Witkoff and Jared Kushner — a property developer and the president's son-in-law. An Iranian diplomat who spoke to NPR on condition of anonymity because they were not authorized to speak publicly told NPR they believed the last round of talks with the Trump administration did not progress because "the Americans at the table did not understand the subject." The U.S. had been negotiating with Iran over its nuclear program before abruptly launching the bombing campaign with Israel on Tehran that began this war on Feb. 28. For this latest round of talks, Witkoff and Kushner visited the national lab in Oak Ridge, Tenn., earlier this month for consultations with a team of technical experts that could play a role in nuclear negotiations with Iran. Has Iran come out of the war stronger? Trump began the conflict promising to set conditions for regime change in Iran. "I say tonight that the hour of your freedom is at hand," he told Iranians in a televised address on Feb. 28. "When we are finished, take over your government. It will be yours to take." It was a nightmare scenario for the Iranian regime, to face down the bombardment from two of the world's most powerful militaries. The war killed more than 3,300 Iranians, according to state media, including top leaders, and pounded the country's infrastructure and armed forces. But the regime's survival, and its ability to target U.S. assets in the region and control the Strait of Hormuz, empowered Iran. The country has learned "that threatening the Strait of Hormuz works," Bill Cassidy, Republican senator from Louisiana, said in a blistering attack on the Trump administration. He called the offensive against Iran "the worst foreign policy blunder in decades." Iran's response forced the Trump administration to set aside the goal of regime change to focus on seeking a way to reopen the vital strait. "The only 'achievement' of the ceasefire is the likely reopening of the Strait of Hormuz — which was open before the war started. And we will apparently pay Iran to do so," Antony Blinken, who was secretary of state under former President Joe Biden, posted on X. Trump has countered critics by saying on social media that anyone who thinks he hasn't "been tough enough on Iran," when the stock market is high and oil prices are falling, is either jealous, bad or stupid. And Vance called on critics to "have a little bit of faith in the president of the United States." But in a hard accounting of the war, the facts are undeniable: Iran's closure of the Strait of Hormuz gave it the leverage to secure from Trump concessions that unlock vast sums of money — even more, potentially, than under Obama. And regarding Iran's nuclear program, the Iranians so far appear not to have offered Trump any more concessions than they did at the Geneva talks two days before the U.S. and Israel launched their offensive in February. Now new negotiations are set to begin, and the Iranians will be coming to the table having shown Trump, and the world, the power they can wield over the global economy.
The Strait of Hormuz crisis shook up global markets. It witnessed oil prices surging as much as 55%, and saw gold climbing to a record $5,405 per ounce. The United States said on Thursday that it had lifted its maritime blockade on Iran, while Tehran announced measures to reopen the Strait of Hormuz following the signing of a memorandum of understanding (MoU) between the two countries. Click the image to explore what global energy and shipping went through since late February.
BEIRUT, June 19 — Fighting escalated sharply between Israel and Hezbollah in south Lebanon overnight, with four Israeli soldiers killed in one of the deadliest attacks by the Iran-backed group during this war, and at least 18 people reported killed in Israeli strikes. Paris urged Washington to put pressure on Israel to stop hostilities in Lebanon, where the intensifying violence strained an interim deal between the United States and Iran halting the broader Middle East war. The deal requires the United States, Iran, and their allies to declare an immediate and permanent termination of military operations on all fronts, including Lebanon. Violence abated significantly earlier this week, but has since picked up. Lebanon’s health ministry said 18 people had been killed and 33 wounded in heavy airstrikes in 11 towns since midnight, and that bombardment was preventing rescue and evacuation efforts. It said the toll was expected to rise. In one of the targeted locations – the village of Harouf, northeast of the city of Tyre – seven people were killed and many more were believed to be under rubble, health ministry sources told Reuters. Israel cites ceasefire violations Israel said it carried out strikes targeting what it described as Hezbollah operatives and infrastructure across several areas of the south, saying these were in response to repeated ceasefire violations by the Iran-backed group. Lebanon’s state news agency NNA reported heavy displacement from the southern districts of Tyre and Bint Jbeil, with residents fleeing north amid escalating Israeli strikes. Heavy fighting overnight was concentrated in an area north of the Litani River known as Ali al-Taher hill – high ground strategically important to Hezbollah where Israeli forces had sought to advance, a senior Lebanese security source said. Hezbollah said its fighters ambushed an Israeli force advancing near the hill, destroying three Merkava tanks with guided missiles and targeting troops with rocket and artillery fire. Hezbollah said it later attacked Israeli forces that had sought to enter the area to retrieve casualties. The Israeli military said four soldiers had been killed in an incident in Lebanon, but without giving further details. Hezbollah attacks with explosive drones Lebanon was sucked into the regional war when Hezbollah opened fire at Israel on March 2, prompting Israel to launch a major offensive against the group and invade the south. Israel has rejected calls to withdraw troops from southern Lebanon, where its forces are occupying a self-declared security zone. Israel says this aims to shield northern Israel from Hezbollah attack. Its forces have been razing villages in the south where they say Hezbollah has embedded itself. On Wednesday, Israel published a map showing an expanded military control zone in southern Lebanon and said it would not rule out carrying out attacks beyond it. Hezbollah has continued to launch attacks on Israeli positions in the south this week, including with explosive drones that have killed and injured troops. Lebanon’s health ministry has recorded 3,912 people killed in Lebanon as a result of Israeli attacks since March 2, including 746 medics, women and children. Israel’s death toll from this round of hostilities with Hezbollah includes at least 32 soldiers and four Israeli civilians. Smotrich urges Israel to open ‘gates of hell’ Israeli officials have voiced anger with the US-Iran pact, which the two signed on Wednesday, saying it did not go far enough to address Israeli concerns over Iran’s nuclear program and would tie down their military operations in Lebanon. Israel’s far-right ministers Itamar Ben-Gvir and Bezalel Smotrich, both lynchpins in Israel’s coalition government, issued blistering calls for revenge after the Israeli military announced the death of the four soldiers. “For every tear of an Israeli mother, a thousand Lebanese mothers must weep. All of Lebanon must burn,” wrote Ben-Gvir in a post on X. His ally Smotrich wrote that it was time to “open the gates of hell”. A senior Israeli official said Israel was engaged in “stubborn negotiations” with US President Donald Trump’s administration over maintaining troops up to 10 km inside southern Lebanon as it pursues Hezbollah. — Reuters
A Japan-related vessel detained in the Persian Gulf successfully passed through the Strait of Hormuz and is now sailing toward Japan, Japanese Prime Minister Sanae Takaichi said Friday, after the lifting of an effective blockade that had disrupted shipping through the key energy chokepoint for about three months. “On June 19, one Japanese-related vessel that had been detained in the Persian Gulf successfully passed through the Strait of Hormuz, exited the Persian Gulf, and is now sailing toward Japan,” Takaichi said on the US social media firm X. She added that three Japanese crew members were on board. The Japan News reported that a Saudi Arabia-flagged crude oil tanker bound for Kiire in Kagoshima City resumed transmitting its location Thursday in the Gulf of Oman, east of the Strait of Hormuz. The tanker had stopped transmitting its location in the Persian Gulf in mid-April and is believed to have resumed transmission after passing through the strait, the report said. The newspaper also said the Tenzan, a crude oil tanker operated by a Japanese company that had been off the coast of the United Arab Emirates, headed toward the Strait of Hormuz and entered the waterway Thursday night. Government officials said some Japanese nationals were on board. According to Japan’s Land, Infrastructure, Transport and Tourism Ministry and other sources cited by the report, 38 Japan-related vessels remained in the Persian Gulf as of Thursday, with about 900 people on board. “We will continue to make every diplomatic effort to ensure that all vessels pass through the Strait of Hormuz as soon as possible,” Chief Cabinet Secretary Minoru Kihara told a press conference Friday morning. The latest passage follows earlier limited movements by Japan-related ships through Hormuz during the crisis. Japan’s Foreign Ministry said a Japan-related vessel retained in the Persian Gulf exited the Gulf on May 14, leaving 39 Japan-related vessels still in the area at the time. On April 29, another Japan-related vessel carrying three Japanese crew members passed through the strait and headed toward Japan, according to previous official and media reports. The Strait of Hormuz is one of the world’s most important oil and gas transit routes, and the disruption had stranded dozens of Japan-linked vessels in the Gulf after maritime traffic was sharply curtailed. Japan had sourced more than 90% of its crude oil imports from the Middle East before the crisis, underscoring the strategic importance of the route for Tokyo’s energy security.
Oil Tankers Move Through Strait as Vance Decries Israel 'Freakout' over U.S. Agreement with Tehran JERUSALEM, Israel – Just days after President Trump and Iranian President Masoud Pezeshkian signed the Memorandum of Understanding ending the Iran War, questions are growing about what the agreement means for Israel, Iran, and the region's future. Vice President JD Vance postponed a planned trip to meet Iranian negotiators in Switzerland today, delaying the start of talks on implementing the 14-point agreement between Tehran and Washington. Meanwhile, on Thursday, U.S. CENTCOM posted on X, declaring, "Today, U.S. forces lifted the blockade on all maritime traffic entering and exiting Iranian ports and coastal areas, in accordance with the president's direction." A timelapse video showed merchant vessels once again moving through the Strait of Hormuz after weeks of disruption. According to the statement, U.S. naval ships "will remain in the general area to make sure that all aspects of the agreement are adhered to. The agreement is creating tension with Israel. Vice President JD Vance told The New York Times that he found "this whole freakout in Israel a little bit odd," referring to Israeli ministers who have called for Israel to disregard the terms of the deal, describing it as a danger to the country's security. "If I was in the cabinet of the Israeli government, I might not be attacking the only powerful ally that I have anywhere left in the entire world," Vance remarked. He added, "Over the last three months, two-thirds of the defensive weapons that have protected your homeland have been built by American hands and paid for by American tax dollars," insisting, "Donald J. Trump is the only head of state in the entire world who is sympathetic to the nation of Israel at this moment in time." Vance also defended President Trump's position that Iran may retain some missile capabilities for self-defense. "You can't tell the country, whether Israel or Iran, they're not allowed to have any self-defense," he said. The vice president asserted that any final agreement would still prevent Iran from developing missiles capable of threatening the wider world. "What we want to see is Iran not...trying to rebuild their nuclear weapons program," he elaborated. "That's the main thing." President Trump said on Thursday, "We expect a complete ceasefire on all fronts, including Lebanon, Hezbollah, and Israel," after signing the deal with Iran declaring the permanent end of military operations in Lebanon. Vance also addressed Lebanon, saying, "We expect Hezbollah is not going to be firing rockets and firing drones at the Israelis. But we also expect that the Israelis are not going to be going wild in Lebanon." ***Sign up for CBN Newsletters and download the CBN News app to ensure you receive the latest updates from a Christian perspective.*** Iran has demanded that Israel withdraw its troops from a buffer zone in Lebanon as part of the agreement. Israeli Prime Minister Benjamin Netanyahu announced on Thursday that "Israel must maintain a security zone in southern Lebanon." He contends that Israel's security depends on keeping a military presence in the territory, "Because this zone separates Hezbollah terrorists from our citizens and our communities." Overnight, an Israel Defense Forces tank battalion commander and three other soldiers were killed in a Hezbollah attack on southern Lebanon. The IDF says it carried out strikes early this morning on Hezbollah operatives and infrastructure across southern Lebanon in response to "repeated violations of the ceasefire" by the Iranian-backed terror group. Questions also remain about Iran's nuclear program. Trump envoy Steve Witkoff told U.S. lawmakers on Thursday that Iran will invite American and U.N. inspectors to sites containing enriched nuclear material. A leaked version of the memorandum indicates that Iran's enriched material would remain inside the country and be diluted under area supervision rather than being removed from Iran Inside the Islamic Republic, Hassan Khomeini, the grandson of the first Iranian supreme leader, has hailed the agreement between the U.S. and Iran as a major "victory" for Tehran. He promised, "the greater jihad would now begin." The regime has struggled to suppress growing domestic dissent. During the January demonstrations, tens of thousands of protesters were killed, and security forces detained tens of thousands.
- An agreement between the US and Iran is easing global geopolitical risk premiums for markets - Brent crude oil prices fell from above $100 to around $75-$78 per barrel after the US-Iran deal - Lower oil prices can reduce India's import bill, inflation, and ease pressure on the current account Stock Market Today: An agreement between the US and Iran is beginning to shift sentiment across global markets. While diplomats focus on ceasefire terms and negotiations, investors are watching something else: the possibility that a major geopolitical risk premium could start disappearing. According to Hemant Sood, Founder and Managing Director of Findoc, markets had spent months pricing in the possibility of a wider conflict in the Middle East. Any signs of de-escalation, he says, can have far-reaching consequences for oil prices, inflation, currencies and equity markets. "The market impact of a peace agreement goes beyond diplomacy. It changes how investors price risk," Sood said. Oil prices are the first thing investors are watching. The biggest immediate impact is being felt in the oil market. The Strait of Hormuz, a critical shipping route, carries a significant share of the world's oil trade. During the recent tensions, concerns about supply disruptions pushed Brent crude above $100 per barrel. Following reports of the US-Iran agreement, however, Brent crude retreated to around $75-$78 per barrel. Sood noted that this decline is particularly important for India, which imports nearly 88 per cent of its crude oil requirements. "A sustained fall in oil prices can reduce India's import bill, ease pressure on the current account deficit and help contain inflation," he added. The drop in crude prices has already helped improve market sentiment. Indian equities rallied for several sessions as investors responded positively to lower energy costs despite US Federal Reserve' keeping the rates steady. Lower Oil Could Help Tame Inflation Energy prices have a direct bearing on inflation, especially in an import-dependent economy like India. Recent data showed consumer inflation moving up to 3.93 per cent in May from 3.48 per cent in April. Food inflation also edged higher. Wholesale inflation, which is more sensitive to fuel and commodity prices, remained elevated. According to Sood, these figures underline how closely inflation is linked to global energy markets. "If crude remains below $80 and shipping costs normalise, the inflation outlook could improve over the next few quarters," he said. That, in turn, could give policymakers greater flexibility. RBI May Get Some Breathing Room The Reserve Bank of India has maintained a cautious stance amid concerns over global uncertainty and energy prices. Sood believes a durable easing of tensions in the Middle East could reduce some of those concerns. While that does not automatically translate into immediate rate cuts, it lowers the need for policymakers to remain overly defensive, he said. A more stable inflation environment could give the central bank additional room to support growth if needed. Another area that investors are closely monitoring is the rupee. Periods of geopolitical conflict typically lead to higher oil prices, increasing demand for dollars from oil-importing countries such as India. That often puts pressure on the domestic currency. Sood said lower crude prices could help ease that pressure by reducing oil-related dollar demand. However, he cautioned that the rupee's trajectory will continue to depend on several factors, including US interest rates, RBI intervention and foreign capital flows. Foreign Investors May Return Foreign portfolio investment remains a key driver of market sentiment. India posted a current account surplus of $4.7 billion in April, supported by strong services exports and remittances. However, foreign portfolio investors withdrew $8.7 billion during the same period, resulting in pressure on the overall balance of payments. Sood said this highlights an important reality for markets. "Strong economic fundamentals help, but investor confidence also matters. Capital flows can significantly influence market performance," he said. Following the easing of geopolitical concerns and the correction in crude prices, foreign investors turned net buyers after an extended selling streak. According to Sood, sectors such as financials, automobiles, infrastructure, logistics, manufacturing and consumer-focused businesses could benefit if foreign inflows strengthen further. Companies Could See Margin Improvement Lower oil prices are also good news for several industries. Aviation, logistics, chemicals, paints, tyres and cement companies are among the sectors that typically benefit when fuel and transportation costs decline. Sood said companies with strong domestic demand and pricing power are often the biggest beneficiaries during such periods. Reduced input costs can improve profitability even if overall demand growth remains moderate. According to Rajat Bokolia, CEO, Newstone, opening of the Strait of Hormuz send a positive signal to India's real estate market as well. "Lower uncertainty around input and logistics costs can help developers plan projects more efficiently, while stronger economic sentiment can improve buyer and investor confidence. Over time, this could lead to increased investments across residential, commercial, and mixed-use developments." Despite the optimism, Sood cautioned against assuming that geopolitical risks have disappeared. The reopening of shipping routes and normalisation of trade conditions will take time. Key issues, including Iran's nuclear programme, still require negotiations. Other global flashpoints also remain on investors' radar, including the Russia-Ukraine conflict, Red Sea security concerns and tensions involving China and Taiwan. For now, however, Sood believes the direction of travel is encouraging. "A durable peace dividend can support lower oil prices, softer inflation, a more stable rupee, stronger corporate earnings and improved investor sentiment," he said. The broader lesson for investors, according to Sood, is that geopolitics has become a permanent factor in market analysis. "War creates risk premiums. Peace removes them. Understanding both sides of that cycle helps investors protect capital and identify opportunities earlier," he added. Track Latest News Live on NDTV.com and get news updates from India and around the world
By ERIN CUNNINGHAM and JON GAMBRELL Associated Press JERUSALEM (AP) — Israel’s military said Friday its forces struck targets throughout southern Lebanon overnight as Hezbollah reported intense fighting in the area, threatening the nascent agreement between Iran and the United States to end their war. Lebanon’s state-run National News Agency reported at least 16 people were killed in Israeli airstrikes, which the Israeli military said were ongoing. Continued fighting in Lebanon could unravel the newly signed deal, which calls for an immediate halt to military operations “on all fronts, including in Lebanon,” where Israel has been battling the Iran-backed Hezbollah militant group, and for ensuring Lebanon’s “territorial integrity and sovereignty.” Israeli Prime Minister Benjamin Netanyahu, who faces elections later this year, has refused to withdraw, saying Israeli forces will remain in Lebanon until the threat from Hezbollah has been eliminated. The attacks came as planned talks in Switzerland between Iran and the United States over their efforts to reach a permanent end to the Iran war were delayed. U.S. Vice President JD Vance on Thursday put off his trip to Switzerland where he had been set to lead the talks. The White House blamed logistical issues, but the announcement came after a report from Al-Mayadeen, a pan-Arab satellite channel that is politically allied to Hezbollah, that Iran was delaying sending its delegation to Switzerland over Israel’s ongoing military campaign in Lebanon. U.S. President Donald Trump signed the initial pact with Iran on Wednesday while dining with French President Emmanuel Macron at the Palace of Versailles, which took immediate effect. In comments following the signing, Vance offered a blunt warning to Israel, saying Trump was “the only head of state in the entire world who is sympathetic to the nation of Israel at this moment in time.” _____ Gambrell reported from Dubai, United Arab Emirates. Associated Press reporter David Rising contributed to this story from Bangkok.
Israel strikes southern Lebanon, straining fresh US-Iran ceasefire deal Israeli forces launched overnight strikes across southern Lebanon as Hezbollah reported intense fighting. The violence threatens a new US-Iran deal that demands an immediate halt to combat in Lebanon. Israeli forces carried out overnight strikes across southern Lebanon, the Israeli military said on Friday, while Hezbollah reported intense fighting in the area. The fresh violence has put pressure on the recently signed agreement between Iran and the United States to end their war, as the deal calls for an immediate halt to military operations "on all fronts, including in Lebanon". Lebanon's state-run National News Agency said at least 16 people were killed in the Israeli airstrikes, which Israel said were continuing. The attacks also came as planned talks in Switzerland between Iran and the United States on a permanent end to the Iran war were delayed. The agreement signed by the United States and Iran also calls for ensuring Lebanon's "territorial integrity and sovereignty". Continued fighting in Lebanon could undermine that deal, as Israel has been battling the Iran-backed Hezbollah group there. Israeli Prime Minister Benjamin Netanyahu, who faces elections later this year, has refused to pull forces out of Lebanon. He has said Israeli troops will stay there until the threat from Hezbollah has been eliminated. US Vice President JD Vance on Thursday postponed his trip to Switzerland, where he was due to lead the talks. The White House said the delay was due to logistical issues. But the announcement came after Al-Mayadeen, a pan-Arab satellite channel politically allied to Hezbollah, reported that Iran was delaying the departure of its delegation to Switzerland because of Israel's continuing military campaign in Lebanon. US President Donald Trump signed the initial pact with Iran on Wednesday while dining with French President Emmanuel Macron at the Palace of Versailles, and the agreement took effect immediately. After the signing, Vance issued a blunt warning to Israel, saying Trump was "the only head of state in the entire world who is sympathetic to the nation of Israel at this moment in time". In summary, the Israeli strikes in southern Lebanon, the reported deaths and the delay in US-Iran talks have added fresh strain to an agreement meant to stop military action across the region, including in Lebanon. With PTI Inputs
JD Vance delays Switzerland trip as US-Iran nuclear talks face uncertainty The White House postponed Vice President JD Vance's Switzerland trip for fresh nuclear talks with Iran. The delay has clouded the 60-day ceasefire push even as Hormuz shipping resumes and inspection plans advance. The White House said on Thursday night that Vice President JD Vance was delaying his trip to Switzerland, where he was due to lead a fresh round of negotiations with Iran over its nuclear programme. The move has added to uncertainty over the tentative US-Iran agreement meant to end the war, extend the ceasefire by 60 days and create space for further talks. The delay came as the US said it had lifted its blockade, allowing oil tankers to move freely through the Strait of Hormuz after months of disruption. At the same time, details emerged about possible inspections of Iran's nuclear sites, while the agreement continued to draw criticism in the US and remained tied to wider tensions involving Israel and Lebanon. The White House said the team led by Vance had been ready to leave for Switzerland but was postponing the trip because of difficult logistics for the negotiations. The announcement followed a report by Al-Mayadeen, a pan-Arab satellite channel politically aligned with the Iranian-backed Lebanese militant group Hezbollah, that Iran was delaying sending its delegation to Switzerland because of Israel's continuing military campaign in Lebanon. Vance, who had initially been personally sceptical about the US going to war with Iran, has increasingly become the administration's public face on the conflict and has strongly defended the deal. Earlier on Thursday, he appeared at the White House to back the initial agreement that extends the ceasefire by 60 days and allows more negotiations, saying that while it offers concessions, Iran must first meet US demands. "As they dial up their good behaviour, we can dial up the economic relief," Vance said. "If they dial down their good behaviour, we can turn it off." He had also said earlier that he was unsure about the timing of the Switzerland trip and that talks might not begin this week. The formal postponement has now made the timetable even less clear. The tentative agreement has drawn sharp criticism from some in the US, including a few congressional Republicans, who say Washington has given away too much through sanctions relief and a possible USD 300 billion fund for rebuilding. Earlier, a senior Trump administration envoy told US lawmakers in a private briefing that Iran would invite the UN's nuclear watchdog to inspect its nuclear sites. Iranian Supreme Leader Ayatollah Mojtaba Khamenei also appeared to back direct negotiations by his officials. "It is obvious that the face-to-face negotiations that will be held in the future will not mean accepting the enemy's opinion," he said in a statement carried by state media. It was his first reaction to the agreement and was seen as a shift in Iran's approach. Hard-liners, especially Khamenei's father, the previous supreme leader, have long opposed direct talks, particularly after the US withdrew from the 2015 nuclear deal between Iran and world powers. The supreme leader has not been seen in public since he was wounded in a strike at the start of the war. The agreement says Iran's stockpile of highly enriched uranium must at least be diluted under international supervision. It also says Iran shall not procure or develop nuclear weapons, a commitment it has made before. Trump's envoy Steve Witkoff told members of Congress that Iran would invite the International Atomic Energy Agency to inspect its nuclear sites and begin identifying and uncovering the locations of Tehran's enriched material, which is believed to be buried under rubble. Two people familiar with Witkoff's closed-door briefing described the discussion to The Associated Press on condition of anonymity. White House spokeswoman Olivia Wales said the agreement requires Iran to "commit to renounce their nuclear ambitions in writing". The IAEA did not respond to a request for comment. Witkoff also told congressional leaders and members of national security committees that there were no side deals in the agreement between the US and Iran, but that a side letter had been drafted between Tehran and the IAEA extending the invitation. He said the letter to IAEA Director-General Rafael Mariano Grossi would allow him to bring US nuclear inspectors to Tehran. Before Vance delayed his trip, Pakistani Prime Minister Shehbaz Sharif also postponed a planned visit to Switzerland, where Islamabad officials had originally intended to host a ceremonial signing of the agreement. Two senior officials, speaking on condition of anonymity because of the sensitivity of the matter, said the visit was put off because the agreement had already been signed by both Iran and the US. President Donald Trump signed the initial pact with Iran on Wednesday while dining with French President Emmanuel Macron at the Palace of Versailles. The deal is meant to take effect immediately, extending the ceasefire while giving both sides 60 days to reach broader agreements on larger issues. Responding to criticism over the way the deal was rolled out, Vance said, "I don't think our public messaging has been chaotic." He also issued a blunt warning to Israel, which has pressed the US to take a tougher line on Iran and carried out attacks on the Iranian-backed Hezbollah militia in Lebanon during the war, including just before the ceasefire extension was agreed. Those attacks complicated the peace effort with Iran. "Trump is the only head of state in the entire world who is sympathetic to the nation of Israel at this moment in time," Vance said. "And he happens to be the head of state of the world's superpower." Trump said he had signed the agreement to avoid "economic catastrophe" in the US after the war sent oil prices sharply higher, unsettled financial markets and fuelled inflation. The deal led to a fall in gas prices and a rise in stock markets, though those gains could again come under pressure depending on how the next round of US-Iran talks unfolds. Vance said more than 12.5 million barrels of oil passed through the Strait of Hormuz on Wednesday night. He said the US decision to ease its blockade of Iran meant "honouring our end of the early part of the agreement on the military side". US Central Command said American warships "will remain in the general area to make sure that all aspects of the agreement are adhered to, obeyed and in full force and effect". Iranian state media said shipping had "normalised" at the country's southern ports, but added that the strait remained supervised and under the control of the Iranian military, and that passage through the waterway still required coordination. According to maritime data company Lloyd's List Intelligence, major shipowners began moving vessels through the strait after the agreement was signed, though the company did not give a figure for how many ships had passed through by Thursday. In a media briefing, Lloyd's List editor-in-chief Richard Meade said that "for the first time in 110 days, ships owned by major companies are transiting the strait after effectively being marooned there since February". He added that it could take weeks or months to fully reopen the strait, and that the two alternative routes do not have the same capacity as the main passage. For now, the delay in Vance's Switzerland trip has left the timing of the next US-Iran talks uncertain, even as the 60-day ceasefire extension, movement through the Strait of Hormuz and plans for nuclear inspections remain central to the initial agreement. With PTI Inputs
- The first signs of a post-war recovery are emerging across the Middle East after the United States and Iran signed a memorandum aimed at ending the conflict. - As the agreement begins to reshape conditions on the ground, U.S. officials have sought to defend its terms. The first signs of a post-war recovery are emerging across the Middle East after the U.S. and Iran signed a memorandum aimed at ending the conflict. Oil tankers are once again transiting the Strait of Hormuz, and daily routines are returning to the streets of Tehran. Here are some images related to the deal: Strait of Hormuz The U.S. Navy ended its blockade of Iranian ports and coastal waters following the signing of a U.S.-Iran memorandum aimed at ending the conflict, with U.S. Central Command saying all enforcement operations related to the blockade have ceased. Under the agreement, Iran is required to allow commercial vessels to transit the Strait of Hormuz toll-free for 60 days. As of Thursday, three supertankers from Saudi Arabia loaded with 6 million barrels of oil have crossed the Strait of Hormuz, according to data from the global trade intelligence firm Kpler. Iran after the MOU The residents of Tehran are returning to more normal activity levels. JD Vance says U.S. isn’t giving Iran ‘a cent’ As the agreement begins to reshape conditions on the ground, U.S. officials have sought to defend its terms. Vice President JD Vance on Thursday said Tehran would receive no direct U.S. funding and that any economic relief would be contingent on Iran fulfilling its commitments under the accord. Israel-Lebanon state of play Israel is not a party to the peace deal. The country's conflict with Hezbollah has strained U.S.-Iran negotiations, drawing a recent rebuke from Trump regarding the military campaign in Lebanon.
Oil prices were headed for their steepest weekly decline in months as signs of a gradual reopening of the Strait of Hormuz eased concerns over global supply disruptions that had rattled energy markets since the outbreak of the US-Iran conflict. Brent crude fell towards $79 a barrel on Friday and was down more than 9% for the week, while West Texas Intermediate traded near $75. The decline comes after an interim peace agreement between Washington and Tehran paved the way for shipping activity to resume through the strategically important waterway. The Strait of Hormuz, which normally handles about a fifth of the world's oil supply, had effectively been shut after both Iran and the US imposed blockades during the conflict. The disruption triggered a sharp spike in crude prices and raised fears of prolonged supply shortages across global markets. However, sentiment has shifted rapidly over the past week. Tankers carrying crude that had been stranded in the Persian Gulf began moving through the strait on Thursday, while Kuwait said it would start increasing production as exports gradually normalize. ALSO READ: Iran Can Buy US Goods From $6-Billion Of Frozen Funds Under Interim Deal: Report The US Central Command said it had lifted restrictions on traffic to and from Iranian ports and coastal areas. Meanwhile, maritime authorities have advised vessels to follow designated routes near the Omani coastline as efforts continue to reduce navigational risks, including concerns over sea mines. The return of shipping activity has prompted traders to unwind much of the risk premium that had built up in oil prices during the conflict. As a result, crude has now surrendered nearly all the gains recorded since fighting began in February. US President Donald Trump welcomed the fall in oil prices, arguing that markets were responding positively to the agreement. The interim deal also initiates a 60-day period of negotiations aimed at resolving broader issues between the two countries, including Iran's nuclear programme and the future operation of the waterway. Restarting oil flows involves more than simply reopening shipping lanes. Producers need to bring wells back online, infrastructure must be inspected and repaired, and authorities still need to coordinate de-mining operations in parts of the strait. Some shipowners and insurers also remain wary of conditions in the region, suggesting that a complete recovery in exports could take time even as traffic gradually improves. ALSO READ: PM Modi, Trump Push For Early India-US Trade Deal As Negotiators Enter Final Stretch: Foreign Secretary Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
US President Donald Trump said he expects “a complete ceasefire on all fronts,” including Lebanon, Hezbollah and Israel. Israeli forces earlier on Thursday launched fresh airstrikes on Lebanon. US Vice President JD Vance said the American Navy allowed more than a dozen ships through to Iranian ports, lifting a blockade as part of an agreement to end the war, and causing prices to fall to pre-war lows. Some 12.5 million barrels of crude sailed through the Strait of Hormuz overnight, he said hours after Trump signed a deal with Iran to end the war that has disrupted global energy supplies. Also Read: Iran's Khamenei says he approved US MoU despite reservations; says future talks will be face-to-face However, Iran Supreme Leader Ayatollah Mojtaba Khamenei issued a strong statement later, saying Trump, out of desperation, used “all kinds of leverage” to bring about the deal. Khamenei said he had a different view regarding the MoU, but gave his permission due to commitments to the Iranian president and other members of its security council. He said council members assured him they would ensure “safeguarding of the rights of the nation and the resistance front.” Khamenei said future talks with the US would be held directly but that does not imply “accepting its views.” Trump has threatened to resume attacks if Tehran fails to honour commitments. The US and Iran released text of the interim agreement. Vance said technical talks may begin this weekend, and that US would withdraw its troops to pre-conflict numbers. Also Read: Vance says 12.5 million barrels oil moved as Iran deal enters 60-day phase (You can now subscribe to our Economic Times WhatsApp channel) US Vice President JD Vance said the American Navy allowed more than a dozen ships through to Iranian ports, lifting a blockade as part of an agreement to end the war, and causing prices to fall to pre-war lows. Some 12.5 million barrels of crude sailed through the Strait of Hormuz overnight, he said hours after Trump signed a deal with Iran to end the war that has disrupted global energy supplies. Also Read: Iran's Khamenei says he approved US MoU despite reservations; says future talks will be face-to-face However, Iran Supreme Leader Ayatollah Mojtaba Khamenei issued a strong statement later, saying Trump, out of desperation, used “all kinds of leverage” to bring about the deal. Khamenei said he had a different view regarding the MoU, but gave his permission due to commitments to the Iranian president and other members of its security council. He said council members assured him they would ensure “safeguarding of the rights of the nation and the resistance front.” Khamenei said future talks with the US would be held directly but that does not imply “accepting its views.” Trump has threatened to resume attacks if Tehran fails to honour commitments. The US and Iran released text of the interim agreement. Vance said technical talks may begin this weekend, and that US would withdraw its troops to pre-conflict numbers. Also Read: Vance says 12.5 million barrels oil moved as Iran deal enters 60-day phase (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
WASHINGTON (AP) — Senators are seeking to block Defense Secretary Pete Hegseth's travel funds until the Pentagon submits several overdue reports to lawmakers, including its investigation into a deadly strike on an elementary school in Iran at the start of the U.S.-Israeli war. According to an annual defense authorization bill, filed this week, much of the travel funds for the defense secretary’s office may not be spent until Hegseth submits "unredacted civilian harm investigations," including for the Feb. 28, 2026, strike on the Minab school. Officials have preliminarily said the U.S. was responsible for the strike, which was blamed on outdated intelligence. Congress, which conducts oversight of the Pentagon, has not yet received the Defense Department's report on the investigation. It is believed to have been completed last month. Sen. Jack Reed, the top Democrat on the Senate Armed Services Committee, said in a statement that this year's annual defense package “forces the Secretary to be more accountable to Congress and will prevent many errors of the past from being repeated in the future.” Strike on elementary school became a flashpoint The bombing of the elementary school on the first day of the U.S. war against Iran killed more than 165 people, many of them children, at the campus adjacent to a Revolutionary Guard base. It quickly became a focal point of the conflict. Outdated intelligence likely led to the United States carrying out the missile strike, according to those familiar with the preliminary findings in March. If so, it would stand among the highest civilian casualty events caused by American military operations in the last two decades. Senators from both parties tucked the new provisions blocking Hegseth's travel funds into the National Defense Authorization Act to force release of the investigation. The Senate bill text said not more than 25% of the defense secretary’s travel funds may be spent until he submits the investigations, "including all relevant supporting documents,” for several incidents of civilian harm. The Pentagon didn't immediately respond to a request for comment. Senators also demand video of the boat strikes near Venezuela Senators also are seeking to withhold Hegseth's travel funds until the Pentagon releases “unedited video” of the U.S. strikes against alleged drug-trafficking boats near Venezuela. The Pentagon has conducted a monthslong campaign of strikes on boats in the Caribbean Sea and eastern Pacific Ocean, killing at least 208 people so far. Many of the attacks have been captured on videos that the department announces by posting select footage on social media. In at least one instance, survivors have been killed in follow-on strikes, which experts have said is at odds with military law and rules of engagement. Lawmakers also pressed for such video in last year's defense package. Additionally, lawmakers are seeking three other investigations into a series of strikes in Yemen in April 2025. They were conducted during the U.S. military's campaign against Iranian-backed Houthi rebels who were attacking merchant ships in the Red Sea. The list of requested investigations includes a strike on a port that left at least 70 dead and more than 170 wounded and a strike on neighborhood in Sanaa, the rebel-held capital of Yemen, that hit a house, killing at least four people and wounding 16 others. The casualty figures for both were provided by the Houthis. At the time, U.S. Central Command didn’t answer questions relating to the strikes in Yemen. Following the port strike, it said it “was not intended to harm the people of Yemen.” Central Command argued it was intended to “eliminate this source of fuel for the Iran-backed Houthi terrorists and deprive them of illegal revenue that has funded Houthi efforts to terrorize the entire region for over 10 years.” Senators conduct oversight as part of sweeping defense bill The reports being requested from the Pentagon are to be submitted to the Armed Services committees in the House and Senate. The directive comes as part of the annual defense bill, a sprawling 1,500-page document that sets policy for the coming year. The package is compiled by both parties — Republicans, who hold the majority in the Senate, and Democrats in the minority. It’s one of the rare bipartisan measures that is almost always approved by Congress. The Senate Armed Services Committee advanced the measure last week, and it is now headed to the full Senate for a vote.
Oil dips as US-Iran ceasefire deal takes effect, ships return to Hormuz - The push for diplomacy and the reopening of Hormuz allow for a resumption of production shuttered by major oil exporters. PHOTO: REUTERS OIL dipped as the US and Iran’s interim peace deal took effect and a flurry of tankers began transiting the Strait of Hormuz, paving the way to restart the flow of millions of barrels shut in by the conflict. West Texas Intermediate slipped below US$74 before paring some losses, settling above US$76. It flipped positive in post-trading hours. Global benchmark Brent rose slightly to settle near US$80 a barrel. As the interim peace agreement took effect, ships started returning to Hormuz, a conduit through which about 20 per cent of global energy transited before the war. The US declared an end to its naval blockade of Iranian ports and US President Donald Trump posted on Truth Social that “oil is flowing.” Now, a complex negotiating period over Teheran’s nuclear programme begins. “I think the market is pricing in a quicker recovery out of the Middle East than most analyst had anticipated,” said Dennis Kissler, head of energy trading at BOK Financial Securities. “But, the market has over-exaggerated this sell off, futures are oversold, and while the strait may begin to open, ready global supply is still tight,” he added. The push for diplomacy and the reopening of Hormuz allow for a resumption of production shuttered by major exporters like Saudi Arabia, the United Arab Emirates and Iraq – an unprecedented disruption that initially propelled key fuel prices to record levels. With refiners in Asia already comfortably supplied, a wave of cargoes could put further downward pressure on prices, which have lost around 38 per cent since hitting a four-month high in April. Vessel movements are showing initial glimmers of progress. At least four supertankers, including three controlled by Saudi Arabia’s Bahri, were observed leaving through the strait, along with a ship carrying Qatari liquefied natural gas and a Chinese fuel tanker, ship-tracking data showed. Four Iranian tankers and two more ships with Iran links were spotted crossing. SEE ALSO Iranian President Masoud Pezeshkian published a copy of the memorandum text on social media on Thursday (Jun 18). The country said commercial vessel traffic at southern ports had returned to normal since Monday, according to the semi-official Iranian Students’ News Agency. Iran had declared the Strait of Hormuz closed after the country came under attack by the US and Israel on Feb 28. The US also subsequently blockaded the conduit and access to Iranian ports. The interim peace agreement gives Iran major financial relief, including the ability to immediately begin selling its oil. Israel opposes the deal. Petroleum products are following crude lower. Average nationwide gasoline prices in the US have dropped back to US$3.999 a gallon, compared with a high of US$4.564 in May, according to daily figures from the American Automobile Association. Still, a return to the prewar normal is by no means assured. Goldman Sachs Group said Persian Gulf exports are now expected to “normalise” by the end of July, compared with the end of August previously. However, Hormuz flows may recover to only 70 per cent of pre-war levels, the bank’s analysts said in a note, highlighting producers tapping alternative routes. While oil prices have eased, pressure on inventories remains acute. Stockpiles at Cushing, Oklahoma, the largest US commercial storage hub, have sunk to about 20 million barrels. That is a level traders consider an operational minimum. US Defence Secretary Pete Hegseth told reporters on Thursday that “if Iran doesn’t comply, then we’re more than able to reimpose an ironclad blockade.” Trump had signalled that the risk of a major economic crisis had played a key role in his decision to call off the war. Markets and analysts are hopeful the resumption of flows from the Middle East will take substantial pressure off of global energy costs and inflation. “The easy part was reaching an agreement – the harder part is determining how much of the disruption from the past few months becomes permanent,” said Haris Khurshid, chief investment officer of Karobaar Capital. “Markets tend to assume a reopening means a reset,” said Khurshid. “While really some of the changes made during the disruption may stick around longer than people expect.” BLOOMBERG Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free. Share with us your feedback on BT's products and services TRENDING NOW Onitsuka Tiger pivots from Asics stripes to tap luxury market ‘I felt like dying’: Thai Singha beer scion speaks up after disclosure of alleged sexual abuse What’s wrong with Orchard Road? 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Oil dips as US-Iran ceasefire deal takes effect, ships return to Hormuz - The push for diplomacy and the reopening of Hormuz allow for a resumption of production shuttered by major oil exporters. PHOTO: REUTERS OIL dipped as the US and Iran’s interim peace deal took effect and a flurry of tankers began transiting the Strait of Hormuz, paving the way to restart the flow of millions of barrels shut in by the conflict. West Texas Intermediate slipped below US$74 before paring some losses, settling above US$76. It flipped positive in post-trading hours. Global benchmark Brent rose slightly to settle near US$80 a barrel. As the interim peace agreement took effect, ships started returning to Hormuz, a conduit through which about 20 per cent of global energy transited before the war. The US declared an end to its naval blockade of Iranian ports and US President Donald Trump posted on Truth Social that “oil is flowing.” Now, a complex negotiating period over Teheran’s nuclear programme begins. “I think the market is pricing in a quicker recovery out of the Middle East than most analyst had anticipated,” said Dennis Kissler, head of energy trading at BOK Financial Securities. “But, the market has over-exaggerated this sell off, futures are oversold, and while the strait may begin to open, ready global supply is still tight,” he added. The push for diplomacy and the reopening of Hormuz allow for a resumption of production shuttered by major exporters like Saudi Arabia, the United Arab Emirates and Iraq – an unprecedented disruption that initially propelled key fuel prices to record levels. With refiners in Asia already comfortably supplied, a wave of cargoes could put further downward pressure on prices, which have lost around 38 per cent since hitting a four-month high in April. Vessel movements are showing initial glimmers of progress. At least four supertankers, including three controlled by Saudi Arabia’s Bahri, were observed leaving through the strait, along with a ship carrying Qatari liquefied natural gas and a Chinese fuel tanker, ship-tracking data showed. Four Iranian tankers and two more ships with Iran links were spotted crossing. SEE ALSO Iranian President Masoud Pezeshkian published a copy of the memorandum text on social media on Thursday (Jun 18). The country said commercial vessel traffic at southern ports had returned to normal since Monday, according to the semi-official Iranian Students’ News Agency. Iran had declared the Strait of Hormuz closed after the country came under attack by the US and Israel on Feb 28. The US also subsequently blockaded the conduit and access to Iranian ports. The interim peace agreement gives Iran major financial relief, including the ability to immediately begin selling its oil. Israel opposes the deal. Petroleum products are following crude lower. Average nationwide gasoline prices in the US have dropped back to US$3.999 a gallon, compared with a high of US$4.564 in May, according to daily figures from the American Automobile Association. Still, a return to the prewar normal is by no means assured. Goldman Sachs Group said Persian Gulf exports are now expected to “normalise” by the end of July, compared with the end of August previously. However, Hormuz flows may recover to only 70 per cent of pre-war levels, the bank’s analysts said in a note, highlighting producers tapping alternative routes. While oil prices have eased, pressure on inventories remains acute. Stockpiles at Cushing, Oklahoma, the largest US commercial storage hub, have sunk to about 20 million barrels. That is a level traders consider an operational minimum. US Defence Secretary Pete Hegseth told reporters on Thursday that “if Iran doesn’t comply, then we’re more than able to reimpose an ironclad blockade.” Trump had signalled that the risk of a major economic crisis had played a key role in his decision to call off the war. Markets and analysts are hopeful the resumption of flows from the Middle East will take substantial pressure off of global energy costs and inflation. “The easy part was reaching an agreement – the harder part is determining how much of the disruption from the past few months becomes permanent,” said Haris Khurshid, chief investment officer of Karobaar Capital. “Markets tend to assume a reopening means a reset,” said Khurshid. “While really some of the changes made during the disruption may stick around longer than people expect.” BLOOMBERG Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free. Share with us your feedback on BT's products and services TRENDING NOW Dim sum chain Tim Ho Wan to close first Singapore outlet as part of Plaza Singapura’s redevelopment What’s wrong with Orchard Road? 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U.S. lifts blockade on Iranian ports as 60-day clock for a final deal starts ticking U.S. forces have lifted their blockade on ships entering and exiting Iranian ports and coastal areas, U.S. Central Command announced Thursday. The move is one of the conditions in a ceasefire agreement between the U.S. and Iran while the countries move into the next phase of negotiations over the next 60 days. Iran, for its part, has committed to letting oil tankers move safely through the Strait of Hormuz, where roughly 20% of the world's oil transited before the war began. The agreement, signed Wednesday, states that Iran will allow commercial vessels to transit the Strait of Hormuz "with no charge for 60 days only," after which "future administration and maritime services" will be determined by Iran along with Oman and other Persian Gulf states. Iranian officials have suggested they may impose "service fees" on ships, which industry analysts call legally questionable on an international waterway. When ships will actually begin sailing through the Strait of Hormuz in significant numbers remains an open question, though, given the fear of Iranian-placed mines that the U.S. and other nations are in the process of clearing. Iranian oil exports — now free of U.S. sanctions under the agreement — will also move through the strait. Centcom says the U.S. Navy remains in the area to make sure that the terms of the ceasefire are obeyed. Vice President Vance is leading the negotiations with Iran and is expected to head to Switzerland as early as this weekend, though he did not give a set date. He defended the memorandum of understanding signed earlier this week during a press briefing at the White House on Thursday. The vice president said the U.S. holds "all the cards" at the moment — insisting that Iran will not significantly benefit until it can "verify for us that they are changing their behavior." He called the initial move to lift the blockade and allow Iranian oil through is "not a new benefit to the Iranians." "They were selling oil for many, many years, well before we ever put the blockade," he said. "We imposed that blockade. They stopped selling oil, and now we've lifted the blockade in order to promote the free flow of energy across — across the world." The 14-point memo gives a broad outline of an agreement, but leaves some of the thorniest points of contention yet to be resolved. For example, the document says that the ceasefire extends to Lebanon, which would require cooperation from the Israelis, who are not a party to the agreement. It also states plans for the creation of a $300 billion fund "for the reconstruction and economic development of the Islamic Republic of Iran" in coordination with "regional partners" — details to be sorted within 60 days. Details of lifting sanctions against Iran and disposing of its stockpiled enriched material are all part of what negotiators hope to sort over the next two months.
US lifts Iran blockade as Hormuz shipping resumes under war-ending deal The US lifted its blockade of Iran, allowing tankers to cross the Strait of Hormuz after a ceasefire deal took effect. The move eases pressure on oil markets but leaves tougher nuclear negotiations and regional tensions unresolved. The United States on Thursday lifted its blockade of Iran, allowing oil tankers to move through the Strait of Hormuz as a tentative agreement to end the war took effect. The channel had been largely unusable for months, but shipping began to resume soon after the deal came into force. At the same time, the next phase of the process appeared uncertain as US Vice President JD Vance said he may postpone a planned trip to Switzerland for a ceremonial signing of the agreement. Hours later, Iranian Supreme Leader Ayatollah Mojtab Khamenei backed direct talks with the US, saying, "It is obvious that the face-to-face negotiations that will be held in the future will not mean accepting the enemy's opinion." Vance told reporters at the White House that the Switzerland visit was still planned, but not on the original schedule. "Our plan is to go to Switzerland. I don't know exactly when," he said. "I suspect this weekend, but I'm not sure." The uncertainty has raised fresh questions over an agreement that President Donald Trump said he signed to avoid "economic catastrophe" in the US. Trump signed the pact with Iran on Wednesday while dining with French President Emmanuel Macron at the Palace of Versailles. The agreement took immediate effect, extends a ceasefire and gives both sides 60 days to negotiate wider issues. Trump said the deal would help prevent further strain on the US economy after the war pushed up oil prices, unsettled financial markets and added to inflation. He has also said he did not want to be compared to Herbert Hoover. Vance, who had initially been sceptical about the US going to war with Iran, has increasingly become the administration's main public voice on the conflict and has strongly defended the accord. Asked about criticism that it gives away too much, he repeatedly said the deal would force Iran to "change their behaviour". He also rejected suggestions that the rollout had been confused, saying, "I don't think our public messaging has been chaotic." Shortly before Vance spoke, Pakistan said it was postponing a visit by its top officials to the Swiss resort near Lucerne, where Islamabad had been due to host the signing ceremony. Pakistani Prime Minister Shehbaz Sharif and other senior officials had been expected to attend, but officials said a ceremonial signing had become less urgent after both sides had already signed. Vance also issued a blunt warning to Israel, whose attacks on the Iranian-backed Hezbollah militia in Lebanon during the war, including just before the ceasefire extension was agreed, complicated efforts to secure peace with Iran. "Trump is the only head of state in the entire world who is sympathetic to the nation of Israel at this moment in time," Vance said. "And he happens to be the head of state of the world's superpower." He added that more than 12.5 million barrels moved through the Strait of Hormuz on Wednesday night, and said the easing of the blockade meant the US was "honouring our end of the early part of the agreement on the military side." US Central Command said American warships would remain in the area to ensure that "all aspects of the agreement are adhered to, obeyed and in full force and effect." Shipping activity then began to pick up. At least two oil tankers left Iran and crossed the US military blockade without being stopped, carrying a combined 3.8 million barrels of Iranian crude, according to a merchant shipping tracking website. Iranian state media said shipping had "normalized" at the country's southern ports, though it added that the strait remained under Iranian military supervision and that transit still required coordination. Lloyd's List Intelligence said major shipowners had started moving vessels through the strait after the deal was signed, though it did not say how many had passed by Thursday. In a briefing, editor-in-chief Richard Meade said that for the first time in 110 days, ships owned by major companies were transiting the strait after being effectively stranded there since February. According to Lloyd's List, tankers linked to Grimaldi Group, Cosco, Knutsen and NYK have passed through, along with two Iranian-flagged sanctioned crude tankers owned by the National Iranian Tanker Company. Phillip Belcher, marine director at Intertanko, said the main central route through the strait remained closed and that about 80 mines still needed to be cleared. But ships have been using the smaller northern route through Iranian waters and the southern route through Omani waters. The agreement calls for a permanent end to hostilities and starts a 60-day period for talks on a final arrangement over Iran's nuclear programme, though Trump has left open the option of resuming attacks. The text says Iran's stockpile of highly enriched uranium, believed to be buried under rubble, must at least be diluted under international supervision. It also says Iran will not procure or develop nuclear weapons, a commitment it has made before, while broader terms on its nuclear programme are still to be negotiated. The deal also waives US-backed sanctions on Iran, immediately allowing it to sell oil freely. But European Union foreign policy chief Kaja Kallas said the 27-member bloc would keep its own sanctions on Iran in place for now. She said member states could discuss lifting them later, but "we are not there yet." Khamenei, who has not appeared in public since being wounded in a strike at the start of the war, gave his first reaction to the agreement by backing direct talks even as the deal opened the waterway, restarted shipping and set the stage for a difficult new round of negotiations. With PTI Inputs
Israeli Prime Minister Benjamin Netanyahu on Thursday ruled out a withdrawal of Israeli troops from territory occupied in southern Lebanon for the foreseeable future, despite a U.S.-Iran agreement to halt the conflict. Israel "will restore security to the north," Netanyahu said in statements reported by the daily Yedioth Ahronoth. "This requires maintaining the security strip in southern Lebanon, and that requires that we not withdraw as long as Israel's security needs require it." Netanyahu's remarks came as relations with the United States have come under strain over the U.S.-Iran agreement to halt the war. Netanyahu has still not commented directly on the deal, though some of his coalition members dismissed it even before the text's details were released on Wednesday. The deal's terms call for "an immediate and permanent termination of military operations on all fronts, including in Lebanon," where Israel has carried out a large-scale offensive since early March. Its strikes have killed more than 3,910 people and injured over 11,870 others, while displacing more than one million, according to official Lebanese figures. Hours before the agreement was announced, U.S. President Donald Trump excoriated Netanyahu for launching attacks in Lebanon that threatened to derail it. "He's a very difficult guy," Trump said of Netanyahu, "and to be honest with you, he should be very thankful to us for doing this. Because if Iran had a nuclear weapon, Israel wouldn't be around for two hours." Trump has been increasingly critical of the high death toll from Israeli attacks. "When two drones are shot into the desert and drop harmlessly, you don't have to knock down buildings in Beirut. They could behave better, and frankly, they could do a better job," he said in a press conference at the G-7 summit in France on Wednesday. The deal with Iran also pledges to "guarantee Lebanon's territorial integrity and sovereignty." Earlier Thursday, the Israeli army published a map showing its occupation of a strip extending up to 10 kilometers inside Lebanese territory, vowing to maintain its presence in what it calls a "security zone" in the south. According to the map, Israel's deployment inside southern Lebanon stretches across wide border sectors that include several southern towns, with the depth of the incursion ranging from about 6 to 10 kilometers. In some western and central areas, the incursion reaches nearly 10 kilometers, with the occupied zone extending northward toward the Litani River in limited sections. Netanyahu claimed that the central goal of Israel's policy is "to prevent Iran from acquiring a nuclear weapon." "The battle is not over yet," he said. "Israel still faces additional challenges." U.S. Vice President JD Vance, meanwhile, rebuked Israeli ministers who criticized the Iran deal, saying they should "wake up and smell the reality." "If I was in the cabinet of the Israeli government, I might not be attacking the only powerful ally that I have anywhere left in the entire world," Vance told a briefing at the White House on Thursday.