Crude oil prices declined in response to the peace agreement. Brent crude decreased by over 3.5% in early trading, dipping below $85 a barrel. West Texas Intermediate (WTI), the US crude benchmark, fell by as much as 5%. Stay tuned for the latest updates on the West Asia conflict.
US-Iran War Live Updates: After more than three months of conflict, disruptions to global energy supplies, and increased tensions throughout West Asia, the conclusion of the war appears to be approaching.
Ahead of the deal’s signing on Friday, June 19, in Geneva, preparatory discussions are set to take place in Doha, according to AFP.
Notably, the Israeli military has reportedly carried out fresh strikes in southern Lebanon, despite Tehran’s insistence that the peace agreement should extend to all fronts, including Lebanon.
On Sunday night, US and Iranian officials announced their agreement on a peace deal that could reopen the Strait of Hormuz, ease sanctions on Tehran, and set the stage for broader discussions regarding Iran’s nuclear program.
US President Donald Trump expressed that the proposed deal would bring “Peace and Security to the whole Region” and claimed it would succeed where previous administrations struggled.
“The Leaders of the Region have, for the first time, found a President who can help them achieve real Peace. With the reopening of the Strait upon the signing of the Deal on Friday, aimed at mine clearance, oil will flow freely in both directions for the Region and the World!” Trump shared on Truth Social.
Reports from Iranian media, referencing a draft memorandum of understanding, indicate that the agreement involves the release of some of Iran’s frozen assets, a gradual lifting of US sanctions, a regional ceasefire, and provisions allowing Iran’s nuclear facilities and enriched uranium to remain within the country.
The proposed framework also mentions a $300 billion fund for Iran’s reconstruction, although some reports suggest the document refers to it as “rebuilding” rather than “compensation”.
Additionally, Reuters has reported that a draft agreement under consideration includes the release of approximately $25 billion in frozen Iranian assets.
Crude oil prices fell as a result of the peace agreement announcement. Brent crude was down over 3.5% in early trading, falling below $85 a barrel. The West Texas Intermediate (WTI) or the US crude variant dropped as much as 5%.
Follow CNBC-TV18’s live coverage for the latest developments, diplomatic responses, military updates, and market trends as the region awaits what could be a significant breakthrough since the war began on February 28.
