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US and Iranian representatives are set to meet in Switzerland on Friday for a ceremony marking an agreement that ends the US-Israel war on Iran and launches a new round of talks. A 14-point memorandum, signed Wednesday, provides the framework for 60 days of negotiations on issues including Iran's nuclear program and the Strait of Hormuz.
US President Donald Trump and Iranian President Masoud Pezeshkian have electronically signed a memorandum extending the ceasefire in the US-Iran conflict and reopening the Strait of Hormuz. The 60-day extension, brokered by Pakistan, has drawn mixed reactions but is widely welcomed by international powers.
Brent crude oil dropped 1.6% while major stock indices in Japan, South Korea, and Taiwan gained after the US and Iran signed a provisional peace agreement. The deal aims to end nearly four months of disruption to global energy supply chains, though shipping firms remain cautious about the safety of transiting the Strait of Hormuz.
Israel continues airstrikes in southern Lebanon despite a US-Iran ceasefire deal expected to be signed Friday. Tehran warns new attacks could break the agreement, while Hezbollah retaliates with rocket fire. The UN reports a sharp decline in cross-border shelling but says violence has not stopped.
Thousands of Lebanese are returning to their devastated homes in southern Lebanon after a US-Iran ceasefire deal, despite Israel's refusal to withdraw. The area has suffered widespread destruction, with over 3,700 killed since March. Many returnees face ruins and continue to grieve lost family members.
Iran’s internal factions remain sharply divided as the country prepares to implement a memorandum of understanding with the United States, with hardliners warning against concessions and moderates pushing for economic relief through negotiation. The new supreme leader, Mojtaba Khamenei, has avoided commenting on the nuclear program, while the IRGC and security apparatus insist allies must be protected. Hardliners, led by figures like Saeed Jalili, oppose any major concessions, while reformists and the government advocate for a negotiated solution to revive the economy.
Geneva, the world's 'Peace Capital,' will host the signing of a US-Iran MoU brokered by Pakistan, ending weeks of conflict. The city has been the venue for many historic peace treaties, including the Geneva Conventions and the 1954 Geneva Accords.
A US-Iran memorandum expected to be signed Friday could pave the way for a $300 billion investment fund for Iran as part of a deal to end the war, though the Trump administration insists it is not a payment for Tehran's enriched uranium. Vice President JD Vance said financial incentives will be tied to Iran's fulfillment of its obligations, and the fund is reportedly financed by a Gulf coalition, not the US government.
A preliminary ceasefire deal between the US-Israel coalition and Iran has sent crude oil prices to a three-month low, but U.S. gasoline prices may not drop meaningfully for months. Supply chain bottlenecks, the need to replenish inventories, and high summer demand are expected to keep prices elevated into 2027.
