The memorandum of understanding between the United States and Iran gives Iran and Oman control over “the future of the administration of maritime services” in the Strait of Hormuz, the Iranian news agency Fars reported on Monday. According to a source familiar with the matter, Iran has agreed to provide 60 days of free passage through the strait, after which the US “accepted in principle” that a toll will be charged. The report added that Tehran intends to provide “safety, navigation, environmental, and insurance services” to vessels transiting the strait, and use the proceeds from the tolls to strengthen the country’s economic development. It claimed that negotiations have been held with Oman to coordinate the toll mechanism.
Oil sinks 4.5% as Iran, US conclude peace deal
Oil prices plunged immediately after it was announced that the United States and Iran had reached the highly anticipated deal to end hostilities, reducing tensions in the Middle East. After a drawn-out diplomatic process, the two sides appeared to agree on a compromise, and US President Donald Trump lifted the naval blockade of Iran, with the Strait of Hormuz also expected to reopen gradually. At 6:14 pm ET, WTI for July deliveries was down 4.54% to sell for $81.02 per barrel, while Brent for August’s contracts fell 3.82% a minute later and sold for $83.9 per barrel.
NN: Trump caved in because he does not want to get impeached if he loses big in the midterm elections
Trump to Netanyahu: You have no fucking judgment
United States President Donald Trump said that Israeli Prime Minister Benjamin Netanyahu has “no fucking judgment” regarding the earlier strikes on Beirut, Axios’ Barak Ravid reported on Sunday, citing a telephone interview with the president. “Why did Bibi have to do a f**king attack? I was so p**sed off. I let him know. He has no f**king judgement. I let him know that,” Ravid quoted Trump as saying in a post on X. Trump allegedly confirmed that a peace memorandum with Iran could still be signed later in the day.
Iran: No definite deal to be signed at Trump’s time
Iran will not sign any deal “definitely” at the time announced by United States President Donald Trump, Iranian Fars News Agency reported on Sunday, citing officials familiar with the negotiating team. According to the outlet, the Qatari mediators are currently in Tehran discussing Iranian terms. “Even if we go back and forth and go back in the negotiation process, Iran’s basic condition is that in the end, all of its concerns are fully taken into account,” an official was quoted as saying, adding that “even if all of Iran’s terms are implemented, no agreement will definitely be signed at the time Trump announced.” Trump revealed that a peace memorandum would be signed today. Meanwhile, Israeli Prime Minister Benjamin Netanyahu ordered strikes on Beirut, a decision seen by some as deliberate sabotage of the peace deal.
NN: A peace memorandum is not a peace treaty. Its more like toilet paper…. The 4 ply kind used.
Trump says deal to end war will be signed on Sunday, Iran questions timing
DUBAI/WASHINGTON, June 13 (Reuters) – Iran said on Saturday it could sign the framework for a peace deal with the United States in the coming days, but dismissed a suggestion by mediator Pakistan that it would be signed within the next 24 hours. The U.S. and Iran signalled on Friday that an agreement to end three months of war was close, with a U.S. administration official saying both sides had agreed on a text and that Washington expected to sign an initial deal in the coming days. Pakistani Prime Minister Shehbaz Sharif said on Saturday the two sides had agreed on a framework for a peace deal and Islamabad was preparing for an electronic signing to be followed by technical-level talks next week.
Sharif suggested the initial deal could be signed on Sunday, but Iranian Foreign Ministry spokesperson Esmaeil Baghaei was later quoted by state media as saying caution was needed when commenting on the timing. “We will have to wait and see about the exact date of the signing of the memorandum of understanding, although it will not be tomorrow,” Baghaei was quoted as saying. “The possibility of this happening in the coming days cannot be ruled out. However, due to the hesitation of the other side, we must be cautious in making any comments about this process.” The two sides have repeatedly appeared close to an initial agreement on ending the war without signing a deal, but Sharif said on X: “We are closer to a peace deal than ever before.” Iranian Foreign Minister Abbas Araqchi said on Friday that while changes in the deal were still possible, the tentative agreement showed his country had emerged stronger from the conflict. “Iran is the winner of the war with the U.S.,” he said on state television on Friday. Hours after those remarks, U.S. forces shot down multiple Iranian one-way attack drones heading toward the Strait of Hormuz, a source familiar with the matter told Reuters. The source, who spoke on condition of anonymity, said the drones had posed a threat to commercial traffic. U.S. Central Command later confirmed the action and said the waterway was open. The proposed memorandum of understanding calls for reopening the strait and lifting the U.S. naval blockade on Iranian ports, sources on all sides of the talks said. Negotiations over Iran’s nuclear program – Trump’s stated rationale for starting the war – would take place afterwards. A U.S. official, speaking on condition of anonymity, told reporters on Friday that the deal met Trump’s core objectives and put negotiations “in a very, very good place”. Draft terms described to Reuters by multiple sources indicate the U.S. would begin releasing billions of dollars in frozen Iranian assets and waive sanctions on its oil exports, in return for Iran opening the strait. Iran’s nuclear program would be addressed during a 60-day period of talks. The U.S. official said the agreement would ultimately lead to the dismantling of Iran’s nuclear program, with its stockpile of highly enriched uranium to be destroyed and removed.
But Araqchi said that Iran, which sources said has not accepted the dismantling of its nuclear program, wanted to retain the uranium in diluted form. The proposals also include discussion of possible war reparations for Tehran and dropping longstanding U.S. demands for limits on Iran’s missile program, the sources said. The U.S. official disputed that account.
NN: This is a work in progress. I am not confident at all this will end the oil crises…. I smell a rat!
US said to play no role in Hormuz under proposed deal
The draft US-Iran memorandum of understanding keeps the Strait of Hormuz firmly under regional control, the Iranian news agency IRNA reported in an exclusive on Friday.
Iran will not make any commitments regarding “handing over the management” of the Strait of Hormuz, and the future of the strait will be “resolved within the framework of a regional issue and through joint dialogue and decision-making between Tehran and Oman.”
The deal underscores that its main goal is to end the war on all fronts: Washington pledges to “force Israel to end the war in Lebanon,” with no “ceasefire extension” language used. The rest of the agreement is mostly in line with previous reports. The nuclear file is untouched for now, with talks to begin within 60 days of signing, and frozen assets will be released partly upon signing, with the rest gradually.
Iran won’t restore Strait of Hormuz to prewar levels
Oil prices pared back some loses on Friday after an Iranian media outlet reported that the regime would not restore traffic through the Strait of Hormuz to its prewar levels
On Friday, Irna, the Islamic Republic’s news agency, reported that the strait would not return to its pre-conflict levels.
Earlier on Friday, oil prices extended losses from Thursday’s session on a report from Iran’s semiofficial Mehr News Agency that a draft peace deal would reopen the strait and lift oil sanctions on Iran. An official U.S. source has not yet responded to these claims.
On Thursday, President Donald Trump said that he “cancelled” strikes on Iran and claimed that a memorandum of understanding would be signed over the weekend in Europe, with negotiations having been brought “to the highest level of Iranian leadership and approved.” Iran’s Foreign Ministry spokesperson, Esmail Baghaei, reportedly responded that “nothing has been finalized.” Jim Reid, global head of macroeconomic research and thematic strategy at Deutsche Bank, wrote in a note on Friday that Brent crude’s overnight decline “led to a huge rally across bonds and equities,” as investors’ worries about a prolonged stagflationary shock were reduced.
NN: 39 is the magic number. That’s how many times Trump said the straights would be opened. And 39 times Iran said the straights would not be opened until all its demands are met. So far Iran is winning and Trump is TACO ing out.
Oil dips over 4% on Middle East peace hopes
The prices of oil futures dipped by over 4% on Friday after United States President Donald Trump announced that he had canceled attacks on Iran, claiming that, to his understanding, Iranian Supreme Leader Ayatollah Mojtaba Khamenei approved the long-awaited agreement between the two countries. Furthermore, the US president signaled that the deal could be signed in the next few days, “maybe over the weekend,” and probably in Europe. West Texas Intermediate (WTI) for July deliveries decreased 4.34% at 4:34 am ET, going for $83.90 per barrel. At the same time, Brent for August settlement dropped 4.44%, selling at $86.36 a barrel.
NN: Its the 39th peace deal announcement. Of course a non binding “memorandum of understanding” is not a peace deal. In fact the main issues like nukes and opening up the straights are still to be negotiated. Take advantaged of the drop.
Iran said to deny deal with US finalized
Iran rejected US President Donald Trump’s claims that a ceasefire deal between the countries had been reached in principle, Tasnim News Agency reported on Thursday. “Trump declared 38 times that a deal was imminent. In just three days, he ‘imaginarily’ sent his deputy to Pakistan four times,” the outlet added. “As long as Iran does not itself announce the existence of a possible understanding or agreement, Trump’s reports on the subject should be considered part of his previous line of messages.”
further updates coming
Trump cancels Iran strikes…… AKA T A C O
President Donald Trump said he canceled planned military strikes against Iran, a stark reversal that came just hours after he vowed to hit the Islamic Republic “VERY HARD” and threatened to seize its oil infrastructure. Trump on Thursday cited what he said were “discussions” that “have been brought to the highest level of Iranian leadership” surrounding a negotiated end to the war. He said that a “time and place of the signing” would “be announced shortly,” without providing further details. “I have, as President of the United States of America, cancelled the scheduled strikes and bombings against Iran this evening,” Trump posted on social media. Oil prices plunged nearly 4%, with Brent trading below $90 a barrel after Trump’s comments. Iran has yet to comment on Trump’s statement. The comments marked the latest conflicting signal Trump has sent about the status of the war, vacillating between threats of intensified attacks and insisting a peace deal is within reach. Neither scenario has yet to materialize, as Washington and Tehran have remained stuck on key points, including Iran’s nuclear program and frozen assets. Trump said that “discussions and final points have been, in both concept and great detail, approved by all parties involved, including the United States, Israel, Saudi Arabia, UAE, Qatar, Turkey, Pakistan, Bahrain, Kuwait, Jordan, Egypt, and others.” The list did not include Iran.
The president added that the US naval blockade of the Strait of Hormuz “will remain in full force and effect until this Transaction is finalized.”