Trump Announces U.S. Peace Deal with Iran

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Written by Brian Ford, Editor-in-Chief for IIR News Intelligence (Sugar Land, Texas)

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Summary

U.S. President Donald Trump announced an agreement Sunday to maintain a ceasefire between the U.S. and Iran, which would lead to a reopening of the Strait of Hormuz. The two sides would have 60 days to negotiate details, including the fate of Iran's nuclear development program.

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Friday Signing Ceremony Planned

President Donald Trump said Sunday the U.S. had reached a deal with Iran allowing the "toll free" passage of ships through the Strait of Hormuz. Some 20% of the world's oil supply had moved through the crucial straight prior to the U.S.-Iran conflict, which began February 28 when the U.S. launched a missile strike that killed Iran's supreme leader, Ayatollah Ali Khamenei. The conflict led to the halt of ship traffic through the strait and a U.S. blockade of shipping from Iran.

"The Deal with the Islamic Republic of Iran is now complete," Trump said on his Truth Social media platform. "Congratulations to all! I hereby fully authorize the toll-free opening of the Strait of Hormuz, and, simultaneously herewith, authorize the immediate removal of the United States Naval blockade. Ships of the World, start your engines. Let the oil flow!"

But Trump then said the opening of the strait would take place only "upon the signing of the Deal on Friday, for purposes of mine removal."

Axios Media noted that mine-clearing, repairing infrastructure and implementation of security could take time before a full return to pre-war shipping volumes.

A formal signing ceremony was expected to take place June 19 in Switzerland.

Iran's deputy foreign minister, Kazem Gharibabadi, confirmed the agreement on state television, according to the Associated Press, but said Iran would not start implementing it until it was signed on Friday.

60-Day Negotiations Window

The agreement opens the way for 60 days of negotiations in order for the two sides to hammer out the details of a more long-lasting accord. Much of those talks are likely to center on the fate of Iran's nuclear development program and disposal of its enriched uranium. Western powers fear Iran could turn its enriched uranium into weapons-grade material. The negotiations period could be extended if the sides fail to reach a resolution within 60 days.

Industrial Info Resources will continue to monitor the situation.

Key Takeaways

• Sunday's announcement opens the way for a 60-day negotiations period.
• Global oil prices fell following the announcement.
• A formal signing ceremony will take place Friday.

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