strikeJun 19, 2026

What you need to know about the preliminary U.S.-Iran agreement signed by Trump

Summary

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.

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Ruth SherlockBy Ruth Sherlock
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…

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Jul 23, 2026strikeUnverifiedUSIranProxy

UK ‘ready to defend itself’ after Iranian threat over US bases

○ 1 source

The government has said the UK is “ready to defend itself” after Iran’s military warned that any bases being used by the US were “legitimate targets”. The UK has allowed the US to launch “defensive” operations from British bases hosting American planes since the start of its war on Iran but has refused to help in offensive operations.

That policy has not been altered by the new prime minister, Andy Burnham, who was notified last week that a decision had been made to extend the agreement with the US. Iran’s Islamic Revolutionary Guard Corps said on Thursday that “any base used for aggression against Iranian territory constitutes a legitimate target for our forces”.

In a statement published on the IRGC-linked Tasnim news agency, the group said American bombing missions had been launched from RAF Fairford in Gloucestershire two days earlier. The statement came after the US carried out a 12th consecutive night of strikes against targets in Iran.

The Ministry of Defence has not commented on whether Fairford was used by the US for operations against Iran this week. The IRGC also accused the “British monarchy regime” of causing being the “primary cause of hardships in our region with a black record of partitioning Islamic nations, widespread massacres, imposing despotic regimes, and organising the occupation of Palestine”.

It warned the government “not to weigh down its record any further”. A spokesperson for the British government said: “Our armed forces are ready to keep the United Kingdom safe from any kind of attacks, whether it’s on our soil or from abroad. The UK stands ready 24/7 to defend itself.

“This includes through operating a layered approach to air and missile defence, provided by Royal Navy, British Army and Royal Air Force assets equipped with a range of advanced capabilities, working closely with our Nato allies. “We are committed to defending our people, our interests and our allies, acting in accordance with international law and not getting drawn into the wider conflict.

” On 1 March a drone struck the RAF base at Akrotiri in Cyprus, hitting a hangar, and prompting a partial evacuation of the facility. On 19 March, Iran fired two ballistic missiles at the UK’s Diego Garcia base in the Chagos Islands. One reportedly failed mid-flight, while the other was shot down by a US airship.

Iran has launched strikes against countries in the Gulf that house US military bases, including Bahrain, the United Arab Emirates and Kuwait, killing American service personnel in some of the attacks. Donald Trump said Iran would “pay a big price” for killing US troops.

On Thursday afternoon, the US president said he was considering ordering a “massive attack” on Iran. “I am close to making a decision,” he told Axios. “We’re all set for it.” He said he believed Iran’s leaders “want to negotiate”, but aren’t yet ready to make a deal.

In another sign of the conflict potentially escalating, Yemen’s Iran-backed Houthi rebels said they attacked two Saudi oil tankers in the Red Sea on Thursday, as oil topped $100 a barrel.

Hayden Vernon

Jul 23, 2026strikeUnverifiedUSIranProxyRussia

Oil Prices Soar as US-Iran Conflict Expands to Red Sea

○ 1 source

September WTI crude oil (CLU26) on Thursday closed up +5.36 (+6.17%), and September RBOB gasoline (RBU26) closed up +0.0793 (+2.44%). WTI crude oil prices (CLU26) rallied more than +6% on Thursday after the Iran-backed Houthis launched a missile and drone attack on two Saudi Arabian oil tankers in the Red Sea, expanding the oil disruptions beyond the Strait of Hormuz and threatening oil shipments in the Red Sea.

Sep Brent crude oil prices (CBU26) on Thursday rallied above $100 per barrel for the first time since May. President Trump said in an interview with Axios on Thursday that he is considering a “massive attack” that would be “bigger than ever before” and is “close to making a decision on it.

”Don’t Miss a Day: From crude oil to coffee, sign up free for Barchart’s best-in-class commodity analysis. The Houthis have vowed to blockade shipping linked to Saudi Arabia and warned shipowners against calling at the nation's ports. The move threatens Saudi oil exports from Yanbu, a Red Sea hub that the Saudi's are using to ship crude since the war brought shipping through the Strait of Hormuz to a near halt.

Meanwhile, the US and Iran exchanged attacks for the 12th straight day, and the US maintained its blockade of Iranian oil shipments in the Persian Gulf. Global crude oil supplies are tightening due to reduced flows through the Strait of Hormuz. The International Maritime Organization warned last Wednesday that it is too dangerous to cross the Strait of Hormuz at the moment, and visible transit through the strait has fallen sharply as Iran continues targeting tankers attempting to transit it.

Crude prices also have support as Ukraine intensifies drone attacks on Russian oil infrastructure. Russian crude production fell to 8.928 million bpd in June, the lowest in 2.5 years, according to monthly OPEC data. According to EA Analytics, Russian crude-processing rates will average 3.

51 million bpd in July, the lowest in 24 years, amid damage to Russian energy infrastructure caused by drone and missile attacks from Ukraine. According to Bloomberg, Ukrainian forces have attacked Russian fuel-producing facilities more than 50 times this year, hitting at least 24 of Russia’s 34 largest refineries.

As of the end of June, around 90% of Russian regions have imposed some form of fuel rationing or reported supply issues, as refining capacity has plunged following damage to facilities. The strikes have deepened a nationwide gasoline shortage, with several major refineries shut down and the government banning almost all gasoline, jet fuel and diesel exports.

Russia is the world’s number two diesel exporter, after the US, according to Vortexa. Stronger Russian crude exports are also adding to global oil supplies, which is bearish for prices. Data compiled by Bloomberg show the four-week average of Russian crude exports rose to 4.

13 million bpd through June 28, the highest since Russia invaded Ukraine in 2022. Russia may be boosting its crude exports as the country’s refining capacity has plunged due to damage at its refining facilities from Ukraine drone and missile attacks.

The outlook for higher US crude output is negative for oil prices. The Department of Energy (DOE) on July 7 raised its US 2026 crude production estimate to 13.78 million bpd from a June estimate of 13.72 million bpd. As a bearish factor for crude, OPEC delegates said on May 14 that the cartel aims to continue a series of oil quota increases over the next few months, completing the return of halted oil production by the end of September.

The group already formally agreed to restore about two-thirds of the 1.65 million bpd supply cutback it made back in 2023 and said it plans to raise output targets further and to revive the final portion in three more monthly stages. On July 5, OPEC+ said it will boost its crude output by 188,000 bpd in August, though that increase might prove difficult due to revived US-Iran military attacks in the region.

OPEC’s June crude production rose by +2.34 million bpd to 18.75 million bpd. Vortexa reported on Monday that crude oil stored on tankers that have been stationary for at least 7 days rose +31% w/w to 90.03 million bbl in the week ended July 17. Wednesday’s weekly EIA report was mostly negative for crude oil and products.

EIA crude inventories unexpectedly rose +2.01 million bbl versus expectations of a -1.95 million bbl decline. Also, EIA gasoline supplies rose by +765,000 bbl versus expectations of a -1.9 million bbl decline. In addition, EIA distillate stockpiles rose by +1.

4 million bbl, a larger build than expectations of +825,000 bbl. On the positive side, crude supplies at Cushing, the delivery point for WTI futures, fell -624,000 bbl. Wednesday’s EIA report showed that (1) US crude oil inventories as of July 17 were -5.

3% below the seasonal 5-year average, (2) gasoline inventories were -7.1% below the seasonal 5-year average, and (3) distillate inventories were -9.6% below the 5-year seasonal average. US crude oil production in the week ending July 17 fell -0.5% w/w to 13.

798 million bpd, just below the record high of 13.862 million bpd posted in the week of November 7. Baker Hughes reported last Friday that the number of active US oil rigs in the week ended July 17 rose by +7 to a 13-month high of 452 rigs, up from the 4.

25-year low of 406 rigs posted in December 2025. However, the number of US oil rigs remains sharply below the 5.5-year high of 627 reported in December 2022. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article.

All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Barchart

Jul 23, 2026strikeUnverifiedUSIsraelIran

IDF to deal 'crushing blow' to Iran, if it attacks Israel — Ynet

○ 1 source

TEL AVIV, July 23. /TASS/. The Israel Defense Forces (IDF) will deal "a crushing blow" to Iran, if it attacks the Jewish state, Defense Minister Israel Katz warned, according to the Ynet portal. "We are ready for any development of events. If Iran attacks Israel, we will deal a crushing blow," he said.

Earlier on Thursday, US President Donald Trump said that he was considering carrying out a massive attack on Iran, and the strikes would be harder than before. According to the American leader, Israel will "join the attack in two minutes" if requested by the United States.

However, he added that Washington "does not need anyone" to launch a new military operation. Trump did not specify a deadline for making a decision. The United States and Israel started a war with Iran on February 28. In June, Washington and Tehran signed a memorandum of understanding providing for an immediate cessation of hostilities on all fronts, including in Lebanon.

However, on the night of July 8, the United States resumed large-scale strikes against Iran, accusing it of violating the terms of the agreements regarding the Strait of Hormuz.

CurrentsAPI

Jul 23, 2026strikeUnverifiedUSIsraelIran

UK 'ready to defend itself' after Iran says bases are 'legitimate targets'

○ 1 source

The British government stated that it stands ready to defend itself following Iranian comments designating UK bases hosting US forces as legitimate targets in response to US military strikes on Iran. Iranian officials described the UK as an accomplice to US operations, while UK policy has allowed US use of bases such as RAF Fairford and Diego Garcia for what the UK has termed defensive purposes.

Permissions for this arrangement, first granted in March, were extended under the current UK government.

Location: Iran

Sean Seddon