U.S., Iran Reach Peace Deal. But Israel Won’t Withdraw From Lebanon.
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What recent peace deal was reached between the U.S. and Iran?
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Tell Congress, stop the Durbin Marshall money grab for corporate megastores. Paid for by the Electronic Payments Coalition. Global markets rise after the U.S. and Iran agree to an interim peace deal to be signed later this week. Plus, anthropic races to resolve new AI export restrictions imposed by the Trump administration. And the U.K. unveils a social media ban for kids under 16.
I am not prepared to compromise on the safety and happiness of our children. And that is why this ban must happen. And that is why this ban will happen.
It's Monday, June 15th. I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today. The U.S. and Iran say they have reached an interim deal to open the Strait of Hormuz and extend a fragile ceasefire. President Trump and Pakistani mediators say the deal will officially be signed on Friday when the Strait of Hormuz is also expected to reopen, restoring global oil flows. However, Journal Middle East correspondent Benoit Faucon says more needs to be ironed out this week.
As far as we know, the memorandum of understanding mostly agrees on really low-level demands. For instance, secession of fighting on both sides, the fact that Iran would not have a nuclear weapon, the fact that both sides... will respect each other's territorial integrity, won't interfere in their domestic affairs, and most crucially, that Iran reopens the Strait of Hormuz and the U.S. stop blockading ports. But beyond that, the most fundamental points, which is what we do about nuclear program, the sanctions, the release of cash, and even who controls Hormuz, are not resolved.
Meanwhile, Pakistan's prime minister has said the ceasefire would also include the end of Israel's military action in Lebanon. which Benoit says was key to Iran agreeing to move forward with talks on a more permanent ceasefire.
The fact that the U.S. told Israel to stop attacks on Lebanon, that was what Iran needed as a piece of comfort to show Hezbollah they are part of that deal, that the cessation of fighting is not just in the Persian Gulf, but it's also in Lebanon. And that's where you really have a problem, because if you have talks that are disrupted by a potential return of war in Lebanon, that's going to be a problem for the overall bigger negotiation. The second one is that Iran claims that Israel will pull out of Lebanon and Israel says that's not the case at all.
What are the implications of the ceasefire for the Strait of Hormuz?
So you already have a fundamental point where they're not on the same page.
Those hurdles are likely to dominate talks this week, with Israel's defense minister saying this morning that Israel will not withdraw from land it seized in Lebanon. Trump's peace deal will also face scrutiny when he joins G7 leaders meeting in the French Alps today, with many U.S. allies critical of the conflict and its impact on global energy prices. That said, oil prices have dropped on news of the deal, with WTI now trading around $80 a barrel and natural gas prices also tumbling. While analysts note this is the first time they've seen real prospects for the Strait of Hormuz to reopen, oil markets are expected to remain tight while the industry looks to restore shipping lanes, damaged infrastructure and crude inventories.
President Trump marked his 80th birthday last night with a series of UFC cage matches on the White House's South Lawn. The military was closely integrated into the programming, with troops in attendance, the U.S. Marine Band performing throughout the night, and the Navy's Blue Angels and Air Force Thunderbirds conducting a joint flyover during the national anthem.
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