An unofficial draft deal circulating via Iranian state media proposes reopening the Strait of Hormuz to pre-war shipping levels within a month, with the U.S. lifting its naval blockade and pulling back forces — though nuclear issues remain conspicuously absent.
Details of a U.S.-Iran interim agreement to halt hostilities in the Middle East are emerging, with President Trump confirming it blocks Tehran’s nuclear ambitions and allows immediate oil sales. A 60-day extension of the fragile April ceasefire sets the stage for high-stakes talks on a permanent truce, though key players remain divided.
China, Iran and Israel have emerged as relative beneficiaries in a conflict that has rattled energy markets, devastated Lebanon and eroded U.S. influence in the Middle East.
Yemen’s Iran-aligned Houthis announced a ban on Israeli-linked ships in the Red Sea after renewed Israeli strikes on Iran, reigniting fears over global energy flows. Unlike previous disruptions, Gulf oil exports now rely heavily on Red Sea routes, making any sustained Houthi action potentially more consequential.
With the 100-day mark approaching, the U.S. and Iran remain locked in a standoff over any ceasefire terms, as Tehran asserts joint sovereignty with Oman over the Strait of Hormuz. The conflict has deepened political fault lines in Washington and strained global oil markets, with no clear diplomatic path forward.
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The Brazilian government has extended a suite of fuel price relief measures for another two months, keeping subsidies and tax breaks in place through July 31 to shield consumers from volatile global oil markets tied to Middle East tensions.
Washington and Tehran have reached a preliminary agreement to prolong the ceasefire by two months, though the deal requires President Trump’s final signoff. The extension aims to address Iran’s enriched uranium stockpile and revive talks to permanently end a conflict that has killed thousands and disrupted global oil flows through the Strait of Hormuz.
Iran’s Revolutionary Guards said Wednesday that a return to war with the United States is unlikely due to U.S. weakness, but cautioned that Tehran remains fully prepared to respond to any aggression, as ceasefire strains and regional tensions persist.
Washington and Tehran are signaling a breakthrough, with a memorandum of understanding that could turn a fragile ceasefire into a lasting settlement. But key details on nuclear enrichment, the Strait of Hormuz, and sanctions remain in flux.
The U.S. and Iran appear closer to a de-escalation agreement, reopening the Strait of Hormuz and pausing hostilities, but Israel has ramped up deadly strikes on Hezbollah in Lebanon, warning that a premature deal could leave Tehran emboldened. Oil prices tumbled on optimism, while more than 30 people were killed in Israeli attacks in southern Lebanon on Tuesday alone.
