Live updates: US-Iran war, Trump and Tehran reach agreement as G7 summit starts

Key Points:

• The US and Iran are set to sign an agreement on Friday to end hostilities, including reopening the Strait of Hormuz, but face a challenging 60-day timeline to resolve complex issues such as sanctions, nuclear monitoring, and frozen assets, likely requiring an extension.
• The maritime industry remains cautious despite the agreement, with oil prices dropping to their lowest in three months, yet still about $10 per barrel higher than pre-war levels, reflecting ongoing uncertainties about the full normalization of Middle Eastern oil flows.
• Key concerns remain unaddressed, including Iran’s nuclear enrichment, ballistic missile program, and proxy militias; Israel strongly opposes the deal, with political leaders criticizing the US and refusing to withdraw forces from Lebanon despite the ceasefire terms.
• Global reactions are mixed: while EU and several world leaders welcome the agreement as a step toward peace and regional stability, Israeli officials express frustration and distrust, and US-Iran statements differ on details like the lifting of the blockade and release of frozen funds.
• The agreement is viewed as a preliminary step toward more complex negotiations, with significant geopolitical tensions persisting, especially between Israel and Iran-backed groups, and challenges ahead in securing a durable and comprehensive peace deal.