US says it has agreed to 'stand down' after exchange of strikes with Iran

Key Points:

• The US and Iran have agreed to "stand down" following recent strikes near the Strait of Hormuz, with both sides accusing each other of ceasefire violations, allowing vessels to move freely through the Gulf waterway.
• Talks to permanently end the conflict are ongoing, with a high-level meeting scheduled in Doha at Iran's request, involving US envoy Steve Witkoff and Jared Kushner.
• The 14-point Memorandum of Understanding signed on 17 June includes a ceasefire and Iran's commitment to ensure safe passage for commercial vessels for 60 days, though recent attacks have threatened this agreement.
• The US retaliated against Iranian strikes on commercial shipping with military strikes on Iran, while Iran launched attacks on US bases in Kuwait and Bahrain, causing no casualties or damage.
• Amid regional tensions, the US mediated a framework peace agreement between Israel and Lebanon, which Hezbollah's leader rejected, followed by Israeli strikes on Hezbollah tunnels in southern Lebanon.