Here’s a rundown of all the news you need to start your Monday, including a US-Iran peace deal announced by Pakistan, US President Donald Trump warning that military strikes could resume if Iran fails to reach a final nuclear agreement, and Iran’s announcement that a memorandum of understanding with the US has been finalized ahead of the expected end of the US naval blockade.
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Pakistani Prime Minister Shehbaz Sharif announced that the US and Iran have reached a peace agreement following intensive negotiations, with both sides declaring an immediate and permanent end to military operations across all fronts, including in Lebanon.
"Following intensive talks, we are pleased to announce that the Peace Deal between the United States of America and Islamic Republic of Iran has been REACHED," Sharif said in a post on the US social media platform X.
He added that "both sides have declared the immediate and permanent termination of military operations on all fronts, including in Lebanon."
According to Sharif, the official signing ceremony is scheduled to take place on June 19 in Switzerland.
US President Donald Trump told The New York Times that if Iran failed to reach a final nuclear accord with the United States, he would restart military attacks on Tehran.
In an interview, Trump said that if Iran did not reach the nuclear agreement with the US — a process his aides say they expect will begin on Friday in Switzerland — he would restart military attacks on Iran or make the US “the guardian of the Middle East” in return for 20% of the region’s revenues.
He also said the agreement he reached with Iran would ultimately assure that the Strait of Hormuz is “permanently toll free."
Iran’s deputy foreign minister said a memorandum of understanding (MOU) between Iran and the US has been finalized and will be officially signed on Friday.
Kazem Gharibabadi said the formal signing ceremony for the MOU would take place in Geneva, Switzerland, according to remarks carried by Iran’s semi-official Mehr News Agency.
He also said the end of the US naval blockade against Iran would begin Sunday night US time.
Gharibabadi described the memorandum as the result not only of diplomacy but also of Iran’s military achievements during the conflict.
NEWS IN BRIEF
BUSINESS & ECONOMY
Gold prices surged while oil prices fell sharply late Sunday and early Monday after an agreement was announced to end the conflict between the US and Iran by mediator Pakistan.
Brent futures, which were trading above $87 a barrel, fell to below the $84 level, down roughly 4% day-by-day as of 2222GMT following the news of the planned agreement between Washington and Tehran, which is set to be signed on Friday after over three months of the conflict.
Gold rose more than 1% Monday after US and Iranian officials said they had reached a deal to end their conflict, pushing oil prices lower and easing concerns about inflation and higher interest rates.
Spot gold was up 1.8% at $4,297.42 per ounce as of 0010GMT, its highest level since June 9, while US gold futures for August delivery climbed 1.9% to $4,318.10.
US Defense Secretary Pete Hegseth suggested that Washington has maintained control over the Strait of Hormuz, successfully guiding millions of barrels of oil through the strategic waterway despite regional tensions.
“Project Freedom never stopped, and we have run 125 million barrels of oil through the straits, and Iran could not do anything about it,” Hegseth told CBS News.
He claimed that not a single Iranian vessel managed to transit the American blockade, asserting that US President Donald Trump’s administration holds "absolute leverage" in ongoing diplomatic negotiations from a position of strength.
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