The US and Iran have agreed to halt attacks and allow free transit through the Strait of Hormuz, but tensions remain high between the two countries. The agreement was reached after a series of missile and drone attacks by both sides, and comes as a relief to the global oil market. However, the fragility of the agreement has been highlighted by the disagreement over whether the sides would even meet, and the fact that each side has accused the other of violating agreed terms.
US President Donald Trump is sending his son-in-law Jared Kushner and his envoy Steve Witkoff to Qatar this week to meet with Iranian technical delegation, while Iran is sending its technical delegation to Qatar to discuss the 14-point memorandum of understanding to extend an April ceasefire, discuss Iran's nuclear programme and negotiate a permanent truce.
The disagreement over whether the sides would even meet underscores the fragility of a Jun 17 accord that paused a conflict that has disrupted global oil flows through the Strait of Hormuz and created a political headache for Trump ahead of November's congressional elections. Tensions between Washington and Tehran have complicated efforts to end fighting in Lebanon, where Parliament Speaker Nabih Berri, an ally of Iran-backed Hezbollah, has cast doubt on a separate, US-brokered agreement between Lebanon and Israel aimed at halting the conflict.
The closure of the waterway sent oil prices to above US$100 a barrel, pushing up global inflation and putting pressure on Trump ahead of the midterm elections that will determine control of the US Congress, where some of his fellow Republicans have criticised the president for waging war without lawmakers' authorisation. Iranian President Masoud Pezeshkian said on Monday that US$6 billion out of US$12 billion of assets frozen in Qatar would be released following the accord and returned to Iran, Iranian state media reported.
The US has accused Iran of hitting at least two commercial ships with missiles or drones in recent days and has bombed Iranian military facilities in response. Iran, in turn, launched missiles and drones at US military sites in Kuwait and Bahrain early on Sunday. French President Emmanuel Macron on Monday said he was working with Oman to de-escalate tensions in the Middle East and would cooperate with partners to de-mine the Strait of Hormuz.
But Iran's Deputy Foreign Minister Kazem Gharibabadi responded with an X post that the removal of mines was to be carried out solely by Iran according to the 14-point plan. He warned France against complicating the situation. The US-Iran deal has been met with skepticism by some lawmakers, with Senate Minority Leader Chuck Schumer saying that after dragging America into a costly war, the Trump administration still can't name a single thing Americans got in return.
Instead, Secretary Rubio confirmed to Schumer that Iran will reap billions in oil revenue while retaining dangerous leverage over the Strait of Hormuz. Republican Senator Steve Daines told reporters that they kept their remarks to a minimum but he nonetheless deemed the conversation constructive.
The disagreement over whether the sides would even meet underscores the fragility of the Jun 17 accord that paused a conflict that has disrupted global oil flows through the Strait of Hormuz and created a political headache for Trump ahead of November's congressional elections
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