Uncertainty mounted over the interim US-Iran agreement aimed at ending the Middle East war, as shipping companies warned on Tuesday that, even if the Strait of Hormuz reopens, it could take weeks before confidence is restored and operations normalise. Key questions about the deal also remain unresolved.
President Donald Trump announced Monday that the US and Iran had signed a preliminary accord to halt the conflict, though neither side has released full details, and both acknowledge that a permanent ceasefire still needs to be negotiated.
Under the interim arrangement, the fragile ceasefire declared in April would be extended another 60 days, and the Strait of Hormuz, effectively closed by Iran since the US and Israel struck Iran in February, would be reopened.
During this 60-day period, negotiators plan to tackle more complex issues, including the future of Iran’s nuclear programme. However, two major concerns repeatedly cited by Trump and Israeli Prime Minister Benjamin Netanyahu, Tehran’s backing of armed regional groups and its missile development, are not expected to be part of these talks.
“The deal’s all signed,” Trump said upon arriving in France for the G7 summit. He added that Vice President JD Vance would join a formal signing ceremony in Geneva on Friday.
Oil prices fell on Monday to their lowest point since March 10, shortly after the Strait of Hormuz, a narrow passage between Iran and Oman that handles a fifth of global oil shipments, was first blockaded. Prices stabilised Tuesday, with Brent crude edging down 0.3 percent to $82.96 a barrel during Asian trading.
Even so, the agreement marks the most meaningful progress yet in trying to end a conflict that has killed at least 7,000 people, mostly in Iran and Lebanon, and rattled global energy markets.
Iranian President Masoud Pezeshkian wrote on social media that the interim accord was an “important step” towards ending the fighting, while noting that a durable, long-term truce “has yet to take shape.”
Vance told CNN the signed memorandum was a “very general document,” and US officials said additional details would be released within the next two days. He also said it includes “a very significant sanctions relief package” for Iran. Later, he told Fox News that Trump may choose to publish the agreement ahead of Friday.
According to US and Iranian officials, the deal could ultimately provide Iran with major economic gains by lifting sanctions, unlocking frozen assets, and creating a $300 billion reconstruction fund.
