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G7 · Iran · Oil Prices · Trump
President Donald Trump announced an agreement to end the 15-week U.S. war with Iran, declaring it a breakthrough for global security and a catalyst for plummeting oil prices and a surging stock market, as he arrived at the G7 summit in Evian-les-Bains, France.
The memorandum of understanding, expected to be signed Friday, immediately shifts the G7 dynamic, with host French President Emmanuel Macron congratulating Trump despite prior friction over the conflict. The agreement provides for the immediate opening of the Strait of Hormuz and lifting of the U.S. naval blockade, with France ready to deploy mine-clearing vessels; senior U.S. officials state traffic will take weeks to return to previous levels.
The deal offers Iran sanctions relief, release of frozen funds, and a $300 billion fund for rebuilding, contingent on Tehran meeting certain benchmarks. Critics, including Democratic Senator Mark Warner and Republican Senator Lindsey Graham, question the deal's specifics, particularly regarding nuclear verification and financial incentives compared to the 2015 Joint Comprehensive Plan of Action.
Trump also faces G7 discussions on trade irritants, specifically a 100% tariff threat on French wines over digital taxes, and the Russia-Ukraine war, with Ukrainian President Volodymyr Zelenskyy attending a session. Trump stated he will now focus on diplomatic efforts to end the Russia-Ukraine war.
