On Friday, at a luxury hotel in Burgenstock, a mountain overlooking Lake Lucerne (central Switzerland), in Switzerland, the signing ceremony for the agreement between the U.S.-Iran to end the war in the Middle East.
In attendance will be the chief negotiator for Iran, the Speaker of Parliament Mohammad Bayer Galibaf, and U.S. Vice President Jay D. Vance, and it has not been ruled out that U.S. President Trump—who is not far from there, on the shores of Lake Geneva—is attending the G7 summit in Evian, France.
The three officials have already signed the document electronically; it is “very general” and about “one and a half pages” long, according to Jay D. Vance.
The Strait of Hormuz is expected to reopen fully
Donald Trump announced that he will fully reopen the Strait of Hormuz following the signing. A long-awaited development for international markets, as the blockade of this strategically important passageway paralyzed global shipping and sent oil prices soaring.
Uncertainty remains regarding the “service fees” Iran intends to impose on ships passing through the strait, while the U.S. wants passage to remain free.
Iranian oil tankers crossed the U.S. blockade zone
Three Iranian tankers carrying oil exited the blockade zone imposed by the U.S. armed forces around Iranian ports, according to TankerTrackers, a specialized maritime shipping monitoring service. The first two ships carried a total of 3.8 million barrels of crude oil. These are Iran’s first crude oil exports in two months, according to the same source.
The day before, Tehran had stated that the U.S. embargo, which had been imposed in mid-April in response to Iran’s control of the Strait of Hormuz, had been lifted, though this has not yet been confirmed by Washington.
Oil Below $80
The price of a barrel of Brent crude fell yesterday, Tuesday, falling below $80 for the first time since early March, influenced by the announcement of the agreement.
60 days to resolve key issues
Following the signing—and, as expected, the publication of the agreement protocol—the two sides are expected to return directly to the negotiating table to work out the details and address the most sensitive issues, such as Tehran’s nuclear program or the lifting of U.S. sanctions that are choking the Iranian economy. They will have two months to reach a final agreement.
Israeli airstrikes in Lebanon
Meanwhile, Israeli airstrikes today targeted southern Lebanon, including the Nabatieh area.
Israel’s offensive against the pro-Iranian Hezbollah has de-escalated following Monday’s announcement of the agreement.
Upcoming address by the leader of Hezbollah
The leader of Hezbollah Naim Qassem is expected to deliver a televised address today at 6:00 p.m. (local time and Greek time). The day before, he had expressed “deep gratitude” to Iran for pushing to ensure that this agreement included a cessation of hostilities in Lebanon, as clarified by Tehran, Washington, and Pakistan—the country that acted as mediator. The text, however, has not yet been made public.
