The United States and Iran have agreed to halt their latest hostilities in the Gulf and resume negotiations for a comprehensive treaty, raising hopes that a fragile interim peace arrangement can survive despite days of escalating military exchanges.
Iran and US continued their attacks in the Gulf as each accused the other of violating an increasingly precarious 14-point interim deal signed recently to end their four-month-old war. Iran early today launched missiles and drones on US military sites in Kuwait and Bahrain, said media reports.
The International Maritime Organisation (IMO) has announced a plan to evacuate 11,000 seafarers stranded in the Strait of Hormuz. The operation would be conducted in co-ordination with Iran, Oman and US and all other stakeholders from the maritime industry.
Qatar expects to restore normal liquefied natural gas (LNG) production within weeks, Prime Minister Sheikh Mohammed bin Abdulrahman al-Thani told the Financial Times.
The United States and Iran have agreed on a roadmap aimed at reaching a comprehensive peace agreement in 60 days, marking a significant step forward in efforts to end hostilities despite renewed tensions over the Strait of Hormuz.
Conflicting messages from Washington and Tehran on Monday deepened uncertainty over the future of US-Iran negotiations, leaving markets and regional observers struggling to gauge whether weeks of diplomatic engagement are moving toward a breakthrough or drifting toward collapse.
The United States has lifted its naval blockade of Iran and commercial shipping has begun cautiously returning to the Strait of Hormuz after Washington and Tehran signed an interim agreement aimed at ending months of conflict in the Gulf.
Oil prices declined further on Thursday, following the release of the text of the interim agreement signed by the US and Iran.
The 14-point memorandum of understanding (MoU) signed by the United States and Iran aims to reopen the Strait of Hormuz while offering Tehran a pathway to significant economic relief. However, it defers many of the most contentious issues that fuelled the recent conflict to subsequent negotiations.
Oil prices further declined on Wednesday, extending the previous session's losses following the US-Iran interim peace deal which is expected to allow free passage for vessels through Strait of Hormuz.
