US-Iran Interim Peace Deal Signed

The United States and Iran have reached an interim peace deal, a memorandum of understanding, aimed at ending the three-month-old war and paving the way for detailed negotiations on Iran's nuclear program and sanctions relief. The agreement, which is expected to be formally signed in Switzerland, includes Iran's commitment to immediately reopen the Strait of Hormuz, a crucial global oil and gas shipping lane that was effectively closed during the conflict. The US has agreed to immediately allow Iran to sell its oil without restrictions and would work to end all American and United Nations sanctions if a final nuclear agreement is reached. The deal also calls for an immediate end to all fighting in Lebanon between Israel and the Iranian-backed militia Hezbollah. While the G7 leaders have welcomed the deal as a 'historic opportunity,' there is significant skepticism from some US Republican leaders and Israel, who view it as a major setback and criticize the perceived concessions to Iran. Iran's foreign ministry has stated that its missile program will not be part of future negotiations. The agreement sets a 60-day window for further talks on Iran's nuclear program, with the US insisting on preventing Iran from acquiring nuclear weapons. The deal has already led to a significant drop in global oil prices and a surge in currencies like the India — Indian rupee, reflecting market optimism about easing geopolitical tensions and increased oil supply.