US and Iran agree on peace roadmap to reopen Hormuz, Israel rejects all terms: Live updates

The US and Iran said they have agreed on a memorandum of understanding aimed at ending the conflict, which began on February 28 with a joint US-Israeli bombing campaign and prompted Tehran to close the Strait of Hormuz to most shipping.

Israeli Prime Minister Benjamin Netanyahu has told US President Donald Trump that Israel does not consider itself bound by the Lebanon-related provisions of the agreement with Iran and will not withdraw its forces from southern Lebanon, according to Ynet.

The US-Iran agreement will reportedly be formally signed on Friday in Geneva, Switzerland.

Iran has said the document would focus on ending the war and reopening the strait, while the two sides would have 60 days to negotiate the future of Iran’s nuclear program.

Trump wrote on Truth Social that he ordered “the toll free opening of the Strait of Hormuz” and the end of the US naval blockade of Iranian ports.

“Let the oil flow!” he added.

Trump later clarified that the waterway, which carries around a quarter of global seaborne oil and LNG shipments, would reopen after the agreement is signed.

The talks were repeatedly stalled and delayed, with both sides accusing each other of making unacceptable demands and citing a lack of trust.

Most recently, Iran threatened to suspend the negotiations over Israel’s continuing strikes in Lebanon. In an effort to prevent the talks from collapsing, Trump reportedly demanded that Israel halt the attacks during several heated phone calls with Prime Minister Benjamin Netanyahu.

Here are the latest developments:

• Iran will reportedly reopen the Strait of Hormuz, halt uranium enrichment, and renounce nuclear weapons in exchange for the release of $25 billion in frozen assets, sanctions relief, an end to the US naval blockade, and a $300 billion reconstruction package.

• Iranian Foreign Minister Abbas Araghchi has called for an end to Israeli military actions in Lebanon, saying during separate phone calls with his Turkish, Iraqi, and Egyptian counterparts that all hostilities must cease.

• Israeli Defense Minister Israel Katz has said the IDF will not withdraw from southern Lebanon despite the reported terms of the agreement, warning that it will respond “with full force” if Iran attacks over its operations against Hezbollah.

• The EU has welcomed the reported deal, with foreign policy chief Kaja Kallas saying it could create “much-needed space.”

• Oil prices fell sharply on the news, with US WTI crude dropping 4.7% to $80.83 a barrel and Brent crude falling around 4% to $83.77, the lowest levels since March 4, shortly after the US-Israeli operation against Iran began.

Follow our live coverage below for continuous updates.