War returns to Iran with Israel, US strikes

A liquefied natural gas tanker chartered by India’s Petronet crossed the Strait of Hormuz on Monday, heading east to exit the strait after the United States and Iran reached a peace deal, shiptracking data showed, Reuters reports.

Data from Kpler and LSEG showed the vessel picked up its cargo at Qatar’s Ras Laffan on March 1-2 and had been west of the strait since. While shiptracking data did not indicate the tanker’s destination, a source familiar with the matter said the cargo will be delivered to the Dahej terminal in India.

European Union chief Antonio Costa welcomed Monday a deal between the US and Iran to end the Middle East war, adding that the bloc was ready to contribute to a strategy for “lasting peace”.

“I look forward to an end to this costly war and to the full restoration of freedom of navigation in the Strait of Hormuz,” Costa, the European Council President, wrote on X.

Finance Minister Muhammad Aurangzeb has said that Pakistan’s civil and military leadership’s “earnest and unrelenting” efforts for mediation between the US and Iran have taken things to the finishing line.

Addressing a PSX event and referring to the energy infrastructure, he said it would take a little while for things to get back to normalcy, but the agreement “presents us with upsides in terms of the next fiscal year”.

Germany has welcomed the agreement between the US and Iran, with Chancellor Friedrich Merz saying it can “pave the way for the recovery of the world economy and the stabilisation of the region”.

“It is essential to implement what has been agreed upon with determination and focus,” he said in a post on X.

In a statement, the secretariat of Iran’s Supreme National Security Council has said war and military operations on all fronts, including Lebanon, will end permanently starting on Monday night.

Iran’s deputy foreign minister, Kazem Gharibabadi, says a more expansive agreement will be negotiated during a 60-day ceasefire period, including sanctions relief for Iran.

French President Emmanuel Macron has welcomed the agreement reached between the United States and Iran, which he says is the result of a diplomatic effort to which several partners have contributed.

“I call for its rapid and complete implementation,” he posted on X.

Macron stressed that the agreement must “enable the urgent and unconditional reopening of the Strait of Hormuz”.

Turkish President Tayyip Erdogan says he views the agreement reached between the US and Iran as an “important development for establishing peace and tranquility in our region”.

“I sincerely hope that this news, which the entire world has long needed, will pave the way for the establishment of a lasting environment of peace and security in our region.

“I emphatically underscore the need to avoid rhetoric, provocations, and actions that could escalate tensions in the period leading up to the signing of the agreement, and to remain vigilant against possible sabotage,” he said in a post on X.

He also thanked Pakistan for “its exceptional mediation efforts” and appreciated “the support provided to diplomatic initiatives by Qatar and Saudi Arabia”.

Turkiye “will continue to support all efforts aimed at establishing peace, stability, and tranquility in our region and contribute to lasting solutions based on diplomacy and international law,” he said.

Qatari Prime Minister and Foreign Minister Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani has welcomed the agreement on a memorandum of understanding between the US and Iran and thanked Pakistan and other parties that “contributed to creating the conditions conducive to reaching this understanding”.

“We welcome the agreement reached on the memorandum of understanding between the United States of America and the Islamic Republic of Iran. We extend our thanks to our brothers in the Islamic Republic of Pakistan, as well as to all regional and international parties that contributed to creating the conditions conducive to reaching this understanding.

“We look forward to all parties engaging in the forthcoming negotiations in a positive and constructive spirit that will help consolidate this progress and build upon it,” he posted on X.

The Qatari PM reaffirmed that Doha would remain a “steadfast supporter of these efforts and of all endeavours aimed at strengthening security and stability at the regional and international levels through dialogue and peaceful means”.

PPP Chairperson Bilawal Bhutto-Zardari has welcomed the deal agreed between the US and Iran, terming it an “important first step towards reducing tensions and advancing peace”.

“I warmly welcome the conclusion of the peace deal between the United States of America and the Islamic Republic of Iran, an important first step towards reducing tensions and advancing peace through dialogue. This positive development reflects the statesmanship and commitment of all parties involved,” he was quoted as saying in a statement released by the PPP.

Bilawal also commended Prime Minister Shehbaz Sharif “for his leadership and vision in facilitating this process”, and Chief of Defence Forces and Chief of Army Staff Field Marshal Syed Asim Munir for his “steadfast support for regional stability”.

“I also acknowledge Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar, the Ministry of Foreign Affairs, and the dedicated diplomatic teams from all participating countries whose professionalism, perseverance, and quiet efforts behind the scenes helped make this achievement possible,” he said.

US President Donald Trump says the deal with Iran will bring peace to the entire region and “oil flow to both ends again” after the reopening of the Strait of Hormuz.

“This Great Deal will bring Peace and Security to the whole Region. Many presidents have tried to make Peace with Iran, and all have failed before me. The Leaders of the Region have, for the first time, found a President who can help them achieve real Peace.

“With the opening of the Strait upon the signing of the Deal on Friday, for purposes of mine removal, oil will flow on both ends again for the Region, and the World!” he said in a Truth Social post.

Japan welcomes the US-Iran deal toward ending hostilities and hopes for steady implementation of the agreement, including the reopening of the Strait of Hormuz for international vessels, Prime Minister Sanae Takaichi has said.

In an X post, Takaichi said Japan “strongly hopes” that “free and safe navigation through the Strait of Hormuz will be ensured in practice, and that a final agreement on Iran’s nuclear issue and other matters will be reached as soon as possible.”

Oil prices have plunged more than four per cent after the United States and Iran reached an agreement to end the Middle East war, reports AFP.

West Texas Intermediate was down 4.39pc at $81.15 a barrel in Tokyo after mediator Pakistan said the United States and Iran agreed a peace deal and an “immediate and permanent” end to military operations on all fronts, including Lebanon.

The United Kingdom, France, Germany and Italy have said they are prepared to lift sanctions imposed on Iran, according to a joint statement reported by AFP.

The countries welcomed the agreement reached between Washington and Tehran to end the war in the Middle East.

“We are prepared to lift relevant sanctions in response to clear, verifiable steps by Iran on its nuclear programme. We will work intensively with the US, Iran and regional partners to seize this moment, maintain momentum and achieve a long-term diplomatic settlement,” the joint statement read.

“Iran must never acquire a nuclear weapon. We stand ready to work with the US, Iran and the IAEA (International Atomic Energy Agency) to this end.”

The United States will release $12 billion in frozen assets to Iran before the start of negotiations, Mehr news agency has reported, quoting a 14-point memorandum of understanding between the two nations.

The document published by Mehr stipulates “the release of 24 billion dollars in frozen Iranian assets during the 60-day negotiation period” that begins after the memorandum of understanding is concluded. reports AFP.

“Half of this amount must be made available to Iran before the start of the negotiations,” the text, which has not been officially confirmed, specifies.

President Donald Trump has told the New York Times that if Iran fails to reach a final nuclear accord with the United States, he would restart military attacks on Tehran or make the United States the guardian of the Middle East in return for 20 per cent of the region’s revenues.

Trump told the Times in an interview that the agreement he reached with Iran would ultimately assure that the Strait of Hormuz is “permanently toll free” and argued that, despite the objections of Prime Minister Benjamin Netanyahu of Israel, he had saved Israel from nuclear obliteration.

UN Secretary-General Antonio Guterres has welcomed the US-Iran peace deal with its permanent ceasefire and reopening of the Strait of Hormuz as a “critical step” toward resolving the war in the Middle East.

“The Secretary-General hopes that the parties will build on this new momentum and redouble their efforts towards a final resolution of the conflict,” Guterres said in a statement attributed to his spokesman Stephane Dujarric.

US President Donald Trump has announced that the peace deal with Iran is now “complete”.

“I hereby fully authorize the toll free opening of the Strait of Hormuz, and, simultaneously herewith, authorise the immediate removal of the United States Naval blockade,” he says in a post on Truth Social.

“Ships of the World, start your engines. Let the oil flow!” he adds.