US–Iran deal: Strait of Hormuz to reopen, oil prices crash, enriched uranium stockpile to be destroyed as peace accord set for June 19 Geneva signing

European leaders are set to warn US President Donald Trump at the G7 summit that a superficial interim agreement with Iran could end up entrenching Tehran's nuclear and ballistic missile programmes rather than curbing them. At the same time, they are expected to press Trump to reconsider his approach to Ukraine, urging a rethink of his current strategy as the allies seek to align on both fronts, as per Reuters.

Myanmar's inflation spiked to nearly 25 percent as shocks from the Middle East conflict compounded the effects of the country's civil war, the World Bank said Tuesday.

The Bank also slashed its growth forecast for the financial year that started in April, citing "a less favorable external environment".

Myanmar has been mired in civil war since the military snatched power in a 2021 coup, plunging it into a half-decade of instability and a backslide into poverty for many of its more than 50 million citizens.

The country also imports 90 percent of its fuel oil, according to official figures, leaving it highly exposed to closure of the Strait of Hormuz since the US-Iran war started on February 28.

Gold rose more than 2% on Monday after US and Iran officials said they had reached an initial agreement to end their war.

By 0536 GMT the spot gold price had risen 2.5%, to $4,323.29 an ounce, its highest since June 9, and extended gains for a 3rd straight session. US Gold Futures for August Delivery rose 2.5% at $4,343.80.

Spot silver increased 3.3%, to $70.19 an ounce.

Iran's World Cup goalscorer Ramin Rezaeian told a journalist that boos from Iranian diaspora protesters during his country's national anthem were "none of your business" following their World Cup opener in Los Angeles on Monday.

"If there is any problem between us, it is our business, it is none of your business," said a brusque but polite Rezaeian, when asked about some vocal booing and whistling during the anthem before the game.

"I respect you, but this is something between us and we're going to settle it, don't worry."

China's retail sales fell last month for the first time in more than three years, data showed on Tuesday, as leaders of the world's second-largest economy struggle to kickstart domestic consumer activity.

The 0.6 percent year-on-year drop in May, revealed by the National Bureau of Statistics, was a big miss compared with the 0.2 percent forecast in a Bloomberg survey, which was itself in line with April's lacklustre performance.

While the Chinese economy has enjoyed a historic boom in exports, it has been dragged for years by weak household consumption that has so far failed to recover from the Covid pandemic.

Beijing is targeting overall growth of 4.5-5.0 percent this year, though soaring energy costs and uncertainty caused by the Middle East crisis have complicated matters.

Japan's Nikkei stock index soared past 70,000 points for the first time on Tuesday, extending a global rally fuelled by the US-Iran peace agreement and tracking tech-led gains on Wall Street.

The Nikkei 225 climbed to as high as 70,020.68 in afternoon trade before easing back slightly.

Iran came from behind to snatch a 2-2 draw against New Zealand in their long-awaited opening game at the World Cup on Monday as European heavyweights Spain were frustrated in a shock stalemate by tiny tournament debutants Cape Verde.

After months of uncertainty surrounding their participation in the tournament following the war in the Middle East, all eyes were on the Iranians as they took on the New Zealanders in Group G at Los Angeles' SoFi Stadium. 

But despite scattered pre-match protests outside the venue, the game passed off largely without incident as Iran twice fought back from a goal down to earn a precious point in front of a 70,108-strong crowd.

Equities mostly rose Tuesday and oil prices held losses following the previous day's euphoric rally sparked by the US-Iran peace deal that will reopen the crucial Strait of Hormuz.

Eyes are now on developments ahead of Friday's signing ceremony in Switzerland, which will bring an end to more than three months of a war that has sent shockwaves through energy markets and sent global inflation soaring.

US President Donald said ships were again moving through the strait and it would be "completely open" by Friday, while Iranian media said three oil tankers and two cargo ships had passed through the area that had been subject to a US naval blockade.

The US-Iran deal provides for the return of International Atomic Energy Agency (IAEA) experts to Iran to destroy its stockpile of enriched uranium, US Vice President JD Vance stated.

"Yes, absolutely," he said in an interview with NBC News. "In fact, one of the core parts of the agreement is that the IAEA [International Atomic Energy Agency] and the United States are going to help Iran destroy the highly enriched [uranium] stockpile," he emphasized.

The vice president added that this is "spelled out very clearly" in the Iran-US memorandum of understanding, Russia's TASS news agency reported.

According to Vance, there are still "some technical details to work out, not related to the text of the memorandum of understanding itself, but the implementation."

The document is scheduled to be signed in Geneva on June 19.

Confusion continued to swirl over the scope and timing of a reported US–Iran agreement, even as President Donald Trump said the deal to end the war had already been signed and that details would be released “pretty soon.”

Trump said the agreement was digitally signed on Sunday (June 14) and claimed it includes provisions to reopen the Strait of Hormuz by Friday (June 19), when he said the accord would be formally inked on paper. He did not immediately provide documentation or detailed terms of the agreement.

The Strait of Hormuz has been a central flashpoint during weeks of conflict involving Iran, Israel, and allied forces in the region.

Iranian and intermediary sources have previously described the deal as a "framework" intended to halt military operations and open a 60-day negotiating period on broader security and nuclear issues, though implementation details remain unclear.

Analysts caution that while political statements suggest rapid de-escalation, key questions remain over verification mechanisms, enforcement on the ground, and whether all parties to the wider regional conflict will abide by any ceasefire arrangements.

Global oil benchmarks tumbled across the board on Monday evening and into Tuesday morning (June 16), as markets are treating the reopening of the Strait of Hormuz as positive news.

Crude oil rates prices are falling from their crisis highs as traders anticipate a gradual recovery in Gulf exports, with WTI crude sliding to $80.75 (-4.9%) and Brent to $83.38 (-4.5%).

Murban crude was down 7% to $76.81 (down $6.21) as of 6.59am Tokyo time on Tuesday.

The broad sell-off comes after reports of a US–Iran de-escalation or preliminary peace framework, including expectations of reduced military confrontation and a possible easing of pressure on maritime flows.

Global shippers are insisting on independent confirmation that the Strait of Hormuz are free of naval mines and other hazards before they fully resume normal operations, amid lingering risks following months of maritime conflict in the Middle East.

Industry groups say that even after tentative political de-escalation efforts, operators will not return at scale without verified mine clearance, safe navigation corridors, and sustained security guarantees, Reuters reported. Maritime security experts, meanwhile, warn that underwater mines and unexploded ordnance remain among the most serious threats to commercial shipping, with clearance operations potentially taking weeks in heavily contested waters.

More ships are being allowed through the Strait of Hormuz following the announcement of a US-Iran peace deal. News agencies reported that the situation has improved significantly compared with the near-total shutdown seen earlier in the conflict. While commercial shipping has not yet returned to normal operations, a number of vessels have begun transiting the strait again. Shipping companies and tanker operators are evaluating routes and security conditions before sending larger numbers of vessels through. The agreement reportedly calls for reopening the strait and restoring maritime traffic. Implementation is still underway.

A US Air Force B-52 Stratofortress strategic bomber crashed shortly after takeoff from Edwards Air Force Base in California's Mojave Desert, triggering a major emergency response and prompting the closure of one of America's most important military aviation facilities.

According to the Air Force, the bomber went down at approximately 11:20 am local time shortly after departing from Edwards Air Force Base, about 100 miles (160 km) north of Los Angeles. Emergency crews rushed to the scene as thick black smoke rose from the desert crash site. Aerial footage showed a large scorched area roughly the size of a football field.

President Donald Trump is facing growing criticism from some of the Republican Party's most prominent foreign-policy hawks, who argue that his emerging agreement with Iran amounts to a major "retreat" after months of military confrontation and economic pressure.

The backlash comes as the Trump administration pursues a preliminary accord aimed at ending hostilities, reopening the Strait of Hormuz and laying the groundwork for broader negotiations with Tehran. While the White House has portrayed the agreement as a diplomatic breakthrough, critics within Trump's own party fear it falls short of the administration's original objectives and could leave Iran strategically stronger.

Several Republican lawmakers have publicly questioned whether the proposed arrangement secures meaningful concessions from Iran on key issues such as its nuclear programme, missile capabilities and regional influence. Senator Lindsey Graham warned that a deal allowing Iran to retain significant leverage in the Gulf would represent a major shift in the regional balance of power, while Senator Ted Cruz described reports of concessions to Tehran as "deeply concerning".

The Dow finished at a fresh record Monday, rallying with other major US indices after the announcement of a peace accord between Washington and Tehran sent oil prices sharply lower.

The blue-chip index piled on 0.9 percent to end at 51,671.83.

The broad-based S&P 500 gained 1.7 percent to 7,554.80, while the tech-rich Nasdaq Composite Index jumped 3.1 percent to 26,883.94.

Israeli Prime Minister Benjamin Netanyahu has said there are instances where he and US President Donald Trump do not “see eye to eye,” but stressed that he will always act in Israel’s national interest, according to the BBC.

Speaking at a press conference, Netanyahu said that when necessary, he would firmly insist on protecting Israel’s priorities.

“When necessary, I will insist on Israel’s interests,” he said.

Israeli Prime Minister Benjamin Netanyahu said on Monday that the country's forces would remain in Gaza, Lebanon and Syria "for as long as necessary," hours after a deal was announced between Iran and the US to end the Middle East war.

"We established deep security zones around the State of Israel. We did this in Gaza, in Lebanon, and in Syria," Netanyahu said in a televised press conference. "And I want to make it clear: we will remain in these security zones for as long as necessary to protect our country."

Israeli Prime Minister Benjamin Netanyahu said Monday that the joint US-Israeli military campaign against Iran had spared his country from what he described as the Islamic republic's threat of "nuclear annihilation".

"The most important thing is that we saved the State of Israel from the threat of nuclear annihilation," Netanyahu said, in what were his first comments after Washington and Tehran agreed to a deal to end the Middle East war.

"And what would that mean? It would mean that millions of Israeli citizens - you who are hearing me now - all of you would have been in terrible danger of mass death... And we have pushed away from us, for years, this danger of the annihilation of Israel's population," Netanyahu said in a televised press conference.

US strategic oil stockpiles sank last week to their lowest level since 1983 as the US-Iran war slowed crude deliveries, government data showed Monday.

The US Strategic Petroleum Reserve fell to 340.3 million barrels, down 8.9 million from the prior week, according to weekly figures released by the US Department of Energy. That's the lowest level since July 1983.

Day 108: Trump says Strait of Hormuz will be 'completely open'

Day 107: Trump says Iran deal reached, Tehran claims victory

Day 106: Trump says deal to be signed Sunday, Hormuz to reopen

Day 105: Pakistan PM says US–Iran peace deal text agreed

Day 104: Trump touts Iran peace deal, to be signed in Europe

Day 103: Iran strikes Bahrain, Kuwait and Jordan