Iran says it will charge ships in Strait of Hormuz after 60 days; US and Iran sign peace deal

The United States and Iran have signed a memorandum of understanding (MoU) to end the war, with both presidents digitally signing the document. The 14-point agreement extends a ceasefire for another 60 days and includes the full resumption of maritime traffic through the Strait of Hormuz with no charges during that period. However, lead Iranian negotiator Mohammad Bagher Ghalibaf stated that after the 60-day toll-free period, Iran will charge ships for transit through the waterway. US President Donald Trump, who signed the agreement at the Palace of Versailles before a dinner with French President Emmanuel Macron, warned that he would resume attacks and kill Iranian officials if Tehran fails to honor its commitments. "We're going to bomb the hell out of them if they violate the agreement," Trump said at a G7 press conference. Pakistan's Prime Minister Shehbaz Sharif, who helped mediate the deal, said the agreement takes immediate effect, with Iran reopening the Strait and the US lifting its naval blockade. A formal signing ceremony is scheduled for Friday in Switzerland. Southeast Asian nations, hit hard by the energy crisis, welcomed the agreement. Philippine President Ferdinand Marcos Jr. expressed hope but noted that recovery would take time. The International Energy Agency warned that without addressing energy security vulnerabilities, the region's import bill could triple from $80 billion in 2024 to $245 billion by 2035. Thailand's foreign ministry warmly welcomed the deal, and domestic diesel prices have been declining. The agreement also includes the unfreezing of Iranian assets, a $300 billion reconstruction fund, and Iran's commitment not to build nuclear weapons and to down-blend its enriched uranium stockpile. Oil prices fell after the signing, with US crude dipping to $75.83 and Brent crude to $78.41 per barrel, but later recovered after Trump's threats.