Donald Trump has formally signed the initial peace agreement with Tehran.
The president inked the early-stage deal during his tour of the Versailles palace in France on Wednesday evening.
Trump confirmed the historic moment as he left a subsequent dinner with French President Emmanuel Macron. “It’s signed, yeah,” Trump told reporters casually. “I signed it in Versailles.”
The details of the US memorandum of understanding with Iran were earlier released by US officials, as Trump delivered a long-winded speech in which he claimed to have saved the world from a major economic downturn.
Details of the 14-point plan, which includes reopening the Strait of Hormuz, ending the wars in Iran and Lebanon, and a $300 bn reconstruction fund for Tehran, had been leaked by several media outlets earlier in the day.
In a speech to the G7, as the details were being revealed, President Trump has said that the world would have been plunged into “economic catastrophe” if he did not strike a peace agreement with Iran.
Meanwhile, Israel reportedly struck targets in southern Lebanon again on Wednesday, brushing off warnings from Trump and threatening to derail the US peace process with Iran.
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Key Points
- Trump and Iran sign MOU agreement
- President Trump signs deal aimed at ending Iran war while inside Versailles
- Trump threatens he could still resume attacks
- Iran offers added details on the agreement with US
- Full text of 14-point US-Iran deal revealed
Pakistan's Sharif deletes post on signing ceremony
04:26 , Alisha Rahaman SarkarPakistan's prime minister Shehbaz Sharif deleted a post on the US-Iran deal and later reposted it without a reference to the Friday signing ceremony.
Sharif had written on X that there would still be a formal signing ceremony on Friday, after both sides had already signed a memorandum of agreement.
Sharif briefly removed the post a short time later, however. Then, he reposted most of the same text but removed a reference to Friday's ceremony.
That could cast doubt on whether the ceremony will happen.
Oil prices fall to $78 a barrel
04:25 , Alisha Rahaman SarkarOil prices fell in early trading this morning after the US and Iran signed an interim agreement that would end the Iran war, reopen the Strait of Hormuz and waive US sanctions on Tehran's oil, resolving the largest energy supply disruption in history.
Brent crude futures were down 89 cents, or 1.12 per cent, at $78.66 a barrel, and US West Texas Intermediate fell 98 cents, or 1.28 per cent, to $75.81 a barrel.
Watch: Trump says unfair' for Iran to not have ballistic missiles if others have them
04:17 , Alisha Rahaman SarkarTrump threatens he could still resume attacks
04:16 , Alisha Rahaman SarkarUS president Donald Trump has threatened that he could resume attacks and kill Iranian officials if they failed to honour their commitments after both nations signed the peace deal on Wednesday.
"We're going to bomb the hell out of them if they violate the agreement," Trump said of Iran at a press conference.
"I don't want them to. I want them to honour the agreement."
He also called Iranians "smart people" as US and Iranian negotiators work on a permanent truce over the coming 60 days, which Trump said he hoped would usher in peace in the Middle East and lower oil prices.
Fox News host turns blame on JD Vance for Iran negotiations: ‘Wasn’t the right person’
04:01 , Graeme MassieAustralia relaxes Middle East travel warning in boost for airlines and travellers
03:00 , James ReynoldsAustralians would be able to enjoy foreign holidays at cheaper rates after the government significantly relaxed its travel warnings for several Middle Eastern countries.
The government lifted its blanket travel bans for Gulf nations on Tuesday after US president Donald Trump announced a peace deal with Iran.
The deal is expected to be formally signed in Geneva, Switzerland, on Friday.
Foreign minister Penny Wong confirmed that the "do not travel" advisory had been lowered for the UAE, Qatar, Bahrain, Israel, and Kuwait.
Australia relaxes Middle East travel warning in boost for airlines and travellers
Trump says sanctions will be removed once Iran 'behaves' - ICYMI
02:01 , Alex CroftDonald Trump on Wednesday suggested that sanctions on Iran would be removed once "they behave."
"As far as sanctions are concerned, at some point, you know, we have sanctions which will never let them rebuild. They would have no money, they would be in poverty, the 91 million people would starve, so something will happen as soon as they behave. When they behave, we're going to let that go. We're going to have to. I put sanctions on a lot of people, and then I let them go," Trump told reporters.
He also suggested that frozen funds could be returned.
"We have taken their money, it's not our money, it's their money, and we froze it. At a certain point in time I guess we're going to have to give it back," Trump said. "If we didn't give it back, nobody would ever invest in the dollar again."
WATCH: President Trump signs deal aimed at ending Iran war while inside Versailles
01:33 , Josh Marcus
On Wednesday evening, President Donald Trump ceremonially signed the memorandum of understanding aimed at ending the Iran war.
The Republican inked the document during a visit to France’s Versailles palace after the G7 summit.
French President Emmanuel Macron and US Secretary of State Marco Rubio looked on with approval as the Republican used a heavy ink pen to seal the deal.
“It’s signed, yeah,” Trump told reporters as he left dinner with Macron. “I signed it in Versailles.”
You can watch video of the historic moment here, via the White House.
Watch: Trump refers to Obama as 'stupid SOB' in Iran rant
01:00 , James ReynoldsFamily of British couple in Tehran prison want loved ones freed as part of Trump’s Iran peace deal
Thursday 18 June 2026 00:00 , James ReynoldsThe family of a British couple held in Iran are urging Donald Trump to push for a hostage exchange as part of a deal to end the war.
Craig and Lindsay Foreman, from East Sussex, were sentenced to 10 years in Tehran’s Evin prison last year after Iran charged them with espionage during a motorcycle trip around the world. They deny the charges.
The couple have been on hunger strike for 39 and 30 days respectively, fearing “there is no other way to be heard” having effectively been stranded without legal representation, according to the family.
Read the full story:
Family of British couple in Tehran prison want loved ones freed under Iran peace deal
Trump thanks Putin and Xi for being 'neutral' during war
Wednesday 17 June 2026 23:30 , Alex CroftDonald Trump on Wednesday thanked China's Xi Jinping and Russia's Vladimir Putin for what he called their neutrality during the war with Iran.
"I just want to thank them because they made it a lot better," Trump said at a press conference on the sidelines of the Group of Seven conference in Evian-les-Bains, France, adding that both leaders had been "neutral."
60-day ceasefire period begins today - Tehran
Wednesday 17 June 2026 23:26 , Alex CroftThe 60-day ceasefire period between the US and Iran has started today, Iranian foreign ministry spokesperson Esmaeil Baghaei has said.
He provided some extra details on the agreement - here they are:
- Further Israeli attacks on Lebanon will be considered a breach of commitment.
- The management of the Strait of Hormuz will be the responsibility of Iran and Oman.
- Sanctions on Iranian oil should be lifted and Tehran should be able to start selling oil today and for the next 60 days.
- The US should not issue any new sanctions nor boost its military presence in the region within this 60 days.
- Fees will be received in exchange for services given to ships - there was not more clarity issued on this point.
- Iran’s nuclear materials will not be sent outside the country.
Trump and Iran sign MOU agreement
Wednesday 17 June 2026 23:18 , Alex CroftDonald Trump on Wednesday signed the memorandum of understanding aimed at ending the war with Iran, a White House official has said.
Iran’s foreign ministry spokesperson Esmaeil Baghaei said the text of the agreement between the United States and Iran has been officially signed by the presidents of both sides, Iran state media reported early on Thursday.
Trump's Iran deal sets tone for talks
Wednesday 17 June 2026 23:00 , James ReynoldsG7 chiefs on Wednesday welcomed the preliminary agreement between the United States and Iran and said they were ready to help implement it.
They said they would make efforts to diversify energy supply routes to reduce dependence on the Strait of Hormuz, which Iran has blocked for most of the duration of its war with the US.
Trump cautioned today that the memorandum of understanding with Iran was not final, and that he could resume a bombing campaign if it was not honoured.
“If I don't like it, if they don't behave, we'll go right back to dropping bombs right smack in the middle of their head, OK?” he said.
Although European allies appeared supportive of the preliminary memorandum in public, diplomats cautioned that getting a lasting deal on Iran's nuclear and ballistic missile programme as well as its support for proxy forces in the Middle East is no small challenge.
Watch: Trump jokes he'll blame Vance if Iran deal doesn't work out
Wednesday 17 June 2026 22:39 , Alex Croft Wednesday 17 June 2026 22:21 , Alex CroftNo talks to establish Israeli military base in Somaliland, defence minister says
Wednesday 17 June 2026 22:00 , James ReynoldsThere is no Israeli military presence in Somaliland and no talks for Israel to open a base there, Somaliland's Defence Minister Mohamed Yusef Ali told Reuters on Wednesday.
Speaking on the sidelines of a business conference in Tel Aviv, he said Israel was training Somaliland's military and police, but called reports that Israel was in negotiations to establish a military base in Somaliland "rumours".
Israel recognised Somaliland as an independent state last December, a move Somalia rejected and termed a "deliberate attack" on its sovereignty.
Trump says 'nobody' attacked Iran girls' school on purpose
Wednesday 17 June 2026 21:41 , Alex CroftWe earlier hears from US president Donald Trump, who gave a rambling speech to the G7 on Wednesday.
He was asked by one reporter about the strike on a girls’ school in February which killed more than 150 people, most of whom were schoolgirls.
“Nobody" purposefully attacked a girls' school in Iran in February, he said, citing an investigation into the incident.
"That's under investigation," Trump said at a press conference on the sidelines of the Group of Seven conference in Evian-les-Bains, France, adding that mistakes are made in war. "Nobody did that on purpose."
Vessel fired at by small boat near Yemeni coast - UKMTO
Wednesday 17 June 2026 21:20 , Alex CroftThe United Kingdom Maritime Trade Operations (UKMTO) said on Wednesday that it had received a report of an incident 105 nautical miles northeast of Yemen's Aden, adding that the crew were safe.
"A vessel has been approached to within 4 meters and fired upon by 2 skiffs with an unknown number of armed persons on board.
“The vessel has deployed security team and returned fire. The suspect vessels have now disengaged", UKMTO said.
Doubts emerge from within Trump’s own team after president celebrates Iran deal
Wednesday 17 June 2026 21:00 , James ReynoldsEven key members of Donald Trump’s administration have cast doubt over his peace deal with Iran and think Tehran won’t stick to its side of the bargain, according to a new report.
On Sunday, the president ceremoniously announced that a deal with the Islamic Republic had been reached and that the beleaguered Strait of Hormuz would be re-opened. “Ships of the World, start your engines. Let the oil flow!” he wrote in a Truth Social post on his 80th birthday.
Despite the announcement, a report suggests that some the closest members of Trump’s top team, including secretary of state Marco Rubio, hawkish defense secretary Pete Hegseth and CIA director John Ratcliffe, have expressed concerns about the arrangement.
Read the full story:
From Hegseth to Rubio, even Trump’s top team doubts Iran deal, report says
Senior US official says both sides can still walk away from deal
Wednesday 17 June 2026 20:40 , Alex CroftA senior US official read out the text of a signed agreement with Iran on Wednesday.
You can read that draft document here.
But the official said that the parties can walk away until a binding deal is reached
Trump says sanctions will be removed once Iran 'behaves'
Wednesday 17 June 2026 20:19 , Alex CroftDonald Trump on Wednesday suggested that sanctions on Iran would be removed once "they behave."
"As far as sanctions are concerned, at some point, you know, we have sanctions which will never let them rebuild. They would have no money, they would be in poverty, the 91 million people would starve, so something will happen as soon as they behave. When they behave, we're going to let that go. We're going to have to. I put sanctions on a lot of people, and then I let them go," Trump told reporters.
He also suggested that frozen funds could be returned.
"We have taken their money, it's not our money, it's their money, and we froze it. At a certain point in time I guess we're going to have to give it back," Trump said. "If we didn't give it back, nobody would ever invest in the dollar again."
Wednesday 17 June 2026 20:00 , James ReynoldsHas Trump achieved his goals in the war with Iran?
Wednesday 17 June 2026 19:29 , James ReynoldsShortly after the US and Israel attacked Iran, Donald Trump laid out a host of objectives, from destroying Iran's ballistic missile capabilities to ensuring Tehran can never have a nuclear weapon.
With a preliminary peace deal now in place, what has Trump achieved?
Missiles and drones
Before the war, Iran held the largest ballistic stockpile in the Middle East, with between 2,500 and 6,000 missiles of different types.
Roughly one month into the war, U.S. sources told Reuters that one-third of that arsenal was destroyed, with another third likely damaged, destroyed or buried.
It is unclear how many missiles Iran has left, but the country still has the ability to reach US allies - most recently on June 6, when it launched salvos at Kuwait and Bahrain, and June 7, when it fired missiles at Israel.
Military capabilities
The US says it has degraded Iran's conventional military ability to project power in the region or threaten US operations.
It claims to have destroyed at least 161 Iranian naval ships and 82 per cent of its air defence systems. But Iran was still able to shut the Strait of Hormuz for the duration of the conflict.
Nuclear programme
Trump has repeatedly said that his main goal is to prevent Iran from developing a nuclear weapon. Tehran has consistently said it has no intention of building a bomb and its program is for peaceful purposes.
But the war has not significantly changed Iran's nuclear capability. US intelligence last month estimated that Iran would need less than a year to produce a nuclear weapon - the same timeline it laid out following the June 2025 strikes on Iranian nuclear facilities.
Iranian proxies
Trump said on March 2 at the White House that Tehran cannot be allowed to continue to arm and fund the armed proxy groups in Iraq, Lebanon, Gaza and Yemen that Iran has relied on for decades to project power and harass enemies.
US Admiral Brad Cooper said in May that Iran no longer has the ability to reliably supply those groups with advanced weapons, though he did not specify what that meant.
Regime change
Trump encouraged Iranian protesters to overthrow their rulers before the war began and said Supreme Leader Ayatollah Ali Khamenei's death on February 28 was their "single greatest chance" to seize the government.
The war has failed to dislodge Iran’s government, but supreme leader Ayatollah Ali Khamenei was killed and replaced by his son at the start of the conflict.
Trump in recent weeks has refrained from repeating his calls for the toppling of Iranian leaders.
In pictures: Devastation to communities in southern Lebanon as war rages
Wednesday 17 June 2026 19:00 , James Reynolds
More than 1,000 Palestinians killed in Gaza since ceasefire supposed to take place
Wednesday 17 June 2026 18:20 , Alex CroftMore than 1,000 Palestinians have been killed in Gaza since a ceasefire was supposed to come into place last October, the health ministry has said.
Authorities say Israeli forces have committed more than 3,000 violations of the ceasefire, killing at least 1,005 Palestinians and injuring 3,157, despite the agreement of a ceasefire which came into effect on 10 October.
Although the scale of fighting has declined f=since it came into place, Israeli attacks have not halted and it has continued encroaching beyond the agreed yellow line, forcing Palestinians to live in an increasingly small section of the strip.
Fikr Shalltoot, Gaza director at Medical Aid for Palestinians, said: "We mourn as Gaza reaches yet another tragic milestone – a thousand people killed since leaders announced an end to the violence in October. Thousands more people who were told the worst was over are still burying their loved ones.”
Watch: Trump hopes Iran war will be in 'rearview mirror'
Wednesday 17 June 2026 18:00 , James ReynoldsTrump claims US prevented nuclear holocaust by attacking Iran
Wednesday 17 June 2026 17:46 , Alex CroftDonald Trump has now claimed that the US prevented a nuclear holocaust by launching its war on Iran.
“Think of what Israel's getting - they're not going to be nuked,” Trump said.
“I told Bibi [Netanyahu], the biggest risk was that [Iran] drop a nuclear weapon into the middle of Israel. They'd only need one, and there would be no war.”
The US president added: “We stopped nuclear holocaust, and it stopped. There's not going to be any of that.”
Preventing the development of Iran’s nuclear programme, and stopping the Tehran regime from producing a weapon, was always hailed as one of the key aims of Trump’s war.
But Iran has consistently denied that it is seeking to produce a nuclear weapon, and the International Atomic Energy Agency (IAEA) states there is no evidence that Tehran is actively seeking to manufacture a nuclear weapon.
The IAEA, however, says it cannot verify that the programme is exclusively peaceful as Tehran is enriching uranium to high purities and has limited access for inspectors.
Vital that Iran, Hezbollah and Israel do not resume fighting - Macron
Wednesday 17 June 2026 17:41 , Alex CroftWe’ve heard from French president Emmanuel Macron, who earlier gave a speech at the G7 summit.
He said that it is vital that Iran, Hezbollah and Israel do not resume fighting, adding that he supported a preliminary deal between the United States and Iran to end their war.
"It's a good deal and one that we back," said Macron.
Trump says Iran deal will be signed shortly
Wednesday 17 June 2026 17:28 , Alex CroftTrump has now said his new pact with Iran will be signed shortly and that Iran wants to sign a deal.
"So, the deal we reached with Iran on Sunday will be signed shortly, tomorrow, maybe the next day," he tells reporters in the G7.
Earlier in the day, the US president had said his new agreement with Iran was not final and he could resume the war if he is unsatisfied.
Trump says Israel has 'trashed' Lebanon and 'could behave better'
Wednesday 17 June 2026 17:26 , Alex CroftTrump now criticises Israel for its conduct in Lebanon, saying they “could behave better” and that he feels “very bad for Lebanon”.
It is a long-winded speech and doesn’t seem close to ending - one of those in which the US president appears to be paying little heed to a script in front of him.
“I'm not saying they shouldn't protect themselves when two drones are shot into the desert, [but] you don't have to knock down buildings in Beirut,” he says.
“They could behave better, and frankly, they could do a better job. I love them as a partner.
“They could do a much better job with Hezbollah. I feel very bad for Lebanon,” he adds.
“Lebanon has been a great culture. It was a great, they had the professors, the doctors, the lawyers. It was an incredible culture. For the last 50/60 years they have been just trashed.”
Trump praises ‘amazing’ Netanyahu who ‘gets a little excited sometimes’
Wednesday 17 June 2026 17:17 , Alex CroftDonald Trump has now spoken on Israeli prime minister Benjamin Netanyahu, who he said is an “amazing prime minister”.
The US president had grown increasingly frustrated with Netanyahu after Israel’s continued attacks on Lebanon, which have brought jeopardy to the fragile truce between Washington and Tehran.
“Bibi Netanyahu, who happens to be a good man, gets a little excited sometimes, but he happens to be a very good man who had an amazing partnership. He's been an amazing prime minister,” Trump says.
“We have a little dispute over in Lebanon. I say he can do a little softer touch, you don't have to knock down a building every time somebody walks into it that's from Hezbollah.”
The US president adds that it has been an “amazing partnership”, adding that “we’re the big partner, he’s the very small partner”.
Trump: We could have continued for two years but wanted to avoid economic catastrophe
Wednesday 17 June 2026 17:09 , Alex CroftDonald Trump is holding a press conference at the G7.
The US president says he could have continued dropping bombs on Iran for two years - but did not want to provoke an “economic catastrophe”.
World leaders have flocked to thank him for ending the war, and have stated that they love the peace deal, he claims.
He also claims that there has been a form of regime change in Iran. “I think they're going to behave much differently. I think they see a different way of life that they would never expose to,” Trump says.
Stay with us for the latest lines.
Analysis: Netanyahu’s nightmare has become reality with Trump’s Iran deal
Wednesday 17 June 2026 17:00 , James ReynoldsAs Donald Trump crows about peace in the region, ominous signs are coming from Israel and Hezbollah, writes chief international correspondent Bel Trew:
Netanyahu’s nightmare has become reality with Trump’s Iran deal
Beijing calls for proper handling of Strait of Hormuz
Wednesday 17 June 2026 16:43 , Alex CroftChina's foreign minister Wang Yi has said that the issue of navigation through the Strait of Hormuz should be properly addressed, an official Chinese statement showed, following a call with his Iranian counterpart Abbas Araghchi.
Wang also reiterated China's welcome for the memorandum of understanding reached between Iran and the United States, and voiced support for Iran safeguarding its sovereignty and security, according to the statement.
Recap: Trump’s peace deal to allow Iran to sell oil and fuel immediately in major concession
Wednesday 17 June 2026 16:30 , James ReynoldsAn emerging peace agreement between Donald Trump and Iran will allow Tehran to begin selling oil and fuel immediately, US officials said, in what appeared to be a major concession from Washington to end the conflict.
An official told Reuters that Tehran would be permitted to sell its oil after the memorandum of understanding is signed this week, in return for Iran allowing free navigation through the Strait of Hormuz and not attempting to acquire a nuclear weapon.
The Wall Street Journal reported that Iran would receive sustained relief from sanctions if it abided by key US demands. Officials told the newspaper that they believed “sweeteners” were required for Iran to accept a deal.
Trump’s peace deal to allow Iran to sell oil and fuel immediately in major concession
Several Israeli soldiers injured in southern Lebanon, says military
Wednesday 17 June 2026 16:09 , Alex CroftAn explosive Hezbollah drone detonated near Israeli soldiers in southern Lebanon, injuring four of them, the Israeli military said in an X post on Wednesday.
A second drone exploded several minutes later, injuring another soldier, the Israeli military added.
News Analysis: Trump’s Iran hawk backers are not feeling good about ceasefire deal: ‘It all seems bad’
Wednesday 17 June 2026 16:00 , James ReynoldsTrump’s biggest backers on the neoconservative right were thrilled by his decision to go to war. But now they’re coming to terms with just how far short of their goals he’s come, writes John Bowden:
Trump’s Iran hawk backers aren’t feeling good about the ceasefire: ‘It all seems bad’
Trump to speak with Macron imminently
Wednesday 17 June 2026 15:32 , James ReynoldsDonald Trump says on Truth Social he will be holding a final press conference with Emmanuel Macron from 15:45 UK time today.
He then expects to head to Versailles for dinner with European leaders before heading home.
“The trip was a Great Success but, mostly what people wanted to talk about, is the fact that Iran will not have a Nuclear Weapon, and that the Strait of Hormuz will immediately be opened!” he says.
G7 leaders demand ceasefire in Lebanon, welcome Iran deal
Wednesday 17 June 2026 15:30 , James ReynoldsLeaders of the G7 countries demanded a ceasefire in Lebanon on Wednesday and said they will diversify energy supply routes to reduce dependence on the Strait of Hormuz in response to the war in Iran, as they welcomed an interim deal to end the conflict.
The leaders met for a summit in the French town of Evian-les-Bains on Lake Geneva, while details of the US-Iran ceasefire agreement trickled out of Washington and Tehran ahead of its formal unveiling, expected on Friday across the nearby Swiss border.
"We underline the need for the negotiation ... to address the threats posed by Iran in the region and beyond and ensure that they never obtain a nuclear weapon," the leaders said in a statement.
They also called for an "immediate robust ceasefire" in Lebanon and the disarmament of Hezbollah.
The summit gave U.S. President Donald Trump a chance to present his deal with Iran to major allies Britain, Canada, France, Germany, Italy and Japan.
They mostly share Washington's concerns about Iran's nuclear programme and other issues, but never endorsed his decision to go to war and worry that Tehran gained leverage by withstanding the onslaught and asserting control over the strait.
Trump says he's ready to go again if Iran doesn't sign a deal
Wednesday 17 June 2026 15:22 , James ReynoldsTrump is asked whether he expects Iran to sign the memorandum of understanding to end the war.
“I would think they would do it. If they don’t, that’s okay. Then we have to start the process again,” Trump says.
He again insists the US military has thoroughly defeated Iran’s military and leadership.
Iran is “so ready to make a deal”, he adds.
Trump says his Iran deal is a 'wall' to a nuclear weapon
Wednesday 17 June 2026 15:17 , James Reynolds“For 47 years Iran took advantage of the world,” Donald Trump said.
Reiterating an earlier point, he criticises former president Obama’s nuclear deal as “stupid” and presents his own materialising agreement as a “wall”.
The Iran deal is “a wall to a nuclear weapon”, he says.
Trump reassures Modi that Indian mariners will be protected
Wednesday 17 June 2026 15:13 , Maira ButtPresident Donald Trump is speaking with India’s Narendra Modi right now.
He has reassured Modi that mariner safety is of the utmost priority as the US moves towards a deal with Iran.
Trump called Modi a “very tough negotiator” and said that the US and India are close to a trade deal.
UK inflation unexpectedly sticks at 13-month low despite Iran war
Wednesday 17 June 2026 15:00 , James ReynoldsBritish inflation held at 2.8% in May, unchanged from April's 13-month low and below forecasts from both economists and the Bank of England, official figures showed on Wednesday, a day before the central bank's next interest rate decision.
Sterling weakened a little against the U.S. dollar GBP= after the data, British government bond yields fell to a new two-month low and investors slightly trimmed their expectations for a rate increase later this year.
Economists polled by Reuters had forecast a rise to 3.0% for May, and the BoE in April predicted an increase to 3.3% as the US-Israeli war on Iran kept British inflation almost a percentage point higher than the central bank had forecast in February.
Lower prices than in April for meat, vegetables, dairy products and domestic heating oil helped offset a jump in airfares and petrol prices, the Office for National Statistics said on Wednesday.
Financial markets this week have drawn comfort from an interim agreement between the US and Iran which promises to reopen the Strait of Hormuz and is due to be signed in Switzerland on Friday.
Wednesday 17 June 2026 14:30 , James ReynoldsRecap: Shipping in the Strait of Hormuz could take weeks to resume, say operators
Wednesday 17 June 2026 14:00 , James ReynoldsCommercial shipping in the Strait of Hormuz could take weeks to resume, the world’s largest tanker operator has said, despite Donald Trump’s insistence the vital waterway is already “partially opened” to traffic.
Jotaro Tamura, CEO of Japan’s Mitsui OSK Lines, told the FT that it was not enough for shipping companies to see a “simple agreement between the relevant companies” to resume shipping and assuage down global energy prices.
"Given the experiences in the last couple of months, I think it’s reasonable to assume that it may take at least a couple of weeks or if not a month," Tamura said, before Trump announced a preliminary arrangement with Iran.
The framework deal between the US and Iran was already under pressure on Monday as Israel suggested it would stay in Lebanon despite the reported agreement stipulating the conflict would be ended on all fronts.
Trump was in France on Tuesday for the second day of the G7 summit with the leaders of France, Britain, Canada, Germany, Italy and Japan. Meetings will focus on ending the Middle East crisis, and security for Europe.
Trump's Iran deal sets tone for talks
Wednesday 17 June 2026 13:57 , James ReynoldsG7 chiefs on Wednesday welcomed the preliminary agreement between the United States and Iran and said they were ready to help implement it.
They said they would make efforts to diversify energy supply routes to reduce dependence on the Strait of Hormuz, which Iran has blocked for most of the duration of its war with the US.
Trump cautioned today that the memorandum of understanding with Iran was not final, and that he could resume a bombing campaign if it was not honoured.
“If I don't like it, if they don't behave, we'll go right back to dropping bombs right smack in the middle of their head, OK?” he said.
Although European allies appeared supportive of the preliminary memorandum in public, diplomats cautioned that getting a lasting deal on Iran's nuclear and ballistic missile programme as well as its support for proxy forces in the Middle East is no small challenge.
Recap: Oil prices stabilise below $80 a barrel
Wednesday 17 June 2026 13:30 , James ReynoldsOil prices edged higher in early trade this morning, clawing back some of the previous session's losses, as investors assessed whether the Iran war will truly end and the Strait of Hormuz reopen.
Brent crude futures gained 47 cents, or 0.6 per cent, to $79.43 a barrel, while US West Texas Intermediate rose to $76.53 a barrel, up 48 cents, or 0.6 per cent.
Both benchmarks fell about 5 per cent for a second straight session yesterday to three-month lows on hopes a U.S.-Iran deal would allow oil flows through the Strait.
Family of British couple in Tehran prison want loved ones freed as part of Trump’s Iran peace deal
Wednesday 17 June 2026 13:15 , Maira ButtThe family of a British couple held in Iran are urging Donald Trump to push for a hostage exchange as part of a deal to end the war.
Craig and Lindsay Foreman, from East Sussex, were sentenced to 10 years in Tehran’s Evin prison last year after Iran charged them with espionage during a motorcycle trip around the world. They deny the charges.
The couple have been on hunger strike for 39 and 30 days respectively, fearing “there is no other way to be heard” having effectively been stranded without legal representation, according to the family.
Joe Bennett, Lindsay’s son, said on Wednesday that “any serious framework deal” between United States and Iran must include the fate of foreign detainees as negotiators inch towards a preliminary agreement to end the war, expected on Friday.
Family of British couple in Tehran prison want loved ones freed under Iran peace deal
Mapped: Reports of fresh strikes in southern Lebanon
Wednesday 17 June 2026 13:00 , James ReynoldsLeaked document also reveals details of nuclear agreement
Wednesday 17 June 2026 12:55 , Maira ButtThe full text of the memorandum of understanding shared by CNN appears to confirm what an Iranian official told Reuters earlier this week.
It includes an agreement by Tehran not to produce or acquire nuclear weapons, allows it to maintain the current status of its nuclear programme and prevents it from further uranium enrichment and expansion of its nuclear facilities.
Iran has long maintained this, and that its nuclear programme is entirely peaceful.
The United States has agreed to allow Iran to dilute its stockpile of highly enriched uranium on Iranian soil under a more detailed future agreement, according to the reports. JD Vance denied that Iran would receive any payment in exchange for giving up the development of nuclear weapons.
While official details remain scarce, the emerging peace agreement has been criticised by some members of Trump’s own party and by the Israeli government, with some claiming it does little to build on the terms of the 2015 Iran nuclear deal, which Trump withdrew from during his first term.
Nuclear talks are to continue over the next 60 days, senior Pakistani officials told the Associated Press.
Watch: Trump threatens to ‘drop bombs smack in the middle of their head’ if he doesn’t like deal with Tehran
Wednesday 17 June 2026 12:45 , Maira ButtLeaked document includes $300bn US financing of Iran despite Trump denial
Wednesday 17 June 2026 12:30 , Maira ButtA leaked memorandum of understanding reportedly agreed between the US and Iran appears to confirm reports that the US has agreed to finance Iran’s economic development and rehabilitation to the tune of $300bn.
A US official shared the agreement with CNN and it has reportedly been digitally signed by president Donald Trump and Iran’s parliamentary speaker Mohammed Bagher Ghalibaf.
Point 6 of the document states: “The United States undertakes, together with its regional partners, to create a comprehensive plan agreed upon by both parties for the rehabilitation and economic development of the Islamic Republic of Iran, while ensuring financing of at least $300 billion. The implementation mechanism of this plan, as part of the final agreement, will be formulated within 60 days.”
During comments at the G7 on Wednesday, Trump had denied the claims saying that Iran would not receive “ten cents”.
Deal includes sanctions relief but Trump denies claims
Wednesday 17 June 2026 12:27 , Maira ButtThe deal also appears to include sanctions relief for Iran but President Donald Trump said “no” when asked about it on Wednesday.
“They have to behave well,” Trump said.
Trump’s 14 point Iran deal leaked as president threatens to drop bombs again if Tehran doesn’t ‘behave’
Wednesday 17 June 2026 12:21 , Maira ButtNearly four months after the U.S. and Israel started its war with Iran, Donald Trump is working to secure a long-awaited deal to end the war, restore global shipping and resolve an abiding dispute over Tehran’s nuclear programme.
The U.S. president was quick to celebrate an interim deal agreed over the weekend, but remained tight-lipped on the details ahead of a signing ceremony in Switzerland on Friday.
Details of a 14 point plan have now been leaked to multiple media outlets, though Trump insisted Wednesday that the so-called memorandum of understanding is not final and issued new threats if he wasn’t happy with the agreement.
James C Reynolds reports:
Trump’s 14 point Iran deal leaked as president threatens to bomb Tehran again
Full text of US-Iran agreement revealed
Wednesday 17 June 2026 12:18 , Maira ButtA memorandum of understanding agreed between Iran and the US has been shared with CNN revealing the details of the deal negotiated between the countries over the last few weeks.
While not a binding contract the “political document” shared with the outlet by a US official has reportedly been digitally signed by President Donald Trump and Iran’s parliamentary speaker Mohammed Bagher-Ghalibaf.
The first 5 points include: 1. A cessation of hostilities and a “permanent end to the war on all fronts” including Lebanon, 2. Respect for each other’s “sovereignty and territorial integrity”, 3. To “reach a final agreement within a maximum period of 60 days extendable by mutual consent”,4. The lifting of a US naval blockade and restore normal traffic within 30 days, 5. Iran to reopen the Strait of Hormuz.
Trump threatens to 'drop bombs smack in the middle of their head' if he doesn't like Tehran deal
Wednesday 17 June 2026 12:07 , Maira ButtPresident Donald Trump has threatened to restart the war in Iran if he doesn’t like the terms of any deal agreed with Tehran.
Speaking from the G7 summit in the French Alps on Wednesday, he said that a memorandum of understanding had not been finalised but that he would go back to “shooting at them and dropping bombs right smack in the middle of their head” if he did not like the agreement.
