Nick Edser
Business reporter

We reported earlier that the oil price has fallen further on hopes that the US-Iran deal will lead to the Strait of Hormuz reopening.

Now the price of Brent crude, the global benchmark, has dropped below $80 (£60) a barrel for the first time since early March, falling to $79.90.

The price of Brent is now well below the peak it hit during the war, which was about $120 a barrel.

Before the conflict began it was trading at around $70.

Image source, Reuters

Trump adds that the agreement is about one thing - Iran never having a nuclear weapon - "the rest of it's irrelevant frankly," he says.

He describes the agreement as a "wall against a nuclear weapon," comparing it with former US President Barack Obama's JCPOA, which Trump says "could have destroyed the Middle East".

Asked about retrieving the enriched uranium in Iran, Trump says there's no rush to when they confiscate it.

Trump adds the deal will be sent to the United States Congress for approval.

Image source, Reuters

US President Donald Trump has been speaking alongside UAE President Sheikh Mohammed bin Zayed at the G7 Summit in France.

Asked what he expects from the second stage of negotiations with Iran, Trump says he thinks "it's going to happen fairly on time".

"Iran wants to get it done, they have to get back to business," he tells reporters.

Asked why there's been no release of the text so far, he replies saying he wants "to get a formal setting first".

Elaborating, he continues: "Iran will never have a nuclear weapon, that's what it says... That's about 99.9 per cent of what I wanted."

He says the Strait of Hormuz is going to be opened "toll-free", including beyond the 60-day time period.

Trump says he will hold a news conference to read out the agreement document "word by word".

"Because it's a very important document," he says.

Seven vessels have transited out of Strait of Hormuz since deal announcedpublished at 13:45 BST

13:45 BST

By Shruti Menon

Vessel traffic leaving the Gulf and passing through the Strait of Hormuz remains low since the announcement of a deal to end the conflict on Sunday, ship-tracking data on MarineTraffic shows.

BBC Verify has identified only seven vessels, three tankers and four cargo ships, transiting the waterway and exiting into the Gulf of Oman over that period.

According to maritime intelligence firm Windward, one liquefied petroleum gas tanker transited without broadcasting its location, the other six ships exited with their trackers active.

LNG (liquefied natural gas) tanker Disha was reportedly the first transit to the strait with its location transponders on. The ship has now sailed into the Arabian sea and is currently heading to Dahej port in India’s Gujarat state, according to the Indian authorities.

BBC Verify has seen a video showing the tanker’s transit, which was first shared online yesterday and appears to have been filmed from another nearby ship.

Image source, X

Ship movement through the strait has remained well below normal levels since early March. An average of five to six vessels have transited each day over the past week, compared with more than 100 daily crossings before the conflict.

Image source, Reuters

Qatar - one of the key negotiators in the deal to end the war between the US and Iran - says it believes the agreement could deliver security to the Middle East.

Foreign ministry spokesman Majed Al Ansari tells reporters at his weekly press briefing that Doha is "cautiously optimistic" about the framework deal and that “the signing of the memorandum of understanding will lead to the next phase of regional security through the talks that will take place on the nuclear programme and on other issues."

Confirming his country took part in the talks “as part of the mediation team led by Pakistan,” Al Ansari says the agreement will re-open the Strait of Hormuz which will “allow countries like Qatar to again be supplying energy to the world”.

Details of the deal may be released before Friday, according to US Vice-President JD Vance.

Shanaz Musafer
Business reporter

The price of oil has fallen further today as investors continue to show cautious optimism around the US-Iran deal to bring about an end to the war.

The price of Brent crude, the global benchmark, is currently down 2.6% on the day to about $81.05 (£60) a barrel.

That follows a drop of 4.5% yesterday after the US and Iran said they had agreed a deal.

The price of Brent is now well below the peak it hit during the war - about $120 - but still higher than the $70 it was trading at before the conflict began.

Following broad stock market gains on Monday, leading share indexes in London, Paris and Frankfurt were all slightly higher by Tuesday lunchtime.

Trump's Obama analogy is like comparing apples and orangespublished at 12:56 BST

12:56 BST

Paul Adams
Diplomatic correspondent

As the world waits for details of the deal he's reached with Iran, Donald Trump is at pains to say how much better it is than the work of his predecessor, Barack Obama.

"This deal is a wall to a nuclear weapon," the president told reporters this morning. "His (Obama's) deal was a road to a nuclear weapon."

But it’s a misleading analogy and the president is comparing apples and oranges.

The deal due to be signed in Geneva on Friday is a short memorandum of understanding - US Vice President JD Vance says it’s a page-and-a-half long - which will outline a difficult set of negotiations that will follow over the course of 60 days.

The 2015 Joint Comprehensive Plan of Action (JCPOA) was a 159-page detailed agreement, reached after 20 months of formal negotiations between Iran and the five permanent members of the UN Security Council, plus the European Union (the "P5+1").

The JCPOA aimed to constrain Iran’s nuclear programme by placing limits on the number and type of centrifuges it could use and the level of uranium enrichment permitted.

The deal wasn’t perfect and had plenty of critics, but it was working until Donald Trump pulled the US out in 2018.

We will only know if Trump is capable of pulling off something better when negotiations end in two months' time.

There's no shortage of scepticism.

Writing in the Israeli daily newspaper Maariv on Monday, journalist Ben Caspit said Israelis were increasingly convinced that the JCPOA would look "perfect in comparison" to whatever emerges from this summer’s negotiations.

Nabiha Ahmed
Live reporter

Image source, Getty Images

The contents of a deal between the US and Iran to bring about an end to the war are yet to be released, but we've been hearing some details from officials on both sides.

Since the deal was announced on Sunday, there have been conflicting messages from officials in Washington and Tehran on what it will look like:

What has Iran said?

Economic pledges: Iran'sforeign affairs spokesperson Esmail Baghaei said yesterday the US has committed to taking action to rebuild Iran and to lifting economic sanctions.

The Strait of Hormuz: Baghaei also said that Oman and Iran would be taking "necessary measures" to ensure the "safe" passage of ships through the vital waterway.

Lebanon: "Lebanon and the end of the war in Lebanon are an inseparable part of the agreement to end the war," Baghaei said yesterday, adding that the the US "must ensure" that Israel follows suit.

What has the US said?

Economic pledges:Trump has described the prospect of investing money in Iran as "ridiculous". It comes after reports that the US was prepared to allow an investment fund for Iran in exchange for Tehran’s agreement to a final settlement.

The Strait of Hormuz: Trump said on Sunday the Strait of Hormuz would be opened when the initial agreement was signed, but has not provided details on who will control the strait.

Lebanon: A senior US official said yesterday that Israel's withdrawal from Lebanon is not part of the deal.

Image source, Reuters

Donald Trump says the peace deal between the US and Iran is now progressing to the "second stage" - but did not provide more details.

Here's the latest on the deal

The deal was agreed on Sunday but details of its content have yet to be released.

On Monday, the US president said "the deal is all signed" and the full text will be published "pretty soon".

He also suggested it could be released once the two parties have formally signed the deal in Switzerland on Friday.

Senior US officials have said that, as part of the deal, the Strait of Hormuz would re-open on Friday.

US Vice-President JD Vance then said Trump may decide to release the contents of the deal earlier.

The deal will extend a ceasefire for another 60 days, during which the sides will negotiate details of a final agreement.

Iran's Foreign Minister Seyed Abbas Araghchi confirmed a new round of negotiations on reaching a final peace deal with the US would begin in Switzerland the same day.

US officials also said technical talks on Iran's nuclear programme are expected to begin this week during negotiations.

A political nightmare for Netanyahupublished at 12:05 BST

12:05 BST

Lucy Williamson
Middle East correspondent

Image source, Getty Images

The deal to end the US-Iran war has presented Israel's prime minister with a political nightmare, smashing the three cornerstones of Benjamin Netanyahu's political career.

How can the man who styled himself as the political whisperer of Washington, with real influence over American politicians, be sidelined quite so comprehensively and insulted so publicly by his key US ally?

How can the man who made taking on Iran the centre-piece of Israel's security policy end the war with Iran's regime arguably in a stronger position?

And how can his old, tarnished political image as Israel's "Mr Security" survive the demand from Washington and Tehran that Israel cease attacking Hezbollah in Lebanon, months before an Israeli general election?

Amid the cacophony of criticism and outrage from across the political spectrum, Israel's prime minister bristled at suggestions from journalists on Monday night that he had failed. But he also admitted there were cases in which he and Trump saw things differently.

Often quick to claim victory, Israel's prime minister now faces a difficult task in deciding his next steps.

Security has been the cornerstone of Netanyahu's offering to voters for decades. That is an increasingly difficult message to deliver.

• You can read more analysis from Lucy Williamson on how the Iran deal weakens Netanyahu's positionhere

The US and Iran have agreed a deal to end their conflict, but the implications for Lebanon remain unclear.

Pakistan's Prime Minister Shehbaz Sharif, in his role as mediator, said on Sunday that Lebanon was included in the termination of military operations - however strikes have continued in recent days.

US officials said that while Lebanon was covered by the ceasefire framework, the withdrawal of Israeli forces from Lebanese territory was not a condition of the deal. Israel would retain the right to self defence, they added.

On Monday, Israeli Defence Minister Israel Katz opposed a withdrawal from Lebanese territory currently occupied by Israel. He pledged that if Iran attacked Israel due to events in Lebanon, it would strike "with full force".

Israel’s Prime Minister Benjamin Netanyahu told reporters his forces would not withdraw from southern Lebanon and would maintain operational freedom to target any threats to Israel’s security.

Lebanese President Joseph Aoun has welcomed the peace announcement, saying he looks forward to it translating into "practical steps that will put a definitive end to the cycle of violence".

But overnight, Israel’s military confirmed it had carried out strikes on what it called terrorists who approached its soldiers in southern Lebanon.

Israel says four people were killed in the strikes. Hezbollah said it had fired missiles and drones at Israeli forces in return.

Trump's harsh comments reflect his irritation with Israel's actionspublished at 11:47 BST

11:47 BST

Paul Adams
Diplomatic correspondent

President Trump has renewed his criticism of Israel’s actions in Lebanon during remarks to the press at the G7 summit at Evian-les-Bains.

"You don’t have to knock down an apartment house every time you’re looking for somebody," the president told journalists during his meeting with the Emir of Qatar.

"Because there are a lot of people in those apartment houses and they’re not all Hezbollah, I can tell you."

It’s the latest in a string of harsh comments from the president, reflecting his irritation at the actions of Israel’s Prime Minister Benjamin Netanyahu - a man he earlier this week described as having "no judgement" - and his realisation that the continuing conflict in Lebanon still has the potential to derail the fragile peace process with Iran.

But Donald Trump also called the fighting in Lebanon as "the minor war" and described the Iranian-backed group Hezbollah as "the little pinprick out there that constantly rears its head", suggesting that he thought the deal with Iran would survive even if Israel continues to attack Lebanon.

The president knows that Lebanon matters a great deal more to Iran than it does to him.

He may regard fighting there as minor, but his remarks this morning show he recognises that his Iranian interlocutors don't see it that way.

We can bring you more now from Keir Starmer, who says reopening the strait is "very, very important" for the UK because its impact on energy prices have affected "every house across the country".

Energy costs have rocketed since Iran responded to US and Israeli attacks by effectively blocking the crucial Strait of Hormuz shipping route.

Starmer also says he welcomes the deal between the US and Iran and congratulates Trump and the mediators.

Speaking to Times Radio about G7 countries, he adds: "It's going to make a material difference to our economies, to stability in the world and of course we're all united in saying that Iran must not get... a nuclear weapon."

UK Prime Minister Keir Starmer has also just spoken at the G7 Summit in France.

Starmer says the UK will play its "full part" in getting the Strait of Hormuz open "as quickly as possible".

Image source, Getty Images

The G7 (Group of Seven) is an organisation of the world's seven largest so-called "advanced" economies, which dominate global trade and the international financial system.

They are: Canada, France, Germany, Italy, Japan, the UK and the United States.

This year's summit is being held in the French town of Évian-les-Bains this week.

Other leaders have also attended, with Ukrainian President Zelensky joining Tuesday's session.

And there's also a strong presence from the Middle East - leaders from the UAE, Qatar and Egypt are also attending talks.

Ghoncheh Habibiazad
Senior reporter, BBC Persian

Iran's nuclear programme has been the focus of diplomatic talks, sanctions on Iran, and inspections for decades.

It was often referred to by Donald Trump as the reason the US joined with Israel in launching strikes on the country in late February this year.

Iran maintains its programme is peaceful.

The US and Israel have consistently rejected this and say there have been efforts to develop nuclear weapons.

Under a nuclear deal agreed in 2015, Iran had limited its enrichment to 3.67%, which can be used to produce fuel for commercial nuclear power plants. Weapons-grade uranium is 90% enriched or more.

Iran began openly escalating its enrichment levels after Donald Trump abandoned the previous agreement in 2018.

By June last year, Iran was enriching at 60% and had amassed a stockpile of 400kg, according to the International Atomic Energy Organization (IAEA).

The IAEA said last week it had been able to conduct a "routine inspection" at the Bushehr Nuclear Power Plant recently, but it had been almost a year since inspectors had been able to access other nuclear facilities.

Image source, Getty Images

On Lebanon, Donald Trump says Israel has been fighting Hezbollah for "too long and too many people are being killed".

Asked whether he is frustrated with Israeli PM Benjamin Netanyahu, Trump says they have a "great relationship" but adds that he "has to be more responsible with respect to Lebanon".

"I didn't like that he did an attack... that was too much," Trump says.

• For context:An Israeli air strike on Beirut put pressure on attempts to reach a deal to end the war over the weekend, with Trump saying at the time: "Let's not blow it"

"Without the US, there would be no Israel... because no other president was willing to do what I did," he adds.

More now from Trump, who goes on to say the US is "not investing any money in Iran".

It comes after reports that the US was prepared to allow an investment fund for Iran in exchange for Tehran’s agreement to a final settlement.

He describes the "rumour that got out there yesterday" as "ridiculous", adding: "We have no obligation to invest any money in Iran."

Image source, Getty Images

US President Donald Trump says "Iran will never have a nuclear weapon" under a new deal.

Speaking at the G7 summit in France, Trump says the Iran deal is going to a "second stage" but does not provide any more detail.

"We have a deal that’s a fair deal, it’s a good deal," he adds.

On Monday, the US president said a deal to bring about an end to the war was "all signed". Iran's foreign minister said negotiations on reaching a final peace deal with the US would begin in Switzerland on Friday.

US Vice-President JD Vance describedthe memorandum of understanding (MOU) between the US and Iran as "about a page and a half" and a "very general" document.

Technical talks on Iran's nuclear programme are expected to begin this week, US officials said, while any sanctions relief or release of assets will depend on Iran meeting commitments under the deal.

A key sticking point in negotiations between Iran and the US has been Iran's nuclear enrichment and Western insistence that the country not possess a nuclear weapon.