Dubai, Jun 17: Iran will immediately take steps to reopen the Strait of Hormuz once a tentative deal with the US to end the war is signed and will be allowed to sell its oil without restrictions, according to leaked copies of an interim agreement that officials say broadly matches the document.

The accord, due to be signed in Switzerland on Friday, also envisions Iran receiving at least USD 300 billion to rebuild after the war and says the US would work to end all American and United Nations sanctions imposed on Tehran — if a final agreement addressing Iran’s nuclear program is reached.

The US and Israel went to war on Feb. 28 in part to prevent Iran from ever getting a nuclear weapon — although US President Donald Trump’s goals in the conflict have repeatedly shifted. The interim deal stops the war before that aim is secured — instead opening a two-month period for nuclear negotiations — and appears to offer Iran several benefits up front while extracting little in return.

The US agreement to immediately allow Iran to sell its oil freely and the offer to eventually lift all sanctions, for instance, represent major concessions that outstrip the terms of Iran’s 2015 nuclear deal with world powers that Trump withdrew America from in his first term, declaring it the “worst deal ever.”

The accord likely will draw intense criticism in Washington — and appears to be a major setback for Israeli Prime Minister Benjamin Netanyahu, who is coming under intense criticism at home as the details emerge.

The deal will stop the fighting and start more negotiations

Much of the agreement would restore the status quo before the war, including ending hostilities, restarting negotiations between the US and Iran over Tehran’s nuclear program, and reopening the strait, which is a crucial passage for the world’s oil and natural gas and whose closure created a historic energy crisis.

The deal includes an end to the fighting in Lebanon between Israel and the Iranian-backed militia Hezbollah. That is one of the most delicate parts of the agreement because Israel has maintained it will continue to defend itself and to occupy vast swaths of Lebanon. Iran has said Israel must withdraw under the deal, although the leaked versions make no mention of withdrawal.

A person who was briefed on the memorandum of understanding after it was signed and another who viewed a copy beforehand said it largely matched the text of what was published by the Saudi-owned broadcaster Al Arabiya, which reported details of the deal Tuesday. The two people spoke on condition of anonymity because of the sensitivity of the discussions.

Another two officials in the Mideast, who spoke on condition of anonymity for the same reason, also said the versions published by Al Arabiya and Bloomberg broadly matched the final agreement.

The White House and other American officials have not published the terms and did not immediately respond to questions. However, White House communications director Steven Cheung wrote online Wednesday after CNN published a leaked version of the deal that it “does not reflect the language of the actual” agreement, without elaborating.

Iran also has not published an official version of the deal. Iran’s semiofficial Tasnim news agency, close to its paramilitary Revolutionary Guard, claimed Wednesday that Bloomberg’s version had missing portions, without offering a full accounting.

Trump has cited various goals for the war, including at times vowing it would end Iran’s nuclear and missile programs and its support for Hezbollah and other proxy groups in the region. He also suggested it could lead to toppling the Iranian government.

The interim deal falls short of all of these goals, but Trump hailed it Wednesday.

“Nobody knows what it is but it’s very strong,” Trump said in France, where he is attending a Group of Seven summit.

But he also opened the door to abandoning it: “It’s a memorandum of understanding and if I don’t like it, we’ll go back to shooting at them, dropping bombs.”

The deal provides major concessions to Iran

Some concessions to Iran — including the full lifting of sanctions and the release of frozen assets — would happen gradually and be linked to progress in the nuclear talks, according to officials from Pakistan, a key mediator. They outlined some of the deal’s major points on condition of anonymity because of the sensitivity of the issue.

But in the meantime, the US will issue waivers to sanctions that allow Iran to sell oil freely. Iran’s main buyer of oil, China, is believed to have bought at below-market prices because of its willingness to ignore the sanctions.

Granting oil waivers at the start of the 60-day talks strips the US of a major point of leverage. Only at the conclusion of the overall deal in 2015 were sanctions on Iran’s oil lifted.

The interim deal also opens the door to ending all sanctions Iran faces from the US and at the UN — though it says the schedule for that will be worked out later. Still, that is far beyond the 2015 deal, which only lifted some sanctions in exchange for Iran drastically reducing its enrichment and stockpile of uranium.

The accord would also provide Iran with at least USD 300 billion to rebuild after an intense US and Israeli bombing campaign — an extraordinary figure and another major benefit for Iran. That also appears dependent on the progress of further negotiations.

US Vice President JD Vance has said Gulf Arab nations would invest that amount. Trump reiterated Wednesday that the US would not contribute and said it was up to other countries if they wanted to invest.

The deal would provide relief to the global economy

The deal provides a major win for the global economy — the reopening of the Strait of Hormuz, the narrow mouth of the Persian Gulf through which a fifth of all oil and natural gas traded once passed before the war began. Since then, Iranian attacks on shipping and the threat to vessels effectively shut the strait.

The strait’s closure drove up energy prices around the world and made many basics, including food, more expensive. Iran let out some vessels that paid tolls, something never done before in the strait, which has long has been considered an international waterway. The US later provided military support to get other tankers out, but traffic was nowhere near levels before the war.

The deal also says the US will lift a blockade imposed on Iranian ports and that the strait will return to its prewar traffic levels in 30 days, while acknowledging Iranian mines may need to be destroyed.

The deal leaves much more to be resolved in future negotiations

The interim deal sets a 60-day window, which can be extended, to negotiate over limiting Iran’s nuclear program, which has been discussed at multiple rounds of talks during Trump’s second administration without success. The US promises not to make threats of military action under the current deal after two rounds of talks were interrupted by attacks.

Iran maintains its nuclear program is peaceful, though it has enough highly enriched uranium to build multiple atomic bombs, should it choose to do so, according to the International Atomic Energy Agency.

In the interim deal, Iran reiterates that it will never build a nuclear weapon — a promise it also made in the 2015 nuclear accord.

Evian-les-Bains, June 17: Leaders at the Group of Seven summit wrap up three days of talks in the French Alps on Wednesday with discussions on the contentious future of artificial intelligence and US dominance of the industry.

US President Donald Trump and other national leaders are closing the formal talks of the leading industrial nations in the lakeside resort of Evian-les-Bains with a session on the future of artificial intelligence and another on fostering economic growth.

The heads of several leading AI companies will attend the discussions, including OpenAI CEO Sam Altman, Google DeepMind CEO Demis Hassabis and Anthropic CEO Dario Amodei.

Trump plans to stop outside Paris for a glitzy dinner at the Palace of Versailles before he jets back to Washington on Wednesday.

The G7 leaders spent the bulk of their meeting on Tuesday discussing the war between Russia and Ukraine and a tentative deal to end the Iran war. Trump did not reveal details of the agreement expected to be signed by the United States and Iran on Friday at a resort on Switzerland’s Lake Lucerne.

The G7 includes France, Canada, Germany, Italy, Japan, the US and the United Kingdom. Guest nations at this summit include Brazil, Egypt, India, Kenya, South Korea, Qatar, Ukraine and the United Arab Emirates.

Here is the latest:

Informal talks begin

Leaders of France, the UK, Italy, Germany and Canada have gathered for informal talks ahead of a G7 session on global economic imbalances, French President Emmanuel Macron’s office said.

They then joined the meeting involving partners including India, South Korea, Kenya and India.

Starmer says he discussed Russia oil sanctions with Trump

Keir Starmer says he isn’t sure whether Trump has made a decision about whether to reimpose sanctions on Russian oil.

The British leader says he talked to Trump about the temporary US sanctions waiver.

Starmer told British broadcaster ITV he and Trump had “a very constructive discussion about Ukraine,” but “I don’t know that a decision has been made yet.”

He said G7 leaders shared “a real determination to stand with Ukraine,” including through more sanctions on Russia.

Trump delays Jay Clayton’s nomination for intel director to try to push Congress on voting bill

Trump said on Wednesday that he’s delaying Jay Clayton’s nomination to lead the US intelligence community in a bid to force Congress to act on a voter ID bill that currently lacks enough support for passage.

Trump said in a lengthy post on his social media site that he will keep Bill Pulte, a top US housing official, as acting director of national intelligence. Lawmakers in both parties had opposed Trump’s nomination of Pulte, citing his apparent lack of experience in the intelligence field, which essentially forced Trump to turn to Clayton.

Clayton had been set to appear on Wednesday for a Senate confirmation hearing that was fast-tracked because of the lapse of a crucial surveillance program due to bipartisan anger over Trump’s pick of Pulte.

No Bilateral Meeting for Carney and Trump at G7 as Trade Pact Renewal Looms

Carney did not get a bilateral meeting with Trump at the summit, despite the free trade agreement between the countries being up for renewal on July 1.

Carney says he had seven or eight discussions with Trump, and he expects to have more on Wednesday.

He says they discussed a wide range of subjects, from the economy, relations, his birthday, artificial intelligence, Ukraine and Iran.

Canadian prime ministers usually get a bilateral meeting with an American president at G7 summits. And it is a crucial time for talks to potentially renew the free-trade agreement between the two countries and Mexico. Trump said last week that he may not renew the deal.

Macron is the only G7 leader to get a bilateral meeting thus far. Trump met with the leaders of non-G7 countries of Qatar, UAE, Egypt and India.

Trump to close final day in France at Palace of Versailles

The expansive palace is where he’ll have dinner with Macron before the flight back to Washington.

At the final day of the G7 summit in Evian-les-Bains, Trump is set to participate in working sessions with his counterparts from France, Britain, Canada, Germany, Italy and Japan, alongside leaders from some developing nations and tech CEOs.

In between sessions, he’ll hold one-on-one talks with Egypt’s president and India’s prime minister.

Trump is also holding a news conference before the trip to Versailles.

Leaders pledge Ukraine support, including air defence technology

G7 leaders said in a joint statement overnight that they would increase military support for Ukraine after recent “progress on the battlefield.”

They also plan to levy harsher sanctions on Russia’s energy sector in the wake of the recent deal to reopen the Strait of Hormuz.

They plan to give more air defence technology, including interceptors and grant military production licenses to Ukraine.

Kyiv has sought the permits to construct its own Patriot missiles.

Carney says Iran deal could be a global game changer

Carney says a tentative deal to end the Iran war could be a game-changer in the world.

The Canadian prime minister, speaking on the final day of the summit, said the agreement could have positive effects, including the ability to provide additional defensive support in Ukraine.

Carney said there has been a change in tone concerning Ukraine, which was discussed in detail at the summit on Tuesday.

Many countries are vested in making the Iran deal work, he said.

G7 leaders call for safe and toll-free shipping in the Strait of Hormuz

Leaders gathered at the G7 summit issued a joint statement overnight Tuesday on the agreement reached between the US and Iran focused on securing safe passage without tolls in the Persian Gulf.

“We reaffirm that the right of transit passage without restrictions or tolls is the bedrock of international trade,” said the statement of leaders from Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.

Iran floated a similar idea in April to fund the reconstruction of areas in the country damaged by war.

The closure of the strait has driven up fuel and fertiliser costs and rattled economies worldwide.

The statement also offered support to a French and British-led naval mission to the Persian Gulf to safeguard ships and remove mines from one of the crucial choke-points in the world’s energy supply chain.

Carney gives a birthday gift to Trump

Canadian Prime Minister Mark Carney gave US President Donald Trump a present for his 80th birthday, but said it’s “not gold.”

Trump was “very pleased,” Carney said, adding that he “likes it a lot.”

Carney didn’t specify what the gift was, and a spokesperson for the prime minister didn’t immediately know.

Trump is known for his love of gold. An Oval Office makeover at the start of his term included large amounts of fresh gold trim.

Trump and Carney have a positive relationship despite Trump’s previous comments about making Canada the 51st state of the United States.