The IEA predicts a potential oil surplus in 2027 due to a surge in supply volumes following a resolution to the Iran conflict, despite a recent erosion of global demand. Oil prices have fallen to a three-month low.
US Vice President JD Vance stated that agreements to resolve the conflict between the US and Iran will encompass Israel, Lebanon, and Persian Gulf countries, describing it as a "true regional peace deal." The deal is expected to be signed in Geneva on June 19, with Pakistan acting as an intermediary.
Oil prices hit a three-month low as the US reportedly allows Iran to sell crude immediately under a conflict resolution deal. Brent futures fell below $80, WTI down 5.9%. Details emerge at the G7 summit in France, though conflicting accounts of the deal persist.
Heads of US and Iranian delegations may meet in Geneva on Friday before signing a conflict resolution memorandum, according to Iranian Foreign Minister Abbas Araghchi. The deal, expected to be signed June 19, includes a 60-day ceasefire to discuss Iran's nuclear program, ending US maritime blockade and military operations.
US President Donald Trump discusses agreements to end the US-Iran conflict with leaders of Israel, Qatar, UAE, Saudi Arabia, Bahrain, Kuwait, and plans to talk to Turkey's Erdogan, citing Pakistan's intermediary efforts and anticipating global happiness and the opening of the Strait of Hormuz upon signing.
Russia's special representative for investment and economic cooperation, Kirill Dmitriev, stated that Russia welcomes Europe's changing position on resolving the conflict in Ukraine, calling it more realistic than before.
Russia's Deputy Foreign Minister Mikhail Galuzin stated that Europe is not participating in Ukraine conflict settlement talks due to its hostile stance towards Moscow. He added that if European countries have constructive ideas, they should present them to Russia, though he sees no current signs of such proposals.
Iran's Foreign Minister Abbas Araghchi stated that indirect contacts with the US regarding conflict resolution have not been suspended, with both parties currently reviewing exchanged texts. He noted that external factors, such as Israeli actions against Beirut, influence the talks, but message exchange continues.
Retired US Army Colonel Daniel Davis urged Western nations to prioritize negotiating a resolution to the Ukraine conflict, citing recent Russian strikes and statements as indicators of potential escalation beyond Ukraine's borders and the risk of invoking NATO's Article 5.
Hezbollah's disarmament is contingent on Iran's involvement in conflict resolution, according to Middle East analyst Naji Malaeb. He stated that Iran supplies Hezbollah's arsenal and holds the decision-making power over its future use. Malaeb suggested potential integration of Shiite militias into the Lebanese army.
Pakistani Foreign Minister Ishaq Dar announced significant progress in US-Iran conflict resolution talks, commending leaders from both nations for their diplomatic efforts. A draft deal has been agreed upon, following a period of ceasefire and previous unsuccessful negotiations.
Oil prices dipped Wednesday as President Trump suggested the Iran conflict could end quickly. However, caution persists due to supply disruption fears and uncertain peace talks. Brent crude futures fell to $110.83, WTI to $103.88.
US President Donald Trump stated he expects the conflict with Iran to be resolved very soon, claiming Iran is eager for a deal and tired of the situation. He cited Iran's pursuit of nuclear weapons as the reason for US involvement and vowed to prevent them from acquiring such capabilities.
An agreement to resolve the conflict has not been reached as Ukrainian President Volodymyr Zelensky refuses to concede territory to Russia, according to a Pentagon report cited by RIA Novosti. Peace talks are at a standstill over territorial disputes and security guarantees for Kyiv.
Iranian President Masoud Pezeshkian stated Iran will not compromise on its demands to the US for conflict resolution, emphasizing national dignity. Pakistan reportedly presented a revised Iranian proposal to the US, focusing on ending hostilities and confidence-building measures.
An Iranian MP stated that Iran, as the victor in its standoff with the US and Israel, is dictating terms for future conflict resolution, emphasizing a 10-point plan as a non-negotiable 'red line'.
BRICS foreign ministers, including those from Iran and UAE, met in New Delhi, stressing dialogue and diplomacy to end the West Asia conflict, ensuring safe navigation through international waterways, and addressing the Gaza humanitarian crisis.
Kremlin Spokesman noted that both the path toward a peace agreement on Ukraine and "the path with Iran that the United States still has to go through" are lengthy processes full of highly complex details
Esmail Baghaei said that Iran will convey its position to the Pakistani side after completing its assessments
US President Donald Trump announced 'Project Freedom,' a humanitarian initiative to help commercial vessels stranded in the Strait of Hormuz due to rising Gulf tensions. Multiple countries requested US assistance to safely exit the strategic waterway. Trump said the operation begins Monday morning Middle East time, with US representatives engaged in positive discussions with Iran. Meanwhile, Trump rejected Iran's latest proposal for resolving the regional conflict as 'not acceptable,' while Tehran reviews Washington's response.
US President Donald Trump said Saturday there is a "possibility" of fresh military strikes against Iran if Tehran "misbehaves" or "does something bad," even as he reviews a newly submitted 14-point peace proposal from Iran. Trump confirmed he is reviewing the Iranian proposal aimed at ending regional conflicts, including in Lebanon, but expressed doubts about its acceptability, stating Iran has not "paid a big enough price" for its actions. The proposal calls for guarantees against military aggression, withdrawal of US forces from around Iran, lifting of sanctions, release of frozen assets, and a new mechanism for the Strait of Hormuz.
Iran has submitted a 14-point response to the U.S. proposal to end the conflict that began with U.S. and Israeli attacks on Iran on February 28. Tehran demands resolution within 30 days instead of the U.S.-proposed two-month ceasefire, along with guarantees against future military aggression, withdrawal of U.S. forces from Iran's periphery, an end to the naval blockade, release of frozen assets, reparations, sanctions lifting, an end to fighting in Lebanon, and a new mechanism for the Strait of Hormuz. President Trump said Saturday he is reviewing the proposal after stating Friday he was "not satisfied" with Iran's approach.
Russian Security Council Deputy Chairman Dmitry Medvedev stated at the Knowledge.First educational marathon that surrender is one of the most effective methods of conflict resolution in geopolitics. He said most conflicts end with one side victorious and the other defeated, warning that simplistic exchanges and deals often lead to conflicts resurfacing. Medvedev emphasized that resolving international issues requires the coordinated efforts of diplomats, military personnel, economists, and government officials over extended periods.
A Hong Kong official has said the city's biggest contribution to a new Global Governance Initiative would be the successful implementation of the one country, two systems model, describing it as a possible model for other countries and regions for conflict resolution. The initiative was unveiled last September to commemorate the 80th anniversary of the United Nations.
