Trump's Iran Peace Deal Details Emerge Amid Claims of Averted "Economic Catastrophe"

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Iran-US war latest: Details of Trump’s peace deal released after president says he prevented ‘economic catastrophe’

The US president told the G7 that he would ‘go back to bombing’ if a full agreement was not struck within 60 days

The details of the US memorandum of understanding with Iran have been released by US officials, as Trump delivered a long-winded speech in which he claimed to have saved the world from “economic catastrophe”.

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 Donald Trump has said that the world would have been plunged into “economic catastrophe” if he did not strike a peace agreement with Iran.

The US president said that if the war had kept going, then a sharp economic downturn “could have happened” due to the oil price shock created by the closing of the Strait of Hormuz.

“All I know is every time we talked about the possibility of peace, the stock market shot up like a rocket ship. It never went down. They didn’t like it,” he said.

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.

In pictures: Devastation to communities in southern Lebanon as war rages

James Reynolds17 June 2026 19:00

More than 1,000 Palestinians killed in Gaza since ceasefire supposed to take place

More 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.”

Alex Croft17 June 2026 18:20

Watch: Trump hopes Iran war will be in 'rearview mirror'

James Reynolds17 June 2026 18:00

Trump claims US prevented nuclear holocaust by attacking Iran

Donald 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.

Alex Croft17 June 2026 17:46

Vital that Iran, Hezbollah and Israel do not resume fighting - Macron

We’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.

Alex Croft17 June 2026 17:41

Watch: Trump says Israel has 'trashed' Lebanon and 'could behave better'

Alex Croft17 June 2026 17:36

Trump says Iran deal will be signed shortly

Trump 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.

Alex Croft17 June 2026 17:28

Trump says Israel has 'trashed' Lebanon and 'could behave better'

Trump 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.”

Alex Croft17 June 2026 17:26

Trump praises ‘amazing’ Netanyahu who ‘gets a little excited sometimes’

Donald 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”.

Alex Croft17 June 2026 17:17

Trump: We could have continued for two years but wanted to avoid economic catastrophe

Donald 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.

Alex Croft17 June 2026 17:09