The fragile peace between Iran and the US has been given new life, despite former President Donald Trump's bombastic threats to bring the "country" to its knees. High-level talks in Switzerland have yielded significant progress, with Iran's foreign minister confirming major strides towards ending the conflict in Lebanon, a key demand from Tehran that has long insisted on an end to Israeli attacks on Hezbollah.
As part of the agreement, a 60-day roadmap for a final deal has been established by mediators Qatar and Pakistan. Crucially, the US Treasury is reportedly preparing a 60-day waiver to lift sanctions on Iranian oil, petrochemicals, and derivatives - a move seen as vital for unlocking further progress.
The delicate dance of diplomacy unfolded against a backdrop of renewed tensions following Iran's reinstatement of a blockade in the Strait of Hormuz. This strategic waterway is critical for global shipping, carrying up to 20% of the world's oil exports, including those bound for European refineries. Any disruption could have significant international economic repercussions, with UK businesses relying on this vital trade route.
In related news, Keir Starmer has announced his intention to resign as UK Prime Minister, capping a tumultuous two years in office marked by internal party pressure and plummeting poll numbers. His decision comes after days of intense lobbying from Labour cabinet ministers and the return of Greater Manchester Mayor Andy Burnham to Westminster.
Starmer's impending departure marks a dramatic reversal of fortunes for the Labour leader, who secured a historic election victory in 2024 but saw his popularity wane due to months of internal party pressure, key policy reversals, and devastating losses in the May elections. The UK is set to welcome its seventh Prime Minister in a decade, sparking fresh uncertainty at a time when international relations are under increasing strain.