Energy Security

Core Summary The United States and Iran are close to signing a memorandum of understanding that would extend a ceasefire for 60 days, immediately reopen the Strait of Hormuz, and launch negotiations on Iran’s nuclear program, according to The Washington Post and Axios. President Trump said the deal could be signed in Europe as early as this weekend, but Iran’s foreign minister subsequently stated nothing has been “finalized,” adding uncertainty to the prospect. ...

Core Summary President Trump abruptly canceled planned strikes on Iran’s oil infrastructure hours after issuing his toughest threat yet, as mediators signaled a peace deal is nearing finalization. Trump stated on social media that he expects a deal to be signed “within the next few days,” sending oil prices tumbling and Asian markets higher. Event Details According to Axios, Trump announced late on June 11 that he was calling off military action against Iranian oil facilities, declaring the conflict essentially settled “subject to finalization.” CNBC cited White House sources saying the agreement would be signed “in the coming days.” ...

Summary US President Trump issued his sternest public warning yet to Iran, threatening to strike Iran’s oil infrastructure and posting on social media that he would hit the country “very hard tonight.” The statement has drawn deep international concern about further escalation in the Middle East and global energy supply security. Details According to Politico, Trump posted an strongly worded statement on social media threatening to “take Iran’s oil infrastructure” and emphasizing in capital letters that he would hit the country “very hard tonight.” This statement was seen as a major escalation in US pressure strategy toward Iran. ...

Belgium’s government announced plans to buy all nuclear reactors from French energy giant Engie to secure the country’s energy supply, reversing nuclear phase-out legislation from the early 2000s.