Hello and welcome to Thursday. I'm Mared Gwyn.
In the last few hours, the presidents of the US and Iran have signed copies of the US-Iran Memorandum of Understanding, with mediator Pakistan saying the peace deal is now in effect.
Oil prices are down this morning on the prospect of the re-opening of the Strait of Hormuz, with Brent crude futures falling below €70 per barrel, the lowest level since the war began at the end of February.
But there are lingering doubts. Speaking live to Europe Today earlier, former US commander general Ben Hodges said that the “fact that Israel and Lebanon are not in the deal means potential for Israel and Hezbollah to restart fighting is very high”. Watch.
From Évian to Brussels: Meanwhile, after three intense days of G7 talks on the shores of Lake Geneva, the focus shifts to Brussels this morning. As our Ukraine correspondent Sasha Vakulina reports, Ukrainian President Volodymyr Zelenskyy is set to attend a gathering of the Ukraine Defence Contact Group today before joining the EU leaders’ summit later tonight.
