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Democrat voices skepticism over Trump’s ceasefire deal with Iran, saying each nation is claiming different terms– live | Trump administration
Democrats react to Iran ceasefire deal
Chris Murphy, the senior senator from Connecticut, said it does not appear the United States has actually reached a ceasefire agreement with Iran, since both countries are sharing different terms of the agreement. But, if the agreement that Iran believes it has entered into is true, that would be “cataclysmic for the world”.
In an appearance on CNN shortly after Donald Trump announced the ceasefire in a social media post, Murphy said: “Who knows what’s going on. Donald Trump lies every single day.”
But Murphy raised concerns about Iran’s explanation of the 10-point plan it shared with the United States, which suggests the strait of Hormuz would be regulated “under the coordination of the Armed Forces of Iran.”
Murphy added that the Iranian National Security Council claims “that Trump has also agreed to Iran’s right to enrichment, to suspend all sanctions against Iran, and to allow Iran to keep their missile program, their drone program and their nuclear program.”
“Now, who knows if any of that is true, but if, at the very least, this agreement gives Iran the right to control the strait that is cataclysmic for the world, and it is just stunning that that’s where we have gotten to that Donald Trump took a military action that has apparently, at least for the time being, given Iran control over a critical waterway that they did not have control over, before the war began.”
In a separate reaction to the ceasefire agreement, Senate minority leader Chuck Schumer said: “I’m glad Trump backed off and is desperately searching for any sort of exit ramp from his ridiculous bluster.”
Key events
Ryan Fonseca
More congressional Democrats are reacting to Donald Trump’s announcement of a two-week ceasefire with Iran.
“This statement changes nothing”, Alexandria Ocasio-Cortez, a US representative from New York, posted on X Tuesday evening, adding that the push to invoke the 25th amendment and remove Trump from office should continue.
“The President has threatened a genocide against the Iranian people, and is continuing to leverage that threat”, Ocasio-Cortez wrote. “We cannot risk the world nor the wellbeing of our nation any longer. None of these considerations should be partisan, but shared in good faith by Americans of all backgrounds who care for the safety and stability of the United States. Whether by his Cabinet or Congress, the President must be removed from office. We are playing with the brink.”
Ro Khanna, a US representative from California, also weighed in on social media.
“Trump backed down”, he wrote. “No credit to Congress, which barely made a whimper.”
Khanna gave credit to both “progressive activists & anti-war conservative voices”, including former Fox News host Tucker Carlson and former US representative and Trump loyalist Marjorie Taylor-Green.
The White House has not answered messages from the Associated Press thus far this evening clarifying the 10-point peace plan Donald Trump described as “workable” in a social media post.
In a Truth Social post, Trump wrote: “We received a 10 point proposal from Iran, and believe it is a workable basis on which to negotiate.”
Iran said the propsoal includes an easing of sanctions on the Islamic Republic and giving the country power over the strait of Hormuz.
Democrats react to Iran ceasefire deal
Chris Murphy, the senior senator from Connecticut, said it does not appear the United States has actually reached a ceasefire agreement with Iran, since both countries are sharing different terms of the agreement. But, if the agreement that Iran believes it has entered into is true, that would be “cataclysmic for the world”.
In an appearance on CNN shortly after Donald Trump announced the ceasefire in a social media post, Murphy said: “Who knows what’s going on. Donald Trump lies every single day.”
But Murphy raised concerns about Iran’s explanation of the 10-point plan it shared with the United States, which suggests the strait of Hormuz would be regulated “under the coordination of the Armed Forces of Iran.”
Murphy added that the Iranian National Security Council claims “that Trump has also agreed to Iran’s right to enrichment, to suspend all sanctions against Iran, and to allow Iran to keep their missile program, their drone program and their nuclear program.”
“Now, who knows if any of that is true, but if, at the very least, this agreement gives Iran the right to control the strait that is cataclysmic for the world, and it is just stunning that that’s where we have gotten to that Donald Trump took a military action that has apparently, at least for the time being, given Iran control over a critical waterway that they did not have control over, before the war began.”
In a separate reaction to the ceasefire agreement, Senate minority leader Chuck Schumer said: “I’m glad Trump backed off and is desperately searching for any sort of exit ramp from his ridiculous bluster.”
Iran’s Supreme National Security Council has accepted a two-week ceasefire in its war with the United States and Israel. Iranian officials will meet with the United States for talks in Islamabad beginning Friday.
“It is emphasized that this does not signify the termination of the war,” the council said in a statement. “Our hands remain upon the trigger, and should the slightest error be committed by the enemy, it shall be met with full force.”
Jonathan Yerushalmy
Even as Trump announces the outlines of a ceasefire agreement, Israel’s military has warned that Iran is firing missiles toward it.
The warning came just minutes after Trump said he had agreed to suspend a devastating attack on Iran by two weeks and was ready for a ceasefire in the war if Tehran completely reopens the vital strait of Hormuz.
The [Israeli army] identified missiles launched from Iran toward the territory of the State of Israel. Defensive systems are operating to intercept the threat.”
Blasts were heard from Jerusalem and Jericho on the occupied West Bank, AFP correspondents said.
The Israeli military told people in the areas affected by the incoming missile warnings to seek safety in bomb shelters.
Trump announces two-week ‘double sided’ ceasefire with Iran and ‘workable’ peace plan
Donald Trump will “suspend the bombing and attack of Iran for a period of two weeks” following conversations with Pakistani leaders.
In a post on Truth Social, Trump wrote that he had agreed to this “double sided CEASEFIRE” because the United States has “already met and exceeded all Military objectives, and are very far along with a definitive Agreement concerning Longterm PEACE with Iran, and PEACE in the Middle East.” He added, “We received a 10 point proposal from Iran, and believe it is a workable basis on which to negotiate.”
Trump said Pakistani prime minister Shehbaz Sharif and field marshal Asim Munir had brokered the agreement, which he also noted is subject to Iran opening the strait of Hormuz.
As Donald Trump’s 8pm ET deadline for Iran to reopen the strait of Hormuz approaches, demonstrators have gathered outside the White House to protest against the war in Iran.
Here are some images from the wires:
Elizabeth Warren, a Democratic senator from Massachusetts, says Senate majority leader John Thune must reconvene the Senate so it can vote to stop the United States’s war in Iran.
“Congress needs to pull the emergency brake now. We should be voting to stop Trump’s war today,” Warren said in a newly released video.
“We don’t know what will happen tonight…But I do know that Congress has the power and the responsibility to end Trump’s war. Enough. Call your representatives. And tell these Republicans to grow a backbone and do their damn jobs.”
Lucy Campbell
US senator Ron Johnson, a close ally of Donald Trump, warned on Monday that the US president would lose his support if he struck Iran’s civilian infrastructure, as a small chorus of Republican unease begins to grow.
Speaking on the John Solomon Reports podcast on Monday, Johnson said: “I do not want to see us start blowing up civilian infrastructure.” He added: “I hope and pray that President Trump is just using this as bluster.”
After Trump’s staggering warning on Tuesday morning that Iran’s “whole civilisation will die”, Johnson told the Wall Street Journal that the president would forfeit his backing and it would be “a huge mistake” if he carried out his threat to bomb Iran “back to the Stone Ages”.
I think it would be a huge mistake. I mean, he loses me if he attacks civilian targets. Whatever we do has to be within the laws of warfare.
Most Republicans have stayed schtum on Trump’s threat, but a handful have urged caution and called for de-escalation.
Jason Carter, the grandson of former president Jimmy Carter and chair of The Carter Center Board of Trustees, denounced Donald Trump’s threat to annihilate a “whole civilization”. Jimmy Carter was president of the United States in 1979, during the Iran hostage crisis.
“If my grandfather were here he would challenge all Americans – Democrats, Republicans and especially Christians who worship the Prince of Peace – to stand up and say enough is enough. The Islamist government of Iran has been our enemy, including an enemy of my family, but the people of Iran have never been our enemy. This country must be better than Donald Trump’s unbridled and dangerous rhetoric,” said Jason Carter.
Nancy Pelosi, the former speaker of the House of Representatives, has called on Donald Trump’s cabinet to invoke the 25th amendment, which removes a president who is deemed unfit for office.
“Donald Trump’s instability is more clear and dangerous than ever,” Pelosi said. “If the Cabinet is not willing to invoke the 25th Amendment and restore sanity, Republicans must reconvene Congress to end this war.”
So far today, more than 20 Democratic members of Congress have called for Trump’s cabinet to invoke the 25th amendment.
Immigration and Customs Enforcement officers have shot a man in central California’s Stanislaus County.
According to a Department of Homeland Security statement, agents were conducting a targeted traffic stop when the man, identified as Carlos Ivan Mendoza Hernandez, “weaponized his vehicle”. Former DHS secretary Kristi Noem repeatedly used the same phrase to describe the actions of Renee Good, a 37-year-old mother who ICE agents fatally shot in Minneapolis earlier this year.
Acting ICE director Todd Lyons said officers fired defenisvely and claimed that Mendoza Hernandez is a gang member wanted for questioning in connection to a murder. Earlier this year, DHS claimed that two other people shot in Oregon were “vicious” gang members who had “attempted to run over” officers. Court records later showed those claims were false.
Mendoza Hernandez has been taken to a hospital though his condition remains unknown.
Iranian hackers target water and energy systems, says federal security agencies
Federal security agencies say that Iranian hackers have begun cyber-attacks aimed at water and energy systems in the United States hours after Donald Trump threatened “every power plant in Iran will be out of business, burning, exploding and never to be used again.”
In a joint statement, the Cybersecurity and Infrastructure Security Agency, Federal Bureau of Investigation, National Security Agency and the Energy Department said hackers backed by the Islamic Revolutionary Guards Corps had begun cyber-attacks on US power infrastructure.
The man said his home has been targeted three times in the last five months.
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European stock markets hit record high and oil price falls to three-month low after US-Iran peace deal – business live | Business
European stock markets hit record high
European stock markets have hit a record high at the start of trading, as relief over the US-Iran peace deal ripples across global markets.
The pan-European Stoxx 600 index has jumped by 0.9% to 639 points, over the previous record high set just before the Iran war started, with shares rising in London, Frankfurt, Paris, Madrid and Milan.
Mining and travel companies are driving the rally, while oil company shares are sliding.
That follows sharp gains in Asia-Pacific markets overnight, where Japan’s Nikkei surged by 5% on hopes that the strait of Hormuz will reopen within days.
Matt Britzman, senior equity analyst at Hargreaves Lansdown, says global equity markets are starting the week firmly on the front foot after President Trump announced that a deal with Iran had been reached, adding:
The move has given investors a clear reason to dial back some of the geopolitical risk premium that has hung over markets, especially as the Strait of Hormuz is expected to reopen and oil prices move sharply lower.
Energy prices have been one of the clearest transmission channels from Middle East tensions into inflation, bond yields and equity sentiment, and there is likely to be a concerted effort to get prices down even further once this deal is finalised.
There are still details to be ironed out before markets can fully trust the agreement, but for now the direction of travel is clear: lower oil, calmer nerves and a renewed appetite for risk.
Key events
Peace deal should keep mortgage rates down
Mortgage borrowers can breathe a sigh of relief at the news of a peace deal in Iran, says Adam French, head of consumer finance at Moneyfactscompare.co.uk.
While we are far from being out of the woods yet, a lasting peace deal should dramatically reduce the risk of the Bank of England’s worst-case scenario for inflation and interest rates becoming a reality.
“Under that scenario, Base Rate could have risen to 5.25%, potentially pushing typical rates on new mortgages towards 6.75%. Instead, today’s news means mortgages rates, which have already been slowly falling for several weeks, have likely already passed their peak – at least until the next unwelcome crisis.
“Borrowers can be optimistic but with a word of caution, as inflation and economic data will continue to influence the outlook. However, a lasting peace should remove one of the biggest risks to mortgage costs and may help restore a more stable environment for hard-pressed remortgage borrowers and prospective buyers.”
Even before this morning’s drop in UK bond yields (see earlier post), average mortgage rates have dipped slightly.
Moneyfacts reports:
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The average 2-year fixed residential mortgage rate today is 5.61%. This is down from 5.62% the previous working day.
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The average 5-year fixed residential mortgage rate today is 5.58%. This is down from 5.59% the previous working day.
Why it may take months for oil flows to return to normal
Donald Trump excitedly declared: “Ships of the World, start your engines. Let the oil flow!” last night, but the reality is that it will take some time for oil flows through the strait of Hormuz to return to pre-war levels.
One reason is that many oil tankers are simply in the wrong place, after the long closure of the strait.
Another is that some production and refining facilities have been damaged by the conflict, while others were mothballed after storate facilities filled up to the brim.
A third factor is that insurers could still be wary of the conflict reigniting, and price their cover accordingly.
Neil Shearing, group chief economist at Capital Economics, explains:
Even if ships now have safe passage, tankers are in the wrong place, oil production/refining facilities need to get up to full capacity, and questions over the cost and availability of insurance for ships traversing the Strait will remain.
Our current working assumption is that ~80% of energy flows will resume by the end of Q3. Natural gas flows will be slower to return, following the damage to Qatari facilities earlier in the conflict, which according to local officials has put 17% of production offline for two to three years.
US crude drops below $80
US crude oil has dropped to its lowest level since the second week of the Iran war.
The cost of a barrel of West Texas Intermediate (WTI) light sweet crude has dropped by 6% today to $79.72 per barrel, the first time since 10 March that it has been under $80/barrel.
That could help to pull down US gasoline prices, which climbed after the conflict began, hitting consumer confidence.
UK bond yields fall
Today’s relief rally is also driving up government bond prices, pushing down the cost of borrowing.
The yield (or interest rate) on 10-year UK government debt has dropped by 6.5 basis points (0.065 of a percentage point) to 4.775%.
Two-year bond yields are down 8bps to 4.16%.
Lower bond yields indicate that that the cost of issuing new government debt has fallen, which will be a relief for the UK Treasury after the Iran war drove up borrowing costs.
Copper mining company Antofagasta is now the top riser on the FTSE 100, up almost 8%.
Trader will be concluding that an end to the Iran war will boost the world economy, leading to more demand for raw materials such as copper.
European stock markets hit record high
European stock markets have hit a record high at the start of trading, as relief over the US-Iran peace deal ripples across global markets.
The pan-European Stoxx 600 index has jumped by 0.9% to 639 points, over the previous record high set just before the Iran war started, with shares rising in London, Frankfurt, Paris, Madrid and Milan.
Mining and travel companies are driving the rally, while oil company shares are sliding.
That follows sharp gains in Asia-Pacific markets overnight, where Japan’s Nikkei surged by 5% on hopes that the strait of Hormuz will reopen within days.
Matt Britzman, senior equity analyst at Hargreaves Lansdown, says global equity markets are starting the week firmly on the front foot after President Trump announced that a deal with Iran had been reached, adding:
The move has given investors a clear reason to dial back some of the geopolitical risk premium that has hung over markets, especially as the Strait of Hormuz is expected to reopen and oil prices move sharply lower.
Energy prices have been one of the clearest transmission channels from Middle East tensions into inflation, bond yields and equity sentiment, and there is likely to be a concerted effort to get prices down even further once this deal is finalised.
There are still details to be ironed out before markets can fully trust the agreement, but for now the direction of travel is clear: lower oil, calmer nerves and a renewed appetite for risk.
BP and Shell’s shares slide
Shares in oil companies are falling, though – BP and Shell are both down 3.7%, as investors anticipate an end to their earnngs boost from the Iran war.
FTSE 100 index hits eight-week high
Boom! Britain’s stock market has hit a near-two month high at the start of trading, as investors welcome the breakthrough between the US and Iran to end the Middle East conflict.
The FTSE 100 blue-chip share index has jumped by 99 points, or almost 1%, at the start of trading to 10,570 points, its highest level since 21 April.
Engineering firm Rolls-Royce, which makes and services jet engines, is the top riser on the FTSE 100, up 5.5%, followed by British Airways parent company IAG, up 4.8%.
UK house prices dip in June
Gwyn Topham
Two bits of good news for Britons who don’t own their homes have been revealed, with data showing a drop in house prices in June as well as fewer tenants facing rent hikes last month.
Figures from Rightmove showed the average price of property coming on the to market fell by 0.6% or £2,113 to £376,191, the biggest June fall in fourteen years, with prices 0.5% below this time in 2025. The biggest drops were seen in southern England and Wales, and in asking prices for flats rather than houses.
The property site said the number of homes for sale was still at historically high levels for summer, making it more of a buyer’s market. Mortgage affordability has also improved slightly this month, with the average two-year fixed rate deal dropping about 0.1 percentage points to 5.07%, it said.
Meanwhile, figures suggest that the introduction of the Renters Right Act may already be seeing results in terms of keeping rents down for tenants.
The new law came into force at the start of May and means landlords can only increase rents for sitting tenants once a year. According to Hamptons monthly lettings index, the number of tenants who saw their rent rise was down 23% from the same month last year. Hamptons said if the rest of the year saw similar change, it would expect only 31% of sitting tenants to face increases, compared to 40%-50% in previous years.
However, the agency warned that rent rises in Scotland, where landlords have been operating under a similar system for longer, exceeded the national average. Sitting tenants who faced rent rises had an average increase of 5.4% in May, but the figure reached 7.7% in Scotland, albeit for a lower absolute rent – £952 – than the Great Britain average of £1375.
Speaking of the ECB, their president Christine Lagarde has been warning that inflation pressures are spreading in the euro area.
In an intervew with broadcaster France Culture, Lagarde warned that high energy prices are starting to feed through to other parts of the economy, saying:
“Indirect effects of inflation, we have absolutely started to see that more or less everywhere in recent weeks.”
The US-Iran agreement is well-timed for the Bank of England, which is due to set UK interest rates on Thursday.
If the strait of Hormuz does reopen, and oil flows return towards pre-war levels, there will be less inflationary pressure – and thus less need for interest rate rises.
The European Central Bank raised its interest rates last week, but this week is the turn of the BoE, the US Federal Reserve and the Bank of Japan.
Kathleen Brooks, research director at XTB, says:
Over the past month, the price of oil is down by more than a fifth, and the Brent crude price is now back at levels from early March. This is good news for inflation, which should start tumbling monthly from June, and it could ease concerns about price pressures as we lead up to some major central bank action this week. The decline in the oil price also raises questions about whether the ECB was too hasty in raising rates last week.
European stock markets are on track to jump when trading begins, in just over 20 minutes.
Germany’s DAX share index is up 1.65% in the futures market, Reuters reports, with the UK’s FTSE 100 0.75% higher.
The US dollar is weakening, as investors shift into riskier currencies.
The pound is its highest in over a week, at $1.3438.
Markets rally across Asia
There are strong gains across Asia-Pacific markets today, as investors welcome the deal between the US and Iran.
Japan’s Nikkei share index has leapt by 5%, as has South Korea’s KOSPI, while China’s CSI300 index is 1.9% higher.
Jim Reid, market strategist at Deutsche Bank, says:
Whilst the deal is very good news for markets it looks like tough conversations will have occur in the 60-day window to ensure the peace is sustainable. As an example, the Senate needs to approve any extensive sanction relief for Iran.
For now the can kicking exercise has been very well received by markets even after a strong US close on Friday where hopes were raised of a weekend signing
Introduction: Oil falls to three-month low
Good morning, and welcome to our rolling coverage of business, the financial markets, and the world economy.
The peace deal agreed between Iran and the US is sending a wave of relief through the markets today.
Oil has tumbled 4%, and markets across the Asia-Pacific region have jumped, as investors anticipate the reopening of the strait of Hormuz.
Although it is unclear exactly what has been agreed – with the final text of their memorandum of understanding unpublished – Donald Trump’s claim that “oil will flow on both ends again for the region, and the world” is pushing down energy prices – a relief for busineses, consumers, politicians and central bankers alike.
Brent crude has fallen as low as $83.04, its lowest since 10 March, after the prime minister of Pakistan announced the US and Iran will sign a memorandum of understanding in Switzerland on Friday.
That still leaves Brent above its pre-war price of $72.48 a barrel, though.
Trump has indicated that the opening of the strait is contingent upon the signing of the peace deal, scheduled for Friday.
Iran’s Mehr state news, though, reported that the agreed memorandum of understanding calls for the reopening of the strait within 30 days under “Iranian arrangements” – an indication that Tehran hasn’t surrendered its control of the waterway.
Chris Weston of IG points out that there are still obstacles to overcome:
The probable reopening of the Strait of Hormuz later this week would represent a significant positive development. Markets had increasingly questioned how long inventory draws could offset supply disruptions and whether physical dislocations would begin weighing more heavily on risk assets. The focus now shifts towards understanding what normalisation of logistics could realistically look like, and how quickly shipping volumes can return to pre-conflict levels of 120 to 140 commercial vessels transiting eastbound and westbound each day.
There are still obstacles to overcome. Mines may need to be cleared, and there may be structural damage to refineries and export facilities around the region that will take time to repair and come back to pre-conflict capacity.
The agenda
Paying tribute, Sir Keir Starmer said Lord Hattersley “was a giant of the Labour movement”.
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