Trump touts Iran deal as clash with Netanyahu breaks into public view
Trump said a deal with Iran is complete, while Axios reported he angrily criticized Netanyahu over an Israeli strike in Lebanon.
By Hana Yoshida · Markets Reporter
3 min read
President Donald Trump said a deal with Iran had been completed, and Iranian officials and Pakistani mediators also publicly said an agreement had been reached, according to Fortune. The announcement mattered quickly for markets: Fortune reported that Asian and European stocks rose while oil prices fell after signs that the Middle East conflict could pause.
Details of the agreement remain limited. The BBC reported that the deal is expected to be signed in Switzerland on Friday and includes a 60-day pledge against further hostilities, a commitment to continue talks and the reopening of the Strait of Hormuz after mine clearing.
The BBC also reported that the nuclear dispute remains unresolved and is being left for later negotiations. The reported terms include the unfreezing of $12 billion in Iranian assets, and Lebanon is included in the arrangement even though Israel is not signing it, according to the BBC.
Trump criticizes Netanyahu over Lebanon strike
The diplomatic announcement was accompanied by a sharp public and private break between Trump and Israeli Prime Minister Benjamin Netanyahu. Axios reported that Trump was angry that Israel carried out an attack on Hezbollah as talks were nearing their end.
Axios quoted Trump as saying the timing was “so bad” because the attack came “an hour before” the deal was supposed to be signed. According to Axios, Trump said Hezbollah had attacked Israel first but that the incident caused no damage and no deaths.
Trump then used unusually blunt language about Netanyahu, Axios reported. “Why did Bibi have to do a f—ing attack? I was so pissed off. I let him know. He has no f—ing judgement. I let him know that,” Axios quoted Trump as saying.
Trump also criticized Israel’s action on Truth Social. In a post cited by Fortune, he wrote that the Beirut attack “should not have happened” and said there should be no further Israeli attacks anywhere in Lebanon.
Oil falls and equities rise
Trump celebrated the agreement in another Truth Social post, saying the deal with Iran was “now complete” and that he had authorized both the reopening of the Strait of Hormuz and the end of the U.S. naval blockade. “Ships of the World, start your engines. Let the oil flow,” Trump wrote, according to Fortune.
Markets responded as traders priced in lower war risk. Fortune reported that S&P 500 futures were up 1.29%, Europe’s Stoxx 600 gained 0.64% in early trading and the U.K.’s FTSE 100 was up 0.15% before lunch.
Asian markets also rose, according to Fortune: South Korea’s KOSPI gained 5.2%, Japan’s Nikkei 225 rose 4.99%, India’s Nifty 50 added 1.26% and China’s CSI 300 advanced 2.39%. Brent crude traded at $82 a barrel, down from $92 the previous day, while bitcoin was at $65,600, Fortune reported.
Deutsche Bank strategist Jim Reid said in a note cited by Fortune that markets had welcomed the temporary nature of the arrangement. “For now the can kicking exercise has been very well received by markets,” Reid said.
This story draws on original reporting from Fortune.