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Recap: Trump says US-Iran deal averted ‘economic catastrophe’ as both sides say MOU signed

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Iran says it will charge ships crossing Strait of Hormuz after 60 days.

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Edited by BNB Diviyadhaarshini, Alessia Mah

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Published: Feb 28, 2026

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111)\",\"description\":\"\",\"coverageStartTime\":\"2026-06-18T07:19:00+08:00\",\"coverageEndTime\":\"2026-06-18T23:43:00+08:00\",\"publisher\":{\"@type\":\"Organization\",\"name\":\"The Straits Times\",\"logo\":{\"@type\":\"ImageObject\",\"url\":\"https:\\/\\/www.straitstimes.com\\/assets\\/ST-logo-default-aoeSLh4S.png\",\"width\":\"1228\",\"height\":\"96\"}},\"liveBlogUpdate\":[{\"@type\":\"BlogPosting\",\"headline\":\"Switzerland says talks planned for Friday between Iran and US\",\"datePublished\":\"2026-06-18T15:58:57+08:00\",\"dateModified\":\"2026-06-18T23:36:06+08:00\",\"articleBody\":\"The Swiss government has said that initial talks between US and Iran are planned at Switzerland\\u2019s Buergenstock mountaintop resort on Friday, following the signing of a ceasefire agreement between Tehran and Washington.\\u201cAs things stand, the plan is still for the US and Iran, along with mediators Pakistan and Qatar and other involved countries, to meet tomorrow at Buergenstock for initial negotiations about implementing the agreement.\\u201cNo further information is currently available regarding the schedule and details of this meeting,\\u201d the Swiss foreign ministry said.\",\"publisher\":{\"@type\":\"Organization\",\"name\":\"The Straits Times\"},\"author\":{\"@type\":\"Person\",\"name\":\"zhengy\"}},{\"@type\":\"BlogPosting\",\"headline\":\"The situation so far\",\"datePublished\":\"2026-06-18T23:35:02+08:00\",\"dateModified\":\"2026-06-18T23:35:02+08:00\",\"articleBody\":\"Three Saudi-flagged supertankers carrying six million barrels of crude sailed through the Strait of Hormuz on Thursday, hours after US President Donald Trump signed an interim peace deal with Iran.However, Israeli forces launched fresh air strikes on Lebanon on Thursday morning, raising doubt about how far Trump will go to force his wartime ally to halt an offensive he has now pledged to end.Israeli officials said their country is holding \\u201cstubborn negotiations\\u201d with the US as it seeks to continue its deployment of troops in southern Lebanon. Prime Minister Benjamin Netanyahu has rejected calls for Israel to withdraw from Lebanon, Gaza and Syria.Meanwhile, Tehran has committed to dilute its enriched uranium while being allowed to resume oil sales as part of its deal with the US, according to the released text of the agreement.In return, Washington committed to waive some sanctions and to facilitate the release of a US$300 billion (S$386.5 billion) reconstruction fund for Iran when a final agreement is reached on the Islamic republic\\u2019s nuclear programme.On Friday, US Vice-President J.D. Vance and Iranian Parliament Speaker Mohammad Bagher Ghalibaf are scheduled to meet in Switzerland for a ceremony to mark the signing of the deal and to start a further round of negotiations to permanently end the war.Here are other developments:\",\"publisher\":{\"@type\":\"Organization\",\"name\":\"The Straits Times\"},\"author\":{\"@type\":\"Person\",\"name\":\"alessiamah\"}},{\"@type\":\"BlogPosting\",\"headline\":\"What\\u2019s in the peace deal?\",\"datePublished\":\"2026-06-18T12:08:46+08:00\",\"dateModified\":\"2026-06-18T13:23:22+08:00\",\"articleBody\":\"A senior US official disclosed what is said to be the full text of the deal between the US and Iran to cease hostilities, open the Strait of Hormuz and start nuclear talks.Here is a look at what the agreement means.READ MORE HEREPHOTO: REUTERS\",\"publisher\":{\"@type\":\"Organization\",\"name\":\"The Straits Times\"},\"author\":{\"@type\":\"Person\",\"name\":\"zhengy\"}},{\"@type\":\"BlogPosting\",\"headline\":\"The situation so far\",\"datePublished\":\"2026-06-18T06:35:36+08:00\",\"dateModified\":\"2026-06-18T07:12:07+08:00\",\"articleBody\":\"US and Iranian officials signed an interim peace deal electronically on Wednesday evening, according to a US official and Iranian state media. The deal is now in effect, the US official said. It was unclear if the Strait of Hormuz had yet reopened.The memorandum of understanding was signed digitally by the presidents of both nations, Iranian Foreign Ministry Spokesman Esmail Baghaei said on state television.US President Donald Trump on Wednesday defended his interim agreement with Iran, saying it had averted a global economic catastrophe, while warning he could launch fresh attacks if Tehran failed to honour its commitments. Speaking at the close of a G-7 summit in France, Trump also said maritime traffic in the Strait of Hormuz had risen sharply since the truce was announced three days ago and expressed hope it could mark the start of a wider peace across the Middle East.\\u201cWe\\u2019re going to bomb the hell out of them (Iran) if they violate the agreement. I don\\u2019t want them to. I want them to honour the agreement,\\u201d Trump told a press conference, adding that the Iranians were \\u201csmart people\\u201d.Earlier, he had said: \\u201cIf I don\\u2019t like it, if they (Iran) don\\u2019t behave, we\\u2019ll go right back to dropping bombs right smack in the middle of their head, OK?\\u201c\\u201cSo the one thing I didn\\u2019t want to see is, I didn\\u2019t want to see economic catastrophe. If you kept this going, that could have happened,\\u201d Trump said.His comments came as officials reveal details of the 14-point draft agreement, with Tehran committing to dilute its enriched uranium while being allowed to resume oil sales. Meanwhile, Iran\\u2019s chief negotiator on Wednesday repeated Tehran would charge ships crossing the Strait of Hormuz after a 60-day fee-free period stipulated in a memorandum of understanding with the US.Mohammad Bagher Ghalibaf said in an interview aired on state television that the \\u201cStrait of Hormuz will not return to pre-war conditions\\u201d, adding: \\u201cIran has the right to sovereignty over the Strait of Hormuz and of course we will receive a fee for services.\\u201dHere are other developments: \",\"publisher\":{\"@type\":\"Organization\",\"name\":\"The Straits Times\"},\"author\":{\"@type\":\"Person\",\"name\":\"diviya\"}}]}","keywords","Iran, Israel, US, attack, war, Donald Trump, Ayatollah Ali Khamenei, Middle East, missiles, strikes, Iran news, live coverage, flight cancellations, Singapore, Singaporeans Middle East, live updates, latest, Iran news, Hezbollah, Lebanon, Kuwait, Bahrain, Qatar, Oman, UAE, Dubai, Abu Dhabi, Saudi Arabia, Dubai flights, gold, dollar, flights, oil, petrol prices, Trump live, Trump speech today, Trump address, blockade","robots","index, follow, max-image-preview:large, max-snippet:-1, max-video-preview:-1","gaData",{"_414":415,"_416":21,"_417":21,"_20":418,"_419":420,"_421":422,"_423":424},"level2","23","chapter1","chapter2","Live:_Trump_says_US-Iran_deal_averted_‘economic_catastrophe’_as_both_sides_say_MOU_signed","title_ga","Live: Trump says US-Iran deal averted ‘economic catastrophe’ as both sides say MOU signed","pagination","1","contenttype","live blog","additionalVariants","dependentPaths",[],"actionData","errors"]