WASHINGTON — The United States and Iran have signed a memorandum of understanding to end their conflict, with President Donald Trump announcing the immediate lifting of the naval blockade and the full reopening of the Strait of Hormuz by Friday, marking a significant de-escalation after more than three months of fighting that disrupted global energy markets.

The agreement, signed electronically, was confirmed by both sides on Monday. It ends military operations on all fronts, including in Lebanon, and sets the stage for 60 days of technical talks on Iran’s nuclear program and potential sanctions relief. The deal was mediated with assistance from Pakistan and is scheduled for formal signing in Switzerland on Friday.

Trump described the agreement as complete in a statement, authorizing the immediate removal of the blockade. “The deal with the Islamic Republic of Iran is now complete,” he posted on Truth Social. “Congratulations to all! I hereby fully authorize the toll-free opening of the Strait of Hormuz, and, simultaneously herewith, authorize the immediate removal of the Naval blockade. Ships of the world, start your engines. Let the oil flow!”

US officials told Reuters and AFP that the MoU was signed by Trump, Vice President JD Vance and Iranian Parliament Speaker Mohammad Bagher Ghalibaf. The document is described as a general framework, roughly a page and a half long, focusing on ceasefire implementation and initial confidence-building measures.

Key Provisions and Areas of Agreement

Iran’s National Security Council stated that the deal ends fighting across all fronts and lifts the US naval blockade on Iranian ports. Both sides have indicated that follow-up negotiations on the nuclear program and sanctions relief will occur during the 60-day period after the formal signing.

Vance emphasized in interviews that there has been no immediate sanctions relief or release of frozen assets. “There hasn’t been a single dollar of sanctions relief or unfrozen assets” from Washington or its allies, he told US media. He also confirmed there would be no tolls on traffic in the Strait of Hormuz during the initial 60-day window.

Iranian officials framed the agreement as a victory for Tehran following what they described as “historic resistance.” Ghalibaf wrote on X that the country had taken a “great step toward final victory.” Iranian media reported that at least three oil tankers and other ships carrying goods for Iran had already crossed the strait following the announcement.

Reactions in Iran, US and Israel

In Iran, the deal has been portrayed positively by state media, with officials highlighting the end of the blockade and the prospect of restored oil exports. However, some analysts note that full recovery of shipping through the strait may take time due to mine clearance, insurance costs and the need for incident-free transits.

In the United States, reactions have been sharply divided along partisan lines. Republicans have largely welcomed the agreement as a diplomatic success, while Democrats have criticized it. Senator Richard Blumenthal likened the outcome to the UK’s Suez Canal crisis, suggesting it represented a strategic setback. Republican Senator John Thune said he expected Congress to be briefed and potentially vote on aspects of the deal.

Israel has expressed reservations. Prime Minister Benjamin Netanyahu stated that Israeli troops would continue to occupy southern Lebanon despite the broader agreement. Members of his cabinet have called for continued operations against Hezbollah, indicating that Israel does not consider itself bound by the US-Iran framework on all issues.

In Lebanon, the ceasefire has been welcomed, though Israeli attacks continued on Monday, killing at least one person. Thousands of displaced Lebanese have begun returning to southern areas amid ongoing exchanges of fire.

Global and Economic Repercussions

Ukrainian Foreign Minister Andrii Sybiha welcomed the MoU, hoping it would encourage renewed US efforts to end the war with Russia. Japanese officials expressed concern about continued Israeli actions in southern Lebanon.

Oil prices rose modestly following the announcement, with Brent crude gaining 0.3% to $83.42 per barrel and West Texas Intermediate rising 0.3% to $81.12 per barrel. Traders remain cautious, noting that full resumption of shipping could take weeks due to logistical challenges.

The International Energy Agency and shipping experts have warned that undersea mines, elevated insurance premiums and the need for verified safe passages mean recovery will be gradual rather than immediate. Saman Rezaei, head of Iran’s merchant marine union, told Al Jazeera that the transit system “will never return to its pre-war condition,” emphasizing the need for sustainable peace.

Path to the Agreement and Next Steps

The conflict, which began more than 100 days ago, involved direct US and Israeli actions against Iran. Back-channel diplomacy intensified in recent weeks, leading to the current framework. The MoU serves as an initial step rather than a comprehensive settlement, with 60 days allocated for deeper negotiations on nuclear issues.

Questions remain about the handling of nuclear material, the timeline for sanctions relief and verification mechanisms. Both sides have expressed cautious optimism, but implementation will require sustained engagement and international oversight.

For the United States, the deal represents a foreign policy achievement amid domestic political considerations. For Iran, it offers relief from economic isolation and the prospect of normalized trade. Regional actors, particularly Israel and Lebanon, will continue to influence the stability of the agreement.

As the world watches the situation unfold, the focus shifts to the formal signing in Switzerland and the critical 60-day period that follows. Success in these talks could mark a turning point for Middle East stability, while any setbacks risk renewed tensions in a region long plagued by conflict.

The US-Iran memorandum of understanding brings a tentative end to active hostilities, but its long-term impact will depend on the commitment of all parties to the follow-up process. For now, the reopening of the Strait of Hormuz offers hope for economic recovery and reduced global energy risks, though challenges remain in translating the agreement into lasting peace.

CapitalandCentric, the developer behind the multimillion-pound Albion Square regeneration in Hull city centre, says the project could be the first of many schemes it delivers in the city

The ambitious transformation of Hull city centre’s Albion Square could hopefully prove the “first of many” regeneration schemes by a well-regarded developer, according to one of its founders. Last month, social regeneration specialists CapitalandCentric, co-founded by Tim Heatley and Adam Higgins, were confirmed as the preferred lead development partner for the sweeping overhaul of Albion Square by Hull City Council.

North West-based CapitalandCentric is currently advancing 14 neighbourhood schemes across the UK, having already delivered 11 projects in major cities including Liverpool, Manchester and Sheffield. The firm boasts an impressive pipeline of regeneration developments comprising more than 6,000 homes, with a combined value of nearly £2bn — including ambitious multimillion-pound proposals for Hull city centre.

The developer has built a formidable reputation for breathing new life into areas, creating thriving destinations in which people can live, work and socialise. Co-founder Tim Heatley confirmed the firm is eager to deliver hundreds of homes — in excess of 200 properties available for rent — alongside a range of other amenities as part of the Albion Square development.

He said: “It probably seems like this has happened all of a sudden but we’ve actually been looking to try and do something in Hull for a long time. Hull suits our strategy of investing and thinking long-term about how we can transform often overlooked, or under-invested, places.

“Hull definitely is on that list – it’s punching below its weight in some ways. It could be much more than it currently it and it hasn’t had the benefit of some of the core cities’ investment. The scale of project was important and an ability to be able to move at pace as well to make something happen, and it’s got a huge public area, so Albion Square had the right hallmarks for us of a CapitalandCentric project.”, reports Hull Live.

“It’s in excess of 200, possibly up to 300 homes and there will be other other things around them – restaurants, bars and cafes. We’re not necessarily looking at additional retail because we feel places are often over-retailed. I think there’s lots of opportunities for retail that exists in the square and around it, but as we are an operator as much as a developer, we’re going to provide additional facilities to the residents.

“So that will include things like a mini cinema space, a gym and a residents’ lounge area and things like a yoga and pilates studio, and other similar sorts of things. There will perhaps be some roof terraces, public squares and public spaces, and perhaps some private gardens as well.”

CapitalandCentric keeps its rental values at lower, more accessible levels in towns and cities requiring regeneration, compared to those in more established urban centres such as Leeds. It is this business model that enables the Manchester-based firm to deliver its developments.

Mr Heatley added: “In terms of demographics and rental values, Stoke on Trent is a good example. Rents are much lower than they are in core cities, such as Manchester and Leeds. We have to think long term about how we can make it viable. How is it feasible to do these sorts of scale of projects and to that kind of quality, especially with super energy efficient, and great amenities, great facilities and all the furnishings? That’s the challenge.

“We think about it over several years. Rather than build it and then flog it off to highest bidder or separate them out, we’re going to keep all of the completed project together, and we will rent them out, with rents that are affordable to local working people, and hopefully attract new people to live in Hull as well.

“It’s important to attract new people, to want to live in Hull. So if we can keep the rent affordable, and focus on people that might be downsizers, young professionals or young families, then we can start to change the perception of that part of Hull a lot and make it feel like a great place to live.

“For our business to succeed, we’ve got to make sure that it is accessible in terms of pricing. Over time, if we’ve done a good job of regeneration, I think the rent will improve and over several years, a profit for us will emerge – because we do have to make a profit if we’re going to do this.”

Mr Heatley is eager for Albion Square to mark only the beginning of the firm’s involvement with Hull. The company already has two developments in Liverpool, while Manchester is home to six.

He added: “Wherever we have started, whatever city we’ve started to develop, we have continued to develop and still are now. That’s a really good test of ‘are we doing a good job?’ Do people like what we do? And is it successful? So hopefully it’s the first of many things we will do in Hull.”

Sarat Pediredla and Alan Morris have launched a Newcastle-based venture that will use AI to disrupt the traditional agency model

Two co-founders of Newcastle digital agency hedgehog lab have launched what they call an AI-native digital product studio.

Hedgehog lab co-founder Sarat Pediredla and former chief technology officer (CTO) Alan Morris have launched LevelFive in a bid to capitalise on the productivity gains available through new technology. They say AI has “changed the maths” of building software, meaning smaller, senior teams working to fixed budgets will be the industry norm.

Unlike traditional agencies, LevelFive will not track the time of its team or publish day rates. The firm – which will be based in Newcastle’s Helix site – will be commissioned on a fixed budget with products typically delivered in eight to 12 weeks using an in-house agentic operating system.

The model means LevelFive will aim to keep the margin if its AI-led development creates software faster, but it will absorb costs it it overruns. Mr Pediredla said the “skin in the game” approach sees LevelFive using AI in every project, not as a service to be sold separately.

Mr Pediredla, who founded hedgehog lab in 2007 and grew it securing investor backers, said opportunity is the clearest commercial opening he has seen in two decades. He added: “Mid-market clients have been asking for fixed-price outcomes for as long as we have been selling them digital services. Our industry has always said no, because the uncertainty and risk of building software made fixed prices impossible to commit to.

“AI-native delivery is what finally changes that. We can ship in eight to 12 weeks what used to take six months, price the outcome instead of the days, and both sides come out better. That is not a marginal improvement, it is a different business. I have not seen a commercial opening this clean in 20 years.”

Alan Morris, the engineering co-founder and former CTO of hedgehog lab, has spent 20 years in production software, most recently in agentic delivery for the healthcare industry.

He said: “AI is the next generational shift in technology after cloud and mobile. A senior engineer’s value is in knowing what to build, and how to build it, gained through years of experience solving problems across domains. Agents multiply that experience to unlock a step change in both productivity and quality, letting two senior engineers ship faster than whole teams once did.

“The interesting questions move up the stack: which decisions belong to a senior human, which belong to an agent. That is the opportunity for builders who join us, and for the clients we ship for.”

LevelFive’s founders say it will target mid-market businesses and private equity-backed companies. The firm is now open to senior associate applications.

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KANSAS CITY — Argentina will begin their defense of the 2026 World Cup title against Algeria on Wednesday in a Group J opener at Children’s Mercy Park, with Lionel Messi set to mark his 200th international appearance as the Albiceleste seek to become just the third nation to retain the global crown.

The reigning champions enter the tournament as favorites in a competitive group that also includes Austria and Jordan. Coach Lionel Scaloni’s side has maintained an impressive run of form, topping CONMEBOL qualifying with 12 wins in 18 matches and scoring consistently in recent friendlies. A victory against Algeria would set a strong tone for their campaign, building on their successful 2022 triumph in Qatar.

Algeria returns to the World Cup for the first time since 2014, bringing technical quality and tactical organization that could challenge the South Americans. The Fennec Foxes topped their CAF qualifying group with only one defeat and have shown defensive solidity in recent outings. A positive result in Kansas City would mark a significant achievement for Vladimir Petkovic’s squad in their tournament debut.

Team News and Lineup Expectations

Argentina will be without left-back Nicolas Tagliafico due to a calf strain suffered in a recent friendly against Honduras. Facundo Medina or Valentin Barco are expected to fill the role. Leandro Paredes and Nicolas Gonzalez are likely to be available after minor muscular issues, while goalkeeper Emiliano Martinez has been cleared following a finger injury.

Messi, recovering from a hamstring concern, is set to captain the side in his historic 200th cap, becoming the first player to appear in six different World Cups. The 39-year-old forward remains central to Argentina’s attacking plans, with Lautaro Martinez expected to lead the line alongside him.

Predicted Argentina XI: E. Martinez; Molina, Otamendi, Li. Martinez, Medina; De Paul, Fernandez, Mac Allister, Almada; Messi, La. Martinez.

For Algeria, left-back Ramy Bensebaini is sidelined with an ankle injury, with Samir Chergui and Zineddine Belaid competing to replace him. Amine Gouiri returns after missing recent AFCON action due to a shoulder problem, while Mohammed Amoura provides attacking support after netting 10 goals in qualifying. Veteran winger Riyad Mahrez will captain the side.

Predicted Algeria XI: Zidane; Belghali, Mandi, Chergui, Ait-Nouri; Bentaleb, Boudaoui; Mahrez, Maza, Amoura; Gouiri.

Form and Tactical Outlook

Argentina have been in exceptional form, winning their last seven matches and scoring 21 goals during that streak. They enter as the world’s top-ranked team and have a strong record against African opposition, winning their last six encounters. Scaloni’s side blends experienced leaders with emerging talent, creating a balanced and dangerous unit capable of controlling matches through possession and quick transitions.

Algeria have shown strong organization and defensive discipline under Petkovic. They secured impressive victories over the Netherlands and Bolivia in preparation and have conceded just twice in their last six matches. Their possession-based approach could test Argentina’s midfield, while counterattacking threats from Mahrez and Amoura pose dangers on the break.

The match is expected to be competitive, with Argentina favored but Algeria capable of causing problems through tactical discipline and set-piece execution. Referee Szymon Marciniak of Poland will officiate, adding experienced leadership to what promises to be an intense Group J encounter.

Historical Context and Significance

Argentina’s bid to retain the World Cup would make them only the third team to achieve back-to-back titles, following Italy and Brazil. Their path through a challenging group will test their depth and adaptability, with Messi’s milestone adding emotional weight to the campaign.

Algeria’s return to the global stage after a 12-year absence carries huge significance for African football. A strong showing against the defending champions could boost confidence for their remaining matches and highlight the growing competitiveness of CAF nations on the world stage.

The last meeting between the sides came in a 2007 friendly, where Argentina won 4-3 in a high-scoring affair. Wednesday’s encounter is likely to be more tactical, with both teams prioritizing a solid start to the group phase.

Venue and Atmosphere

Children’s Mercy Park in Kansas City will host the match, providing a modern and passionate environment for what is expected to be a well-attended fixture. The venue has a reputation for creating an electric atmosphere, and with significant Algerian and Argentine diaspora communities in the United States, the stands should reflect strong support for both sides.

The timing of the 02:00 BST kick-off adds an early morning challenge for European viewers but ensures prime exposure for audiences in the Americas. Broadcast coverage will be available on major networks, with ITV1 in the UK and Fox Sports in the United States.

How to Watch and Key Match Facts

Fans in the UK can watch live on ITV1, while viewers in the United States can tune in on Fox Sports. Global streaming options will also be available through official FIFA partners.

Key facts to watch include Messi’s influence on the game, Algeria’s ability to maintain defensive structure against Argentina’s attacking flair, and the physical condition of both squads after varying preparation periods. Set pieces and transitions could prove decisive in what promises to be a tactically rich encounter.

What’s at Stake

A win for Argentina would send a strong message to the rest of Group J and establish them as early frontrunners. For Algeria, earning a point or more against the defending champions would represent a significant achievement and boost their chances of advancing from the group stage.

Both teams understand the importance of a strong start in a tournament where momentum can be decisive. The match offers a fascinating clash between established excellence and determined challengers, embodying the spirit of the expanded 2026 World Cup.

As the tournament unfolds, this Group J opener could set the tone for exciting battles ahead. Argentina’s quest for back-to-back titles and Algeria’s return to the global stage create a compelling narrative that football fans worldwide will be eager to follow. The stage is set in Kansas City for what should be a memorable encounter between two proud footballing nations.

The Federal Reserve is expected to hold rates steady following its monetary policy meeting this week amid the rise in inflation, while newly minted Chairman Kevin Warsh is set to hold his first post-meeting press conference.

Inflation was already elevated before the Iran war jolted energy prices higher, which has in turn contributed to key inflation measures moving further away from the Fed’s 2% target. The consumer price index (CPI) rose to 4.2% in May, which was the highest level since April 2023.

That inflationary trend has prompted the market to effectively rule out an interest rate cut at this week’s meeting of the Federal Open Market Committee (FOMC), the Fed panel responsible for monetary policy decisions.

Warsh’s debut at the FOMC’s post-announcement press conference will be watched closely for signs of how policymakers view the path ahead for the economy and monetary policy, with the outlook for possible interest rate cuts this year appearing dim.

INFLATION IS SQUEEZING AMERICAN CONSUMERS AND THE FED’S LATEST REPORT SHOWS IT’S GETTING WORSE

Federal Reserve Chair Kevin Warsh will host his first post-meeting press conference on Wednesday. (Graeme Sloan/Bloomberg via Getty Images)

The CME FedWatch tool shows a 98.4% probability that the Fed will leave the benchmark federal funds rate unchanged at its current target range of 3.5% to 3.75% this week. It also shows a 42.7% chance that rates remain at that level through the December meeting, narrowly ahead of a 25-basis-point cut at that time.

“While Warsh is generally perceived as dovish, he will inherit a Committee that has become noticeably more hawkish,” said EY-Parthenon chief economist Gregory Daco. “Several policymakers have recently argued that rate hikes should remain an option if inflation remains above target, and concerns around energy-driven inflation pressures have only reinforced that bias.”

JPMorgan economists led by Michael Feroli wrote that they think that given the inflation backdrop and the labor market looking stronger, the FOMC “should drop the easing bias from the post-meeting statement, replacing it with either a neutral sentence or no forward guidance at all.”

AMERICANS GROW MORE PESSIMISTIC ABOUT FINANCES AS RENT AND FOOD COST FEARS SURGE, FED SAYS

President Donald Trump nominated Warsh to be Powell’s successor as Fed chair. (Anna Moneymaker/Getty Images)

Fed watchers will also be on the lookout for signals about possible institutional changes at the central bank in terms of its communications and projections.

Daco said that the summary of economic projections (SEP or “dot plot”) released by the Fed are likely to garner more attention than usual, given that “Warsh has repeatedly expressed skepticism toward the usefulness of economic forecasts and the dot plot of median rate expectations.”

“While we still expect the SEP and dot plot to be published in June, we would not be surprised if Warsh declined to submit his own projections. Such a decision would be largely symbolic, but it would reinforce his broader view that policymakers should place less emphasis on forecasts and more emphasis on incoming economic data,” Daco added.

KEVIN WARSH SWORN IN AS FEDERAL RESERVE CHAIR

Former Fed Chair Jerome Powell remains a member of the central bank’s Board of Governors and of the FOMC after his chairmanship ended in May. (Amanda Andrade-Rhoades/Reuters)

Goldman Sachs economists led by Jan Hatzius and David Mericle noted the questions around whether the SEP would continue to be published and said that they don’t expect major changes in the near term.

“The FOMC just had a lengthy review of its communication practices last year in its framework review and was unable to agree on any changes,” they wrote.

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The JPMorgan economists said that while Warsh has promised “regime change” at the Fed and is likely to face questions about that, he has also “always been somewhat vague about what that would entail, and at this early stage we expect he will say he has initiated a review but will avoid giving specifics.”