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Oil price tumbles as Trump says Iran deal already signed · THE DAILY BRIEF

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  Speaker 1: After four months of war, the US and Iran have
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  Speaker 1: electronically signed a framework that could bring an end to
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  Speaker 1: the conflict in the Middle East. Bart There's confusion tonight
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  Speaker 1: over what exactly is in the deal. What is clear
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  Speaker 1: is the agreement will include a sixty day extension of
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  Speaker 1: the ceasefire, the reopening of the Strait of Hormuz as
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  Speaker 1: both sides removed their blockades, and a plan for further
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  Speaker 1: negotiations for Iran's nuclear program. Barta's world leaders arrived in
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  Speaker 1: France for the g seventh Summit of major industrial nations.
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  Speaker 1: It's also unclear whether all sides involved in the conflict
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  Speaker 1: will comply with the terms of the ceasefire. Israel's Prime
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  Speaker 1: Minister Benjamin Netanyahu insists his country will retain the freedom
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  Speaker 1: to act against attacks, including from the Iranian backed group Hezbollah.
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  Speaker 1: In Lebanon, from where Jeremy Bowen has sent this report, the.
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  Speaker 2: Main road down from Beirut towards the southern war zone
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  Speaker 2: was jammed all day. More than a million Lebanese people
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  Speaker 2: were forced from their homes in the south by Israel's offensive,
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  Speaker 2: and they want to get back, even if they only
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  Speaker 2: have rubble to greet them. When they arrive at the
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  Speaker 2: other end of the Mediterranean. Donald Trump is in France
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  Speaker 2: for the g seventh Summit. His war with Iran looks
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  Speaker 2: to be a strategic defeat for America, but as he
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  Speaker 2: told President Macran of France, for him, it's mission accomplished.
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  Speaker 3: The deals all say, and the strain has already partially opened.
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  Speaker 3: As you know, they're doing a little hunting for a
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  Speaker 3: couple of minds they've already found. But it's essentially ships
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  Speaker 3: are starting to go out now. On Friday will be
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  Speaker 3: completely opened.
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  Speaker 2: Hopes are high that the shipping stuck in the Gulf
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  Speaker 2: will soon move, though marine insurance rates are still high.
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  Speaker 2: Realistic considering the dealers fragile. Back in Lebanon, in Nabatea,
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  Speaker 2: a major town in the south, they were clearing rubble
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  Speaker 2: and preparing flags for a religious festival. The town has
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  Speaker 2: been under daily Israeli bombardment. The central market is in ruins.
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  Speaker 2: This felt more like a chance to inspect the damage
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  Speaker 2: of pausing the war, not yet an end to it.
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  Speaker 2: The Lebanese army returned. They have a big rollerhead if
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  Speaker 2: the country is to be stabilized. Though away from the cameras,
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  Speaker 2: his Bula operatives are still here too, and the Israeli
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  Speaker 2: Army is not far away awaiting orders. The biggest test
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  Speaker 2: of the ceasefire could come here in Lebanon. Iran insists
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  Speaker 2: that a deal in the Gulf depends on a ceasefire
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  Speaker 2: in this country. In Israel, the Prime Minister Benjamin Etya,
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  Speaker 2: who is under pressure from hardliners in his cabinet as
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  Speaker 2: well as political opponents, to continue the offensive against his bulla.
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  Speaker 2: He has to find a balance between offending President Trump
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  Speaker 2: and responding to political pressure at home. Only a few
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  Speaker 2: months away from a general election. They were defiant, declaring
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  Speaker 2: victory and their faith in his blah and their sheer
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  Speaker 2: Muslim religion. The level of damage here to civilian property
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  Speaker 2: echoes the scorched of tactics Israel used in Gaza. Where
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  Speaker 2: is his bla? Said Mohammad Arab, a shopkeeper. He's calling
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  Speaker 2: all this destruction aggression and state terror. He wants Europe
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  Speaker 2: to boycott Israel. This isn't war, Mohammad said, It's a
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  Speaker 2: crime against people, systematic destruction. We went upstairs to the
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  Speaker 2: remains of his home, above the wreckage of his shop.
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  Speaker 2: This was his children's playrooms. This war like all wars,
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  Speaker 2: is not just about grand strategy. It's also about the
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  Speaker 2: destruction of thousands of individual dreams and years of work.
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  Speaker 2: Lebanon's curses that bigger countries fight their wars. Iran and
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  Speaker 2: the US haven't made peace. They've extended a ceasefire to
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  Speaker 2: negotiate on Iran's nuclear plans and the other big issues
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  Speaker 2: that exploded into war and could do so again. Lebanon,
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  Speaker 2: the Middle East and the rest of the world can
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  Speaker 2: take a breath, perhaps not for long. Jeremy Bowen, BBC
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  Speaker 2: News in South Lebanon.
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  Speaker 1: Well, oil prices and the markets have reacted quickly to
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  Speaker 1: news of a piece steel and there's hope of more
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  Speaker 1: positive economic news for UK consumers. Darshini David has been going.
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  Speaker 4: Through the numbers well, as we've been saying over the
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  Speaker 4: last one hundred days, the fate of our economic wellbeing
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  Speaker 4: hangs on this. The Strait of Homers, that crucial waterway.
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  Speaker 4: Now traffic today remains hugely down on where it was
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  Speaker 4: last year, and with hundreds of ships stuck there and
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  Speaker 4: edgy facilities damaged, getting things back to normal will take
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  Speaker 4: some time. Past The oil price is down to just
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  Speaker 4: over eighty dollars per barrel on hopes of lasting peace.
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  Speaker 4: That's still above where we were before the war, but
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  Speaker 4: it's way down on that recent peak and it may
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  Speaker 4: fall further, which goes well for prices at the pump.
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  Speaker 4: Diesel hit its peak back in April. It's already fallen
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  Speaker 4: by about fourteen pence. Petrol will fall too. It's the
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  Speaker 4: same story with gas prices now they have fallen from
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  Speaker 4: the peak of just a few months ago, but all
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  Speaker 4: of this is nowhere near the highest scene after Russia
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  Speaker 4: invaded Ukraine in twenty twenty two, so potentially good news
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  Speaker 4: for your energy bills. They're due to go up modestly
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  Speaker 4: next month, so a typical household is set to spend
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  Speaker 4: over eighteen hundred pounds per year, but now there's hopes
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  Speaker 4: they won't rise much more in the autumn. Good news
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  Speaker 4: as we think about winter, but some prices will still
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  Speaker 4: head higher food, for example, where it takes months for
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  Speaker 4: higher costs, including that a fertilizer to reach shelves, but
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  Speaker 4: with those fertilizer supplies possibly covering in time for the
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  Speaker 4: planting season in the southern Hemisphere, the extent of those
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  Speaker 4: price rises should be limited, and because the world's oil
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  Speaker 4: reserves are being depleted. There were concerns about supply disruptions
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  Speaker 4: for energy and jet fuel. Those will now retreat. Our
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  Speaker 4: economy has already been more resilient than expected. The hope
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  Speaker 4: now is that this has been a short spell of
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  Speaker 4: economic turbulence rather than another crisis. But it all hangs
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  Speaker 4: on that fragile piece