A call for an immediate ceasefire in Lebanon was issued on Wednesday by the leaders of the G7 countries, while at the same time committing themselves to speed up the diversification of supply energy routes, in order to limit the dependence of the global economy on the Straits of Hormuz. Decisions were taken at the summit held in the town of Evian-le-Ben, France, under the armistice agreement between the United States and Iran.
The leaders of the seven largest developed economies met on the banks of Lake Geneva, as Washington and Tehran began to leak more details of the ceasefire agreement, which is expected to be officially presented Friday in Switzerland.
The agreement provides for the opening of negotiations on a permanent settlement that will end the war, which, according to the information available, has caused more than 7,000 deaths, mainly in Iran and Lebanon.
In a joint statement, G7 leaders stressed that talks should address "the threats coming from Iran in the region and beyond" and ensure that the country "will never have a nuclear weapon". Referring to Iran's claim that it would collect "end" for sea services offered in the Strait of Hormuz, they described the right to pass without tolls or restrictions "the foundation of international trade".
The summit offered the American president, Donald Trump, the opportunity to present the agreement to the leaders of Britain, France, Germany, Italy, Canada and Japan.
Although most G7 countries share Washington's concerns about Iran's nuclear programme, they had not supported the decision on military intervention and expressed concern about the fact that Tehran managed to withstand the pressure of American and Israeli attacks, while maintaining influence on the Straits of Hormuz.
The leaders also stated ready to contribute to the implementation of the agreement. According to diplomatic sources, a force led by Britain and France is expected to take a role in the protection of navigation after the reopening of the Straits of Hormuz, which is estimated to take place on Friday.
The memorandum of understanding signed by the United States and Iran, although not yet made public, extends by 60 days the ceasefire announced in April to give time for negotiations aimed at a permanent agreement.
Despite the agreement, several analysts point out that Trump did not achieve many of the original strategic goals he had set at the start of the conflict. Iranian theocratic leadership remains in power, highly enriched uranium reserves have not been delivered, the country's ballistic capabilities have not been neutralized and support for organisations such as Hezbollah has not been terminated.
The American president argues that the agreement ensures that Iran will not acquire nuclear weapons, essentially repeating Tehran's timeless official position since the 1970s. American officials estimate that the next talks will lead to the removal or destruction of enriched uranium reserves.
However, the agreement may cause reactions within the US, even from hardcore circles of the Republican Party, in the light of the mid-term elections in November.
Lebanon's open frontOne of the most important issues that remain open concerns Lebanon. Israel invaded the country in March aimed at neutralising Hezbollah, following the attacks launched by the organization along the border in a sign of solidarity with Tehran.
Israeli forces continue to control parts of southern Lebanon, while more than a million residents have abandoned their homes. At the same time, Hezbollah remains operational.
Iran argues that the truce should be extended to Lebanon and that a permanent agreement should include the withdrawal of Israeli forces. Israel, which did not participate in the US – Iran negotiations, rejects the possibility of withdrawal and states that it reserves the right to use military power.
This dispute has created tensions in relations between Washington and Tel Aviv. Trump publicly criticized the Israeli Prime Minister, Benjamin Netanyahu, stating during the session that he is not satisfied with the way Israel managed the situation.
"Without us, without the United States, there would be no Israel. Without me, there would be no Israel, because no other president was willing to do what I did," he said.
In their joint statement, G7 leaders called for "direct and substantial ceasefire" in Lebanon and Hezbollah's disarmament.
A spokesman for the organization told Reuters that Tehran will hardly accept a permanent agreement unless Israeli occupation is terminated.
The economic aspect of the agreementAfter decades of American and international sanctions that seriously hit Iran's economy, the peace agreement could pave the way for significant economic benefits.
The memorandum reportedly includes a reconstruction fund of $300 billion, to be financed by Gulf countries, provided Tehran complies with its commitments.
During the next 60 days, negotiators are expected to return to critical issues, such as Iran's nuclear programme. However, Tehran's support for armed organisations in the region and its ballistic arsenal appears not to be included in the current agenda, which many analysts consider an important concession from the American side.
At the same time, oil prices continued to decline, as markets discount the reopening of the Straits of Hormuz. Brent negotiated under $80 a barrel, at the lowest level since the start of the American-Iranian conflict.
A senior American official also stated that the US intends to lift sanctions on Iranian oil exports under the agreement, which could add millions of barrels daily to the world market.
G7 leaders concluded that they would accelerate diversification of energy routes and increase strategic energy reserves, with the aim of reducing the dependence of the global economy on the Straits of Hormuz.