Source: Sharecast
Fears of an escalation rose over the weekend as Iran fired missiles into Israel in response to Tel Aviv’s strikes on Beirut.
Observers were concerned that Israeli leader Benjamin Netanyahu was trying to drag the US into more military action against Iran.
Brent crude prices fell to $92.61 a barrel after Trump said talks on a peace deal with Iran were in their “final throes of what will be a very, very good deal”.
When asked whether it would be matter of days or weeks, Trump claimed an agreement would take “two or three days”, adding that the strait of Hormuz would “open up right away” once it was signed.
The news came as Israel issued a forced evacuation order for residents of Tyre, Lebanon’s fifth biggest city, ahead of attacks.
“Urgent warning to the residents of the city of Tyre, including the Christian quarter, and the camps and surrounding neighbourhoods,” officials said, warning residents to “evacuate immediately” and “move north beyond the Zahrani river”.
Israeli claimed that the Iran-backed Hezbollah militia had broken a ceasefire agreement. Iran has been adamant that no peace deal with the US can be signed until Israel ceases its attacks in southern Lebanon and Beirut which have killed thousands and displaced more than a million people as well as destroying large swathes of civilian infrastructure such as hospitals.
The Lebanese government has been holding talks with Israel under US mediation which Hezbollah regards as a climbdown. Israel has annexed a fifth of Lebanon since the militia attacked northern Israel in support of Iran days after the US and Israel killed the former Iranian supreme leader in Tehran in February.
Reporting by Frank Prenesti for Sharecast.com