Trump touts deal with Iran to end war sending oil prices plummeting

[00:00:01]Tonight, President Trump on the world stage at the G7 summit in France touting what he sees as a diplomatic victory, a memorandum of understanding with the Iranian regime.

[00:00:13]It begins to end the war with Iran agreeing to allow oil tankers to go through the critical Strait of Hormuz.

[00:00:20]>> I'm very happy to say that we we have signed the deals on site.

[00:00:27]And the Strait is already partially open. On Friday, it'll be completely opened.

[00:00:32]>> French President Emmanuel Macron appraising the agreement.

[00:00:35]>> a very important one because first, it will fix the nuclear issue.

[00:00:41]>> A formal ceremony is now scheduled for Friday in Switzerland, likely attended by Vice President Pence.

[00:00:46]>> We get along very well with Iran. It's a different set of leaders, as you know.

[00:00:51]>> But some details are in dispute. While senior US officials say the agreement means the Strait of Hormuz will be open without tolls, today Iran said it will charge service fees to oil tankers.

[00:01:03]Still, stocks are soaring to record highs and oil prices are plummeting down to around $80 a barrel.

[00:01:10]>> But we're getting close to the numbers we were before it all started. And the main thing is that Iran will not have a nuclear weapon.

[00:01:17]They fully agreed to that with strong policing powers.

[00:01:21]>> The full agreement has not yet been made public. President Trump says it does not include money or sanctions relief for Iran. A senior US official says that will only happen if the Iranian regime is willing to meet their commitments.

[00:01:34]This framework now sets up a 60-day window for more detailed talks over the future of Iran's nuclear program.

[00:01:41]Tonight, there are mounting questions about whether any ceasefire would hold in Lebanon, where Israel plans to keep forces as it fights Iranian-backed Hezbollah.

[00:01:50]>> We do want to see if we can straighten out the Lebanon the Lebanon thing. So, Hezbollah, we have to we have to have a little talk with them.

[00:01:59]>> And Gabe joins us now from Geneva, near where the president is attending that G7 summit. So, Gabe, we're still waiting to see the text of this agreement released to the public?

[00:02:10]>> Yes, Tom. Vice President Pence says it's a page and a half and it will be be released Friday after that formal signing ceremony. Tomorrow, meanwhile, President Trump will meet here with leaders from the UAE, Egypt, and Qatar, key allies in the Middle East that have been heavily involved in these talks.

[00:02:27]Tom.

[00:02:28]>> All right, Gabe. Thank you. We thank you for watching and remember, stay updated on breaking news and top stories on the NBC News app or watch live on our YouTube channel.