Protect the US-Iran peace deal

On Wednesday, June 17, at the Palace of Versailles in France, President Donald Trump signed the 14-point Memorandum of Understanding (MoU) to end his “Operation Epic Fury” war of choice with Iran. Earlier, Iranian President Masoud Pezeshkian had signed the document digitally.

The MoU mandated a permanent halt to military operations on all fronts, including in Lebanon; the removal of the U.S. naval blockade; the reopening of the Strait of Hormuz; an unprecedented financial windfall through the unfreezing of assets and the waiver of oil sanctions; and a $300 billion regional reconstruction package financed largely by members of the Gulf Cooperation Council. This is in addition to a temporary nuclear freeze pending 60 days (extendable with progress) of final negotiations on Iran’s nuclear programme, sanctions relief and related issues.

And on Sunday, June 21, U.S. Vice President JD Vance and senior Iranian officials formally launched and concluded the first round of talks in Bürgenstock, Switzerland, on these issues, though proceedings got off to a rocky start, with Iran again announcing the closure of the Strait of Hormuz and Trump characteristically threatening to resume attacks.

While opposition to the ceasefire agreement came from conservative U.S. lawmakers, Pope Leo XIV welcomed it “with satisfaction,” expressing hope that it “may help strengthen mutual trust, security and stability in the Middle East, promoting paths of dialogue and cooperation among peoples.”

G7 leaders also hailed the agreement at their France summit, with the leaders of France, Germany, Britain, Japan, Italy, Canada and the U.S. demanding, in a joint statement, an immediate ceasefire in Lebanon.

Daily Trust joins all well-meaning citizens of the world in welcoming the MoU and commends the parties for the follow-up meeting in Switzerland, as what is currently in place is only a pause in hostilities. If the Trump team succeeds, it would be the first U.S. administration to achieve lasting peace in the Middle East, a region where war, sanctions, economic leverage and diplomacy have failed in the past.

We urge both sides not to stumble or bow to enemies of the deal. They should understand that their political will be tested. But the ceasefire must hold and must not be allowed to unravel. This is no time for grandstanding. The era of threats should remain in the past. Any claim to victory is pyrrhic, as not all military action achieves its envisaged strategic goals; conventional military dominance alone does not guarantee overall strategic success; and the ability to destroy physical assets is not equivalent to the ability to achieve political objectives.

Therefore, while negotiations continue, Trump should rein in Israeli Prime Minister Benjamin Netanyahu, who has distanced Israel from the agreement through his tactics in Lebanon against Hezbollah and by clearly sabotaging the deal. Through its recalcitrant actions, Israel is placing a question mark on the U.S.’s credibility as a security guarantor in the region and on America’s quest to rebuild trust with its Gulf partners. It must understand that Israel’s behaviour has turned the Iran war into Trump’s most consequential foreign policy mistake, as none of the original military goals—dismantling Iran’s nuclear and military infrastructure, cutting off regional proxies, effecting regime change, and fundamentally altering the country’s leadership—was achieved.

Daily Trust also calls on the U.S. to use the window of opportunity provided by the final negotiations to lead efforts toward comprehensive peace in the Middle East. The region should cease to be an epicentre of conflict where the regular assassination of leaders, the killing of innocent civilians, and the destruction of both military and civilian infrastructure have become normal. Nor should it remain a source of global instability, as the recent Iran war drove up energy prices, renewed inflationary pressures and sparked concerns about a major food supply crisis, especially in developing countries.

Daily Trust heaves a sigh of relief that the ceasefire and the accompanying reopening of the Strait of Hormuz have resulted in a decline in crude oil prices, with international benchmark Brent crude falling to around $77–$80 per barrel. Unfortunately, even with the Dangote Refinery slashing its ex-depot prices and private marketers demanding further reductions to reflect this global relief, little of the benefit has trickled down to everyday consumers in Nigeria.

Nigerians therefore expect an immediate reduction in petrol prices towards the N900–N1,100 range, or lower. To this end, the Federal Competition and Consumer Protection Commission (FCCPC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), which oversee the pricing, distribution and supply of petroleum products such as petrol and cooking gas, should move into action. We urge them to intervene to ensure that the savings arising from lower international crude oil prices are reflected at Nigerian petrol pumps. Aligning prices with these global benchmarks, in the same way they were quickly adjusted upward in the first place, will help protect the Nigerian public from exploitation.

While, under the Petroleum Industry Act, prices are theoretically governed by supply and demand, government agencies should not go to sleep while pricing remains unfair. Failure to pass on savings when global acquisition costs decline amounts to government negligence and further profiteering at the expense of Nigerian consumers.

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