US Senate Majority Leader John Thune has called the interim peace deal with Iran ”a step in the right direction”.

“I view this as a first step in what will probably be somewhat long and continue to be a contentious conversation about what a final deal looks like, but I think it’s a, obviously it’s a step in the right direction, it opens up the strait and gets the shipping lanes open, and I think that’s a good, a good outcome for the economy”, he told CNN Thursday.

Donald Trump has said there are “no limits” to his power and the peace deal is “probably is unconditional surrender” of Iran.

Trump was asked during his an interview with The Axios Show what the conflict had taught him about the limits of his power. Trump replied: “I haven’t learned that lesson yet. I know there are, but there are no limits.

“He insisted that the conflict had instead demonstrated America’s military strength and his ability to shape events.

Trump argued that the US had achieved its objectives militarily, claiming “we defeated them totally militarily”.

He also pointed to the US naval blockade imposed during the conflict as evidence of American strength.

“Who else could have done a blockade like that? I did a naval blockade where not one ship was able to get through. Some tried. It didn’t last very long.”

Trump, however, acknowledged that prolonging the war could have carried severe economic consequences, particularly if it disrupted shipping through the Strait of Hormuz, a vital route for global oil supplies.

“The only way I can get tougher is if I go in there for another two or three weeks and continue to bomb the hell out of ’em. Right? But what does that get us? The Strait of Hormuz will not be open,” he noted

.”We wouldn’t have oil for months. As long as you’re dropping bombs, that thing is automatically closed,” he said.”This is the kind of thing that could cause a worldwide depression.”

Planned US-Iran talks at Switzerland’s Bürgenstock resort will not take place as scheduled on Friday, the Swiss foreign ministry said, casting further doubt over efforts to advance negotiations following the interim agreement between Washington and Tehran.

The announcement comes after vice president JD Vance cancelled a planned trip to Switzerland and Iranian officials signalled uncertainty over participation in the talks.

Planned US-Iran talks at Switzerland’s Bürgenstock resort will not take place as scheduled on Friday, the Swiss foreign ministry said, casting further doubt over efforts to advance negotiations following the interim agreement between Washington and Tehran.

The announcement comes after vice president JD Vance cancelled a planned trip to Switzerland and Iranian officials signalled uncertainty over participation in the talks.

Vice president JD Vance urged Israeli ministers to stop criticising president Donald Trump’s Iran deal, saying those who viewed Trump as Israel’s biggest problem needed to “wake up and smell the reality.”

Speaking at the White House, Vance said Trump was “the only head of state in the entire world who is sympathetic to the nation of Israel” and warned that Israel should not be attacking “the only powerful ally” it had left.

He also highlighted US military support, noting that “two-thirds of the defensive weapons that have protected your homeland have been built by American hands and paid for by American tax dollars.”

In a separate interview, Vance criticised Israeli ministers Itamar Ben Gvir and Bezalel Smotrich, saying Israel could not “just kill your way out of solving every single national security problem that you have.”

Trump has also pressed Israel to uphold the ceasefire, saying he expected a “complete Ceasefire on all fronts.”

We look at the main obstacles to a more long-term peace and what happens now the documents have been signed:

Mojtaba Khamenei, the supreme leader of Iran, said he approved the peace deal with the US despite having a “different view”.

“But I issued my permission due to the commitment” made by officials including Pezheshkian to “protect the rights of the Iranian nation”.

“Face-to-face negotiations” with the US will be held in the future, but that does not “mean accepting the enemy’s point of view”, he said.

He said US president Donald Trump acted “out of desperation” to secure the deal and used “all kinds of leverage” to have it signed.

“He also made clear that if the American side seeks excessive demands, they will not accept them,” Khamenei said.

Oil prices fell to their lowest level on Friday since 2 March as tankers resumed passing through the Strait of Hormuz after the US lifted its blockade on Iran, reopening a key shipping route under an interim agreement designed to end the three-month war.

But Israel continued its war against Hezbollah in Lebanon, raising questions about whether the agreement would hold.

The return of maritime traffic through the strategic waterway eased fears of a prolonged disruption to global energy supplies, weighing on crude prices.

Brent crude futures slipped 1% to $79.03 a barrel and were on track for a weekly decline of 9.5%, as traders grew increasingly confident that Gulf oil exports would continue to flow without major interruption.

The US Department of Defence needs $80bn to cover costs from the ⁠Iran ​war ⁠as well as ⁠other non-war-related bills, ​deputy ⁠defence ‌secretary Stephen Feinberg told lawmakers in ‌phone calls ‌this week, the ⁠Wall Street Journal said on Thursday, citing people familiar with the ‌matter.

Since the war began on 28 February, lawmakers have repeatedly sought a comprehensive estimate of its cost, while warning that the conflict has drained valuable munitions stockpiles that may be required to address security challenges elsewhere.