Iran's president hails ceasefire as 'historic punishment' for Israel

“China can now continue to purchase Oil from Iran,” Trump wrote on Truth Social, “Hopefully, they will be purchasing plenty from the US, also. It was my Great Honor to make this happen!”

In May, Trump had threatened to bar any country that bought Iranian oil from doing business with the United States.

China remains the dominant buyer of Iranian crude, accounting for the bulk of the country’s 1.7 million barrels per day in exports, according to data from Kpler, data and analytics firm that tracks global commodity flows.

Trump’s announcement comes after nearly two weeks of fighting between Iran and Israel, which began with Israeli airstrikes on Tehran on June 13. A ceasefire agreement was reached Monday evening, following US airstrikes on three Iranian nuclear sites over the weekend. The US said its objectives had been met.

Speaking to reporters aboard Air Force One, Trump said Iran “is not going to have enrichment and they're not going to have a nuclear weapon,” adding, “They're going to get on to being a great trading nation.”

Oil prices have now tumbled to levels last seen before the Israeli strikes began, as investor fears of a major supply disruption in the Middle East ease.

Initial concerns had surged after the US joined Israel’s campaign, prompting speculation that Iran might retaliate by targeting oil flows from the Persian Gulf.

Traders were particularly watching whether Tehran would attempt to close the Strait of Hormuz — the narrow waterway linking the Persian Gulf and the Gulf of Oman — through which 20% of the world’s crude flows.

It remains a critical artery for oil exports from Iran, Saudi Arabia, the UAE, Iraq, Kuwait, and Bahrain.

“We are at the conclusion of a significant chapter, but the campaign against Iran is not over. We are moving to a new chapter based on the achievements gained in the current campaign,” Israeli military's chief of staff Eyal Zamir said on Tuesday.

In a statement released by the military, Zamir said Israel had significantly set back Iran’s nuclear and missile programs during the recent conflict.

“Now the focus returns to Gaza – to the return of the hostages and the dismantling of Hamas's rule,” Zamir added.

International Atomic Energy Agency (IAEA) Director General Rafael Grossi on Tuesday called for renewed access to Iranian nuclear sites to resume safeguards verification.

“Resuming cooperation with the IAEA is key to a successful diplomatic agreement to finally resolve the dispute over Iran’s nuclear activities,” Grossi said in a statement.

Grossi said he has written to Iran’s Foreign Minister Abbas Araghchi stressing the importance of working with the agency and proposing to "meet soon.”

He said inspectors remained in Iran throughout the 12 day conflict and are ready to resume work, including verifying more than 400 kg of uranium enriched to 60%.

“During these attacks, we have seen extensive damage at several nuclear sites in Iran,” he said. “Our assessment is that there has been some localized radioactive as well as chemical release inside the affected facilities … but there has been no report of increased off-site radiation levels.”

Hacktivist group Tapandegan on Tuesday said it had hacked Iran’s Bank Mellat, releasing personal data from more than 32 million customer accounts in what it described as a warning about systemic vulnerabilities in the country’s banking sector.

“Infiltrating Bank Mellat’s systems and navigating through them was extremely easy and unimpeded,” the group said in a post on their Telegram channel. “If we were a hostile group, we could have easily brought down and emptied the entire banking system of this wrecked country.”

Tapandegan said the disclosure was not meant to steal assets but to raise public awareness about what it called a “domino collapse” of financial institutions linked to the “regime.”

“We do not tamper with assets,” the group added. “The release of this information is merely a warning bell.”

Iranian lawmakers on Tuesday responded to the ceasefire with Israel by threatening to expel UN nuclear watchdog inspectors and declaring the Islamic Republic's rising global power.

“The West must soon get used to ambiguity over Iran’s nuclear program,” MP Amir Hossein Sabeti said, adding, “Not only have Iran’s nuclear facilities not been destroyed, but Israel will soon receive a more decisive blow—when, with a majority vote in parliament, the spy inspectors from the IAEA (International Atomic Energy Agency) inspectors are expelled.”

Separately, MP Mohammad Nabavian said the ceasefire marked the beginning of “a new phase of the war,” adding, “The Islamic Republic empire is emerging…we were a regional power, but now the Iranian nation is a global power…the enemy has asked us for a ceasefire.”