Trump Lands in France for G7 Summit Days After Iran Deal

If you've been paying more at the gas pump or noticed prices creeping up on just about everything lately, this story is directly connected to your wallet.

President Trump touched down in France on Monday for the G7 summit — a yearly gathering of leaders from the world's seven wealthiest nations — riding a wave of momentum after announcing a landmark deal with Iran just hours earlier. The timing wasn't subtle: Trump arrived in Évian-les-Bains, a lakeside town in the French Alps, with what amounts to his biggest diplomatic headline of the year tucked under his arm.

So what's the deal, exactly? After more than three months of war between the U.S.-backed military campaign and Iran, the two sides announced an initial agreement to end the fighting and — crucially — reopen the Strait of Hormuz. That's the narrow waterway in the Persian Gulf through which roughly 20% of the world's oil flows. Iran had closed it off, and the ripple effects hit global energy markets hard. Oil prices shot up, and that fed into higher costs for basically everything that gets shipped or manufactured.

The formal signing is set for Friday in Switzerland. Trump posted on Truth Social Sunday evening: 'The Deal with the Islamic Republic of Iran is now complete.' Then, meeting French President Emmanuel Macron on Monday at the G7, he told reporters 'the deal's all signed.' The full terms — what's technically called a memorandum of understanding — haven't been released yet, but Trump said details would be public 'probably pretty soon.'

Markets reacted fast. Oil futures dropped 4% right after the announcement. That's meaningful — prices are still higher than before the conflict started, but it's the cheapest oil has been since the war began. For you, that could eventually translate to some relief at the gas station, though don't expect prices to fall overnight.

Here's the catch, though: Israel wasn't at the negotiating table. Iran had made an end to the fighting in Lebanon — where Israel is battling Iranian-backed Hezbollah militants — a condition of any deal. Israel's defense minister signaled the country may not simply go along with it, which puts a real question mark over whether the ceasefire holds on the ground.

Back at the G7, Trump is walking into a room full of leaders who have had a rocky relationship with him. British PM Keir Starmer, Macron, and German Chancellor Friedrich Merz have all been openly critical of the U.S.-Israeli conflict in Iran — and Trump has clapped back at all of them. Still, Macron welcomed Trump warmly and congratulated him on the Iran agreement. The summit's official agenda includes trade, AI, immigration, and Ukraine, but the Iran deal is almost certain to dominate the hallway conversations.

The big outstanding questions: What does Iran's nuclear program look like going forward? What happens to the frozen Iranian assets? And will Israel, which wasn't part of any of this, actually stand down in Lebanon? Those are the threads that could unravel the whole thing — or define what this deal actually means in practice.