Editorial: Iran peace signal promising but hurdles remain

It is not exaggerating to conclude that Australians have been feeling particularly downbeat lately.

And there is little mystery about why that is.

Social cohesion was torn apart by the murderous invasion of Israel by the Iranian proxy Hamas on October 7, 2023, and the poisonous anti-Jewish hatred which took hold on our streets afterwards, which culminated in the Bondi massacre.

Inflation has surged this year, attributed in part to government addiction to spending, which in turn pushed the Reserve Bank of Australia to hike interest rates to cool demand.

This was already starting to hit hip pockets when the US and Israel attacked Iran, which retaliated by closing the Strait of Hormuz, causing massive disruption to global oil supplies and forcing up prices, which flowed through to all sectors of the economy.

The Federal Government’s trickery, which led to its higher-taxing and spending Budget, added another element of concern.

So the announcement on Monday of a looming peace deal between the US and Iran was potentially good news at last.

We say potentially because uncertainty is the most certain element of the conflict to date.

Much now rests on the details which remain to be endorsed by the two sides on Friday.

Crucially these details will revolve around what it means for Iran’s nuclear ambitions and stockpile of enriched uranium, access through the Strait of Hormuz, and the conflict in Lebanon, where Israel has faced Iran-backed Hezbollah.

There were reports on Monday that there remained concerns in Israel about the potential deal.

Australia backed the campaign against Iran when it started in February, with Prime Minister Anthony Albanese, Defence Minister Richard Marles and Foreign Minister Penny Wong saying the Iranian regime had been a destabilising force, had directed at least two attacks on Australian soil in 2024 targeting Australia’s Jewish community, and that the international community had been clear that “the Iranian regime can never be allowed to develop a nuclear weapon”.

On Monday Iran and the US were putting emphasis on differing elements of the deal.

And the wider history of the Middle East region gives little confidence that seemingly unending conflict will finally finish any time soon.

Nevertheless US President Donald Trump was upbeat, declaring “ships of the World, start your engines. Let the oil flow.”

Vice-President JD Vance also put a positive spin on the development. He said the agreement would bring in a new era of global prosperity.

“What the President has done is create the real space to transform that region, cooperation between the Gulf Arab allies and the Israelis, and now, hopefully, a new era with the Iranians,” Mr Vance said.

Some might suggest that Iran could be waiting out the end of Mr Trump’s term in office in the hope the next president is less inclined towards taking a firm stance, and that the aim of exporting the Iranian revolution globally can then be resumed.

But for now we can hope a moment to catch our breath has arrived.

Responsibility for the editorial comment is taken by Editor-in-Chief Christopher Dore