Israel continued its attacks on southern Lebanon on Friday, with two people killed and another wounded in a raid on Mayfadoun, according to Lebanon's Ministry of Public Health. An Israeli air raid also struck Nabatieh al-Fawqa. Prime Minister Benjamin Netanyahu stated the Israeli military "is not going to withdraw" from occupied Lebanese areas, which currently comprise about one-fifth of the country.

These developments occur amidst progress on an interim peace accord between the United States and Iran, aimed at concluding the US-Israel war on Iran that began on February 28. The accord, also referred to as a Memorandum of Understanding (MoU), is expected to allow International Atomic Energy Agency (IAEA) inspectors access to Iran.

IAEA chief Rafael Grossi announced that inspectors will return to Iran, stating, "There is an agreement and to comply with that agreement, the IAEA will have to have access and inspect." He expressed hope for their swift deployment. This comes after Iran indicated that certain key sites would remain off-limits until a final deal with Washington is reached and sanctions are lifted.

Meanwhile, US President Donald Trump reiterated that unfrozen Iranian assets will be used to purchase American agricultural products like wheat, soybeans, and corn, though Iran has not confirmed this. In a separate development impacting regional security, the UN International Maritime Organization (IMO) paused its escort operations through the Strait of Hormuz after a vessel reported being hit near Oman, raising fresh concerns about the stability of the preliminary peace deal.

Despite the ongoing hostilities in Lebanon and the security concerns in the Strait of Hormuz, Israeli and Lebanese delegations are scheduled to continue their talks on Friday, according to a US State Department official. Senator Marco Rubio has indicated that Lebanon and Israel are nearing a "commitment of intent" after months of negotiations.

The war's commencement on February 28 marked a significant escalation, leading to widespread disruption and the current peace talks. The conflict has had far-reaching implications for regional stability and international trade, particularly concerning vital shipping routes like the Strait of Hormuz.

Iran's Islamic Revolutionary Guard Corps (IRGC) had previously warned vessels against attempting passage through the Strait of Hormuz without explicit permission, despite Oman and the IMO announcing a new safe route. The IRGC had also released its own safe-transit route in April, which closely followed its own coastline.

In parallel, India has lifted restrictions on commercial liquefied petroleum gas supplies, signaling a potential shift in global energy markets, although the direct connection to the US-Iran conflict's immediate impact remains under observation.