Washington, D.C. President Donald Trump said Sunday that the United States and Iran had reached a peace agreement intended to end more than three months of fighting and reopen the Strait of Hormuz, a critical route for global oil shipments.
Pakistan Prime Minister Shehbaz Sharif, who helped mediate the talks, said the agreement is expected to be formally signed Friday, June 19, in Switzerland. Reuters reported that the pact calls for an immediate and permanent halt to military operations across all fronts, including Lebanon, where Iranian-backed Hezbollah has been involved in the broader conflict.
The deal follows U.S.-Israeli strikes that began Feb. 28 and led to thousands of reported deaths in Iran and Lebanon. The conflict also helped push energy prices higher after shipping through the Strait of Hormuz was disrupted and Iranian ports were placed under a U.S. naval blockade.
Oil prices fell after the announcement as markets responded to the possibility of resumed shipping through the strait. However, Reuters reported that full traffic recovery and a return to pre-crisis oil flows could take weeks or months.
Major questions remain unresolved, including the future of Iran’s nuclear program. Those issues are expected to be handled during a 60-day framework for technical negotiations.
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