US and Iran reach deal to end war, signing set for Friday

The United States and Iran have reached a peace framework agreement to end their ongoing war, lift the U.S. blockade on Iranian ports, and reopen the vital Strait of Hormuz, potentially leading to lower global energy prices. U.S. President Donald Trump announced the completion of the deal on his Truth Social platform, shortly after Pakistan's Prime Minister Shehbaz Sharif, who mediated the talks, confirmed an agreement had been struck.

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The Deal with the Islamic Republic of Iran is now complete.

The pact is scheduled for official signing on Friday in Switzerland. While the precise terms remain undisclosed, Prime Minister Sharif indicated on X that the agreement mandates the "immediate and permanent termination of military operations on all fronts, including in Lebanon." Lebanon had been a significant point of contention during the negotiations, with recent escalations between Israel and Hezbollah despite calls for a ceasefire.

President Trump stated that the Strait of Hormuz, a crucial shipping lane for global energy supplies that Iran had effectively blocked for months, would reopen on Friday. He also confirmed his order to end the U.S. blockade of Iranian ports, urging global ships to resume operations. The announcement led to a drop in oil prices, with Brent crude futures falling 4% and West Texas Intermediate sliding over 4.6% in early trading.

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Ships of the World, start your engines. Let the oil flow!

Iran's deputy foreign minister, Kazem Gharibabadi, noted that a more comprehensive agreement, including sanctions relief and discussions on Iran's nuclear program, would be negotiated during a subsequent 60-day ceasefire period. The conflict, which began on February 28, has resulted in thousands of casualties, primarily in Iran and Lebanon. Iran had retaliated against Israel and Gulf states hosting U.S. bases, while also blockading the Strait of Hormuz, contributing to rising global energy prices. U.S. forces responded by blocking Iranian ports.

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the immediate and permanent termination of military operations on all fronts, including in Lebanon.

The agreement was finalized despite a recent Israeli airstrike in southern Beirut, which targeted Iranian-backed Hezbollah militants. This strike drew criticism from both Iran and President Trump, with Iranian negotiator Mohammad Baqer Qalibaf suggesting the U.S. lacked the "will and ability to fulfil your commitments." Israel has stated it is not a party to the U.S.-Iran deal. The war had become a political challenge for President Trump and his Republican allies, with public opinion polls reflecting American frustration over rising gas prices ahead of the November midterm elections.

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the United States lacks "the will and ability to fulfil your commitments".