US, Iran reach deal to end war, reopen Hormuz

The United States and Iran have announced a deal to end their war on all fronts, including in Lebanon, and to reopen the crucial Strait of Hormuz. The agreement, slated for signing on Friday in Switzerland, marks a significant breakthrough after months of conflict that have impacted global energy markets and caused thousands of casualties.

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The Deal with the Islamic Republic of Iran is now complete. Ships of the World, start your engines. Let the oil flow!

U.S. President Donald Trump announced the completion of the deal via social media, stating, "Ships of the World, start your engines. Let the oil flow!" He indicated that the Strait of Hormuz, a vital chokepoint for global oil supplies, would reopen following the signing. Iran's Deputy Foreign Minister, Kazem Gharibabadi, confirmed the agreement would bring an "immediate end" to the war between the two nations, with further talks planned within two months to seek a "final agreement."

The announcement follows a period of heightened tensions, including a recent Israeli strike against Hezbollah, an Iranian ally, in Beirut, which had threatened to derail the negotiations. However, Pakistani Prime Minister Shehbaz Sharif confirmed that "both sides have declared the immediate and permanent termination of military operations on all fronts, including in Lebanon." He also acknowledged the mediation efforts of Qatar, Saudi Arabia, and Turkey.

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The deal put an 'immediate end' to the countries' war and that they would hold talks within two months to seek a 'final agreement.'

Details of the agreement remain largely undisclosed, a point of concern given the ongoing U.S. efforts to curb Iran's nuclear ambitions. Reports suggest the U.S. might release $12 billion in frozen assets to Iran, with a "memorandum of understanding" reportedly stipulating the release of $24 billion in frozen assets during a 60-day negotiation period post-signing. The Trump administration has not yet commented on these specifics, which could prove contentious as the U.S. seeks to address Iran's nuclear program and its stockpile of enriched uranium.

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

President Trump hinted in an interview that a 15-year suspension of Iran's uranium enrichment activities might be acceptable, but he expressed a preference not to negotiate through the press. The reopening of the Strait of Hormuz is expected to significantly impact oil prices, with some operators suggesting a potential drop in petrol prices.

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The US would release $12 billion in frozen assets to Iran before the start of negotiations.