US, Iran reach peace deal, signing set for Friday, Pakistan says

The United States and Iran have finalized a peace deal to end their protracted war, with an official signing ceremony scheduled for Friday in Switzerland, Pakistani Prime Minister Shehbaz Sharif announced early Monday via social media. U.S. President Donald Trump corroborated the announcement on his Truth Social platform shortly after Sharif's statement, declaring, "The Deal with the Islamic Republic of Iran is now complete."

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

The agreement was reportedly struck despite a recent Israeli strike on Lebanon on Sunday, an action that drew criticism from both Iran and Trump. While the precise terms of the deal remain undisclosed, Sharif indicated that the pact mandates "the immediate and permanent termination of military operations on all fronts, including in Lebanon." Multiple sources previously informed Reuters that the draft agreement includes provisions for reopening the Strait of Hormuz, ending the U.S. blockade on Iranian ports, and extending a ceasefire, while deferring discussions on Iran's nuclear program to a subsequent 60-day period of talks.

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

Trump elaborated on the economic implications in his social media post, stating the Strait of Hormuz would be open "toll free" and the U.S. naval blockade would be lifted. "Ships of the World, start your engines. Let the oil flow!" he wrote. Earlier on Sunday, Iranian negotiator Mohammad Baqer Qalibaf had criticized the U.S. for lacking the "will and ability to fulfill your commitments" following the Beirut attack, which Iran's foreign ministry held the United States responsible for. Trump, in a separate Truth Social post, commented that the "attack on Beirut should not have happened, particularly on a special day when we are so close to a Peace Deal with Iran."

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

Israel has maintained it is not a party to the planned U.S.-Iran deal, and Prime Minister Benjamin Netanyahu has previously differed with Trump over U.S. demands for Israel to curb its military actions in Lebanon. The conflict between Israel and Iran-aligned Hezbollah in Lebanon intensified following the commencement of the U.S.-Israeli war against Iran in February. A senior Iranian official had previously told Reuters that the draft deal also involves the U.S. agreeing to release $25 billion in frozen Iranian assets, with Iran committing to maintaining its current nuclear program status quo, including no uranium enrichment or expansion of nuclear facilities, until a final agreement is reached.

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the United States lacks "the will and ability to fulfill your commitments"