President Donald Trump said a deal with Iran will be signed on Sunday, June 14. (Jonathan Ernst/Reuters)
DUBAI/BEIRUT, June 15 (Reuters) – The U.S. and Iran said they have agreed terms to end their war and reopen the Strait of Hormuz, news that brought relief to markets worldwide. However, the pact may hinge on events in Lebanon and defer tricky talks on Tehran’s nuclear programme.
The framework deal marks the biggest breakthrough towards resolving a war that began with joint U.S.-Israeli strikes on Iran in February before escalating into a wider regional conflict.
“The Deal with the Islamic Republic of Iran is now complete,” U.S. President Donald Trump wrote on his Truth Social platform at around 5:30 p.m. in Washington (2130 GMT) on Sunday.
The memorandum of understanding is scheduled to be officially signed on Friday in Switzerland. Leaders of the Group of Seven wealthy nations, including Trump, are due to arrive at a French lakeside resort on Monday.
Trump said the Strait of Hormuz, a major shipping route for global oil and gas supplies that Iran has effectively shut for months, would open on Friday, and that he had ordered the end of a U.S. blockade of Iranian ports.
“Ships of the World, start your engines. Let the oil flow!” he wrote on Sunday. On Monday, he said traffic was already resuming: “Ships are starting to move, many loaded up with Oil, out of the Strait of Hormuz.”
Oil prices fell, though shippers remained cautious, and ensuring the waterway is clear of mines could take weeks. Brent crude futures fell by about 5% on Monday , while stock markets jumped.
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