Agreement Between the US and Iran Announced to Reopen the Strait of Hormuz

An agreement has been announced to end the ongoing military conflict between the United States and Iran. Pakistan’s Prime Minister Shehbaz Sharif has conveyed that a peace accord has been finalized. According to him, it includes a cessation of military operations on all fronts, including Lebanon. Iran’s Deputy Foreign Minister also confirmed consensus on a draft agreement. Shehbaz Sharif stated that the formal signing of the accord will take place next Friday in Switzerland.

The specific details of the agreement have yet to be fully disclosed. However, US President Donald Trump announced that following the signing, “oil supplies will resume,” and the Strait of Hormuz will be permanently open for free navigation. After the announcement of the end to hostilities, global oil prices have declined. Iran’s Deputy Foreign Minister noted that a delegation from Qatar visited Tehran on Sunday to finalize the draft agreement.

The delegation reported that after nearly 14 to 15 hours of discussions, a draft was finalized in Islamabad. It has been agreed that further negotiations to reach the final agreement will take place within 60 days. Iranian media have reported that the maritime blockade imposed by the US on Iran will be lifted within 30 days. President Trump stated that the agreement with Iran will ensure that no fees will be charged for using the Strait of Hormuz.

The US and Israel launched a significant assault on Iran on February 28. In response, Iran attacked Gulf states supporting the US and closed the Strait of Hormuz, a crucial route for global oil and natural gas shipments. After the agreement, international oil prices have dropped by approximately 4 percent. In April, the US and Iran had agreed to a two-week ceasefire, which was extended, but intermittent attacks continued in recent times.