US, Iran agree to peace deal, Trump says
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Editor's note: This is a developing story and is being updated. The details of the peace agreement were not immediately available.
The United States and Iran have reached a peace agreement to end ongoing hostilities, U.S. President Donald Trump announced on June 14.
"The Deal with the Islamic Republic of Iran is now complete," Trump wrote on Truth Social. "Ships of the World, start your engines. Let the oil flow," Trump added, referring to the closure of the Strait of Hormuz.
Pakistan's Prime Minister Shehbaz Sharif, an intermediary in the peace talks, echoed Trump's remarks in a post on X, noting that "both sides have declared the immediate and permanent termination of military operations on all fronts, including in Lebanon."
Sharif wrote that signing ceremony will be held in Switzerland on June 19.
The details of the peace agreement were not immediately available. Tehran has not yet commented on the agreement.
The U.S. first launched its strikes on Iran in late February, killing Iran's Supreme Leader, Ayatollah Ali Khamenei. In response to the attack, Tehran imposed a blockade of the Strait of Hormuz, leading to volatility in global oil prices. Roughly one-fifth of global oil and liquefied natural gas shipments transit the strait daily, making disruptions there a major concern for international energy markets.
Tehran and Washington previously announced a fragile 60-day ceasefire amid negotiations for a peace deal that was plagued with multiple violations.
The conflict in the Middle East and the closure of the Strait of Hormuz contributed to volatility in global energy markets and prompted Washington to grant a sanctions waiver allowing purchases of Russian oil loaded onto vessels during a specified period.
The surge in oil prices has benefited Russia, boosting revenues from oil and gas exports as Moscow continues its full-scale war against Ukraine.
Amid the ongoing war in Iran, negotiations on a U.S.-brokered peace deal in Ukraine have stalled. Russian President Vladimir Putin dismissed on June 5 President Volodymyr Zelensky's open letter calling for the immediate reopening of peace negotiations.
