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Iran war: US, Iran announce tentative peace deal; oil prices drop
Pakistani Prime Minister Shehbaz Sharif announced that the United States and Iran have reached a peace agreement.
"Following intensive talks, we are pleased to announce that the Peace Deal between the United States of America and Islamic Republic of Iran has been REACHED," Sharif posted on X.
He said both sides have declared and "immediate and permanent termination of military operations on all fronts, including Lebanon."
Sharif said there would be a signing cermony of the agreement on Friday June 19 in Switzerland.
Trump says deal with Iran 'complete'
US President Donald Trump said that a peace agreement with Iran was "complete."
"The Deal with the Islamic Republic of Iran is now complete. Congratulations to all!" Trump posted on his Truth Social platform.
Trump said he "fully authorized the toll-free opening of the Strait of Hormuz," and would also immediately remove a US naval blockade that has been in place in the crucial shipping corridor.
"Ships of the World, start your engines. Let the oil flow!" Trump said.
The US president commented shortly after Pakistan's Prime Minister, Shehbaz Sharif, announced that a deal had been struck between Washington and Tehran.
Iran confirms deal, says Strait of Hormuz will open
Statements carried by Iranian state media confirmed an initial deal with the United States to end the conflict.
Iran's Deputy Foreign Minister Kazem Gharibabadi said the agreement would end military operations in Iran and Lebanon, as well as opening the blockade in critical shipping routes through the Strait of Hormuz.
"A permanent and immediate end to the war has been declared on all fronts, including Lebanon," Gharibabadi said in comments aired by Iranian state television.
World leaders 'welcome' Iran war peace deal announcement
The leaders of Germany, the UK, France, and Italy welcomed the breakthrough in peace talks between the US and Iran on Sunday night.
In a joint statement, British Prime Minister Keir Starmer said the agreement was "a hugely important step forward in ending the war."
He emphasized that the focus should now turn to ensuring the Strait of Hormuz remains open to alleviate the economic impact, "and that the detailed elements of the nuclear agreement are finalized."
Starmer added that the four countries are "prepared to lift relevant sanctions in response to clear, verifiable steps by Iran on its nuclear program."
Qatar, who helped mediate the deal, also "welcomed" the announcement.
"We look forward to all parties engaging in the forthcoming negotiations in a positive and constructive spirit that will help consolidate this progress and build upon it," said Mohammed bin Abdulrahman Al Thani, who is both the country's prime minister and its foreign minister, in a statement posted on X.
Germany's Merz says US-Iran deal must be implemented 'with determination'
German Chancellor Friedrich Merz praised the US and Iran for the "diplomatic breakthrough" that lead to the agreement.
"The Strait of Hormuz must be opened to free navigation permanently and without any restrictions," Merz said in a statement released early on Monday morning.
"This can pave the way towards a reinvigorated global economy and a more secure Middle East," he said.
"It is crucial to implement it with determination," Merz added.
The German chancellor also said the ongoing discussions should ensure that Iran ceases its military nuclear program, and that attacks against Israel or neighboring countries in the region must stop.
UN's Guterres hails deal as 'critical step' towards ending Iran war
UN Secretary General Antonio Guterres also extended his congratulations to Iran and the US for reaching a deal on the "permanent and immediate ceasefire."
The agreement represents a "critical step" towards "a peaceful settlement of the conflict."
He also expressed his "deep appreciation" to mediators in Pakistan, Qatar, Egypt, Saudi Arabia and Turkey for "supporting the negotiations that led to the peace deal."
Trump says Strait of Hormuz won't open until Friday, oil prices show early drop
US President Donald Trump said the Strait of Hormuz, one of the world's key oil shipping routes, wouldn't reopen for traffic again until Friday when the agreement between the US and Iran is due to be signed.
"With the opening of the Strait upon the signing of the Deal on Friday, for purposes of mine removal, oil will flow on both ends again for the Region, and the World!" Trump wrote on his Truth Social platform.
The conflict has effectively shut down the flow of crucial gas and oil supplies for months, causing a spike in global energy prices. Around 20% of the world's crude oil supply is transported through the Strait of Hormuz.
Oil prices fell following news of the preliminary peace deal. The US benchmark West Texas Intermediate (WTI) was down around 4% during trading in Tokyo, while the price of Brent Crude fell by a similar number to roughly $84 per barrel (€72).
US lawmakers cautious over deal details
While the announcement of the peace agreement between Iran and the US was widely welcomed by Republicans, some lawmakers within Trump's party voiced concern over a lack of details on what the deal entails.
Republican Senator Lindsey Graham, who has taken a hardline stance on Iran, said he would be "watching closely" to see how negotiations develop surrounding Iran's nuclear program.
"I am somewhat concerned that Iran's view of the agreement seems different than what the American negotiating team is claiming," Graham wrote in a post on X.
"Time will tell," he added.
The agreement faced particular scrutiny from Democratic lawmakers, who have sharply criticized the war and its economic impact.
Gregory Meeks, the top Democrat on the House Foreign Affairs Committee, criticized the war as "misguided and detrimental" to US interests, but welcomed the Trump administration's "turn toward diplomacy."
"Any final agreement must be durable, enforceable, transparent, and subject to rigorous oversight by Congress. The American people deserve more than vague announcements or political spin," he said in a statement.
