US President Donald Trump announced that the United States and Iran have finalized a peace agreement aimed at ending the 107-day conflict between the two countries. The agreement is expected to be formally signed in Switzerland on June 19.
According to Trump, the deal will lead to the reopening of the Strait of Hormuz, a crucial global oil shipping route through which nearly one-fifth of the world’s oil supplies pass. The agreement will also bring an end to the US naval blockade on Iranian ports.
The announcement eased concerns in global energy markets, with hopes that the reopening of the strategic waterway will help stabilize oil supplies and reduce tensions in the region.
