The United States and Iran have struck a landmark peace deal to end over 100 days of war, reopen the Strait of Hormuz and begin 60 days of nuclear negotiations with a formal signing set for Friday in Switzerland.
It’s over, for now. Metro reports that the United States and Iran have reached a breakthrough agreement to end their war, with Trump declaring on Sunday: “The Deal with the Islamic Republic of Iran is now complete.”
The agreement establishes a 60-day ceasefire, a memorandum of understanding between Washington and Tehran, and the immediate reopening of the Strait of Hormuz to international shipping. Mediated by Pakistan and Qatar, the deal will be formally signed in Geneva on Friday.
Iran has effectively controlled the Strait of Hormuz since the war began on February 28, virtually shutting down the vital passage for around 20% of the world’s oil, while the US blockaded Iranian ports in response. 
Oil prices fell sharply on the news, with Brent crude futures dropping four percent and US West Texas Intermediate sliding more than 4.6 percent. But not everyone is celebrating. Israel considers the deal a deep disappointment, with Prime Minister Netanyahu insisting Iran must never be permitted to obtain nuclear weapons. The hard part resolving Iran’s nuclear programme is still very much ahead.
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