The US and Iran have announced a deal to end the war between them. This agreement also stops the conflict between Israel and Iran, along with Israeli attacks on Lebanon.
The deal was facilitated by Pakistan and some countries in the Middle East. It also leads to the full reopening of the Strait of Hormuz.
US President Donald Trump shared the news late on Sunday.
“The deal with the Islamic Republic of Iran is now complete,” Mr Trump posted on his Truth Social platform. “Ships of the world, start your engines. Let the oil flow!”
Iran’s Deputy Foreign Minister, Kazem Gharibabadi, confirmed the deal. He added that a broader agreement for sanctions relief for Iran will be discussed in the first 60 days of this new deal.
Pakistan’s Prime Minister, Shehbaz Sharif, said the deal is set to be signed on Friday in Switzerland. Earlier, President Trump mentioned the signing would happen yesterday.
PREMIUM TIMES reports that the war began on 28 February when the US and Israel launched attacks on Iran without provocation. In response, Iran hit back at Israel and US interests in the Gulf region. Iran also closed the Strait of Hormuz, a route for about 20 percent of the world’s oil.
The US then blockaded the Strait, stopping any ship linked to Iran from passing through.
This blockade caused crude oil prices to rise globally, including in Nigeria.
With the new agreement, both sides say the Strait of Hormuz will open for all. However, this opening will take a few days to clear mines that Iran may have placed in the Strait.
The deal is expected to help lower crude oil prices to around $70, which was the price before the war. During the conflict, prices went above $100.
Drop your comment
No comments yet — be the first to drop the gist 👇