- Donald Trump said the US-Iran peace deal will be officially signed in Switzerland on Friday.
- The agreement includes reopening the Strait of Hormuz and ending the US naval blockade.
- Nuclear issues and sanctions relief will be discussed during a 60-day negotiation period.
US President Donald Trump said a deal with Iran has been completed and will be officially signed on Friday in Geneva, Switzerland.
Pakistani Prime Minister Shehbaz Sharif, who helped mediate talks, said both sides agreed to permanently stop military operations on all fronts, including in Lebanon.
Iran’s Supreme National Security Council also confirmed that a memorandum of understanding had been finalized and said hostilities would end immediately.
The war began after the US-Israeli assault on Iran on February 28 and lasted for more than 100 days.
Strait of Hormuz to Reopen, Naval Blockade to End
Trump said the Strait of Hormuz will reopen on Friday to allow mine-clearing operations and restore shipping. He also authorized the immediate removal of the US naval blockade on Iranian ports.
Iran’s deputy foreign minister, Kazem Gharibabadi, said the blockade would end immediately. Iranian officials added that final talks would only move forward after Tehran verifies that Washington has carried out its commitments.
Earlier drafts discussed reopening the Strait of Hormuz, removing the blockade, and extending the ceasefire. Iran and Oman are expected to coordinate traffic through the waterway.
The closure of the strait since late February has disrupted oil, gas, and fertilizer supplies and pushed energy prices higher. Oil futures fell after news of the agreement emerged.
French President Emmanuel Macron said G7 leaders meeting in France will discuss the long-term reopening of the Strait of Hormuz and support for Lebanon. Britain, France, Germany, and Italy also signaled readiness to cooperate on mine-clearing efforts and future nuclear talks.
Nuclear Issues Moved Into New 60-Day Talks
The text of the agreement has not been released. Reports from Iranian media said the draft contains 14 points and calls for a 60-day negotiation period to settle nuclear issues.
According to officials familiar with earlier drafts, the US would release between $24 billion and $25 billion in frozen Iranian assets and ease restrictions in stages. Iran would maintain the current nuclear status, avoid expanding facilities, and refrain from producing or acquiring nuclear weapons while negotiations continue.
Iranian media reported that discussions about Tehran’s missile program and support for regional groups have been removed from the agenda.
US officials said asset releases would depend on Iranian compliance. Iranian officials said they expect sanctions relief and access to frozen funds after US commitments are verified.
Vice President JD Vance said he plans to attend the signing ceremony in Switzerland and said Trump may also participate.
Related: Global Stocks Rise, Oil Prices Drop as U.S.-Iran Deal Hopes Ease Inflation Fears
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