US, Iran Confirm Peace Deal as Hormuz Reopening Moves Markets

The United States and Iran have moved from a Pakistan-brokered announcement to public confirmation of a peace framework, with a signing ceremony expected in Switzerland on June 19.

Channels Television reported that Pakistan’s Prime Minister Shehbaz Sharif said the agreement had been reached after intensive talks, while US President Donald Trump later said the deal with Iran was complete.

Trump also said the Strait of Hormuz would reopen and that the United States naval blockade would be removed, adding in a social media post: “Let the oil flow!”

The draft has been updated because the earlier version was framed mainly around Pakistan’s announcement before full confirmation from Washington and Tehran. The newer reports now show the deal as a confirmed ceasefire framework rather than only a mediator’s claim.

Iran’s Deputy Foreign Minister Kazem Gharibabadi said on television that the deal brought an immediate end to the war and that talks on a final agreement would be held within two months, according to Channels Television.

The terms of the agreement have not been fully released. Reports from Al Jazeera and other international outlets described the expected signing as a peace deal or memorandum of understanding, with key details still to be clarified before and after the Switzerland ceremony.

Oil markets reacted quickly to the news. Channels Television reported that crude prices fell sharply on Monday, with West Texas Intermediate approaching $80 a barrel and Brent trading around $83.60 as investors priced in the reopening of Hormuz.

The Strait of Hormuz is one of the world’s most important energy routes, carrying a major share of global crude and gas shipments. Its reopening reduces immediate supply fears, though analysts warned that implementation, maritime clearance and regional restraint still matter.

The deal follows months of fighting involving the United States, Iran, Israel and Iran-linked groups in the region. It also comes after Israeli strikes in Lebanon created fresh concern that the talks could be delayed.

For Nigeria, the development matters because global crude prices, shipping confidence and inflation expectations can feed into government revenue projections, fuel-market pressure and foreign-exchange sentiment.

The story should now be treated as an updated confirmed-framework report, not merely a Pakistan-says announcement. Any final signed text on June 19 would be a separate follow-up if the terms materially change.

Sources: Channels Television, Al Jazeera, CNBC