Iran and US Agree to Halt War, Sending Oil Prices Tumbling

MIDDLE EAST – A peace deal was announced to end the conflict between the United States and Iran.

While still a framework, the deal marked the biggest breakthrough towards resolving the conflict that has killed thousands and upended energy markets, since it began with joint U.S.-Israeli strikes on Iran in late February.

In an announcement on truth social, U.S. President Donald Trump said the latest agreement allows for a “toll-free opening of the Strait of Hormuz.

Iran later confirmed an end to the conflict, with Iranian Deputy Foreign Minister Kazem Gha-Ri-Bab-Adi claiming a more detailed agreement will be discussed during a 60-day ceasefire period.

The memorandum of understanding is scheduled to be officially signed on Friday in Switzerland.

Following the announcement, Monday’s share markets and bonds rallied, with and oil prices tumbling 5%.