Published Jun 15, 2026 | 8:54 AM ⚊ Updated Jun 15, 2026 | 8:54 AM
A satellite image of Strait of Hormuz.
Synopsis: US and Iranian officials said that they have agreed on a peace deal to end their war. The official signing ceremony will be held in Switzerland on 19 June, and the pact leaves the fate of Iran’s nuclear programme to further negotiations. At the same time, the announcement has caused a drop in global crude oil prices to the lowest since March.
US and Iranian officials said that they have agreed on a peace deal to end their war, halt the US blockade of Iran and reopen the Strait of Hormuz. The decision was first announced by Pakistan Prime Minister Shehbaz Sharif early on Monday, 15 June.
“Following intensive talks, we are pleased to announce that the Peace Deal between the United States of America and Islamic Republic of Iran has been REACHED. Both sides have declared the immediate and permanent termination of military operations on all fronts, including in Lebanon,” Sharif wrote in a post on X.
He said that the official signing ceremony will be held in Switzerland on Friday, 19 June. Meanwhile, a Reuters report noted that the pact leaves the fate of Iran’s nuclear programme to further negotiations.
At the same time, the announcement has caused a drop in global crude oil prices to the lowest since March.
Also Read: The significance of President Trump’s AI security order for India and the rest of the world
Following Sharif’s announcement, US President Donald Trump wrote on his Truth Social platform that the deal with the Islamic Republic of Iran is now complete.
“I hereby fully authorize the toll free opening of the Strait of Hormuz, and, simultaneously herewith, authorize the immediate removal of the United States Naval blockade. Ships of the World, start your engines. Let the oil flow!” Trump said.
Kazem Gharibabadi, Iran’s deputy foreign minister for legal and international affairs, confirmed that an end to military operations was expected “soon”.
According to remarks carried by Iran’s Tasnim news agency, Gharibabadi said that an “immediate and permanent end to the war and military operations on various fronts, including Lebanon”, would be announced starting on Monday.
He added that negotiations on a final agreement would take place during a 60-day period, contingent on Iran verifying that the US had fulfilled its commitments. The commitments include ending hostilities, lifting the naval blockade, and releasing frozen Iranian assets.
Meanwhile, Sharif thanked both nations for finding a diplomatic solution.
“We would like to thank the United States of America and the Islamic Republic of Iran for their commitment to finding a diplomatic solution to the conflict. We would also like to extend our sincere appreciation to our brothers in this mediation effort, the great leadership of State of Qatar, for their support in reaching this agreement. I would also especially thank the visionary leadership of Kingdom of Saudi Arabia and Republic of Türkiye for their immense contributions in this regard,” he said.
“With the agreement now in place, mediators will facilitate a series of meetings this week. These pre-implementation discussions will lay the foundation for the technical talks and the official signing ceremony,” he added.
