Here's the latest
• Diplomatic breakthrough: The US and Iran say they have reached an agreement that will end a US blockade of Iranian ports and reopen the Strait of Hormuz. The US and Iran have offered conflicting accounts of what will follow a signing ceremony in Geneva on Friday and no text has been released.
• Israeli reaction: Israel’s defense minister said its forces are not withdrawing from southern Lebanon, even though Iran has said the agreement includes an end to the conflict there. Israeli forces struck Beirut hours before the agreement was announced, enraging President Donald Trump, who publicly expressed his fury with Prime Minister Benjamin Netanyahu.
• Next steps: Trump is en route to the G7 summit in France, where the agreement, which has drawn global reaction, will be in the spotlight. Oil prices have fallen to their lowest levels in nearly three months, but recovery from the war’s economic impact could take months.
Vance says Iran deal was signed digitally on Sunday
Vice President JD Vance said the deal with Iran had been signed electronically over the weekend, suggesting its terms were now in place and that Iran was not receiving any new financial relief.
“We already signed the deal digitally yesterday, and there’s been no money released. And that won’t change,” Vance said on ABC’s “Good Morning America.”
While an electronic signing of the deal had been floated before it was agreed to, it had not been clear until now that such an event had transpired.
On Sunday, Trump announced a formal signing would occur in Switzerland on Friday. And he said at least one provision — the reopening of the Strait of Hormuz — wouldn’t take effect until then.
“With the opening of the Strait upon the signing of the Deal on Friday, for purposes of mine removal, oil will flow on both ends again for the Region, and the World!” he wrote in announcing the deal.
Vance says toll-free reopening of Strait of Hormuz to be discussed in more "technical negotiations"
Vice President JD Vance said Monday that the permanent toll-free reopening of the Strait of Hormuz will be discussed in continued “technical negotiations,” indicating that the issue is not yet ironed out.
CNN has reported that Iran-linked news agencies have suggested that the nation has agreed to allow free transit through the strait for 60 days but intends to resume tolling afterward.
Vance said the invitation for Iran to join the world’s economy is a “leverage point” within the agreement, serving as an incentive for Tehran to honor their commitment not to procure or build a nuclear weapon.
“The choice the Iranians have to make: Do they want access to the world economy? If so, they’re going to have to give up the long-term nuclear ambition,” he added.
Iran says it plans to collect "fees" for Hormuz, after Trump says there will be no tolls
Iran intends to collect “fees” for several maritime services offered alongside Oman in the Strait of Hormuz once the waterway is opened, Foreign Ministry spokesman Esmaeil Baghaei said on Monday, according to the state-affiliated Tasnim news agency – noting that the Islamic Republic is, however, “not seeking to collect transit tolls.”
The United States and Iran said Sunday they have reached an agreement, due to be signed Friday in Switzerland, to end hostilities. The full text has not yet been published, but President Donald Trump said the US would lift its blockade of Iranian ports and that the Strait of Hormuz would reopen without tolls.
The Iranian official also said that visits to “several regional and neighboring countries is on the agenda before the start of the Geneva meeting,” adding that details will be announced soon.
He also said that a final decision regarding the “mechanism of signing” for the Memorandum of Understanding will be made “today or tomorrow.”
Vance says US hopes to release text of agreement this week
Vice President JD Vance said the Trump administration’s goal is to release the exact text of the agreement with Iran sometime in the coming days.
“I think when people see this deal — we hope to release the text this week — they’re going to realize that this is going to make the whole region safer,” Vance said on CNBC.
Since the US and Iran announced a deal had been reached on Sunday, questions have lingered about the precise contours of the plan.
In the interview, Vance characterized the agreement as a major win for the United States, but acknowledged the thorniest issues had yet to be resolved. Instead, he said those would be up for discussion during the next round of talks.
Even some Donald Trump allies have questioned why the text of the Memorandum of Understanding wasn’t made public.
“I have asked for days, why can’t we, the people, see the damn MOU? Not through people briefed by an anonymous person. Honestly, I’ve never seen anything like this. If it is a great outcome for peace, then release it,” conservative commentator Mark Levin wrote on X.
The president has frequently offers praise for Levin and his weekend show on Fox News.
Iranian media contradict Trump's claim that Hormuz will be “permanently toll free”
The United States said the Strait of Hormuz would reopen after the agreement is signed on Friday, with Trump stressing that passing through the waterway would be “permanently toll free.”
Yet, two semi-official Iranian news agencies with links to the Revolutionary Guards reported Monday that while Tehran will allow free transit for the 60-day window in which further negotiations will take place, it plans to impose fees after that period, with Fars saying Iran “intends to benefit financially from commercial shipping traffic through the Strait.”
Throughout the conflict, Iran has maintained that it will not relinquish control of the Strait of Hormuz after the war, hailing the retention of the waterway as its greatest victory and vowing to impose fees on vessels using this vital maritime corridor even during peacetime.
Now, Iran appears to have agreed to suspend its plans to charge fees for use of the Strait of Hormuz — despite its earlier vows against it. And in what appears to be its own attempt to appease the dissenting voices against the agreement with Washington, state-affiliated media outlets claim that Tehran intends on resuming charging fees after the 60-day negotiation period.
With two months to extract concessions, however, this outcome will ultimately depend on the progress of negotiations and what Iran manages to secure in exchange for agreeing to keep the Strait of Hormuz permanently open and toll-free.
Iran’s messaging through state-affiliated media is pushing back against Trump’s maximalist demand that the Strait of Hormuz remain “permanently” toll-free. In its message, Tehran is staking out its own position: it ultimately seeks to retain monetary benefits from the strait and will require significant concessions to give that up.
With Trump set to arrive at the G7 summit in France, here's the latest
US President Donald Trump is expected to arrive shortly in Évian-les-Bains, France, where this year’s G7 summit is taking place. Yesterday, he announced the US has come to an agreement with Iran, more than 15 weeks after the conflict began.
Here are the latest developments:
- European officials told CNN that their understanding of the agreement comes from diplomatic conversations and public reports about its contents. But the actual document has been closely held, even after yesterday’s announcement that it was finalized.
- The international shipping industry has warned that it “still considers it very risky for ships to commence transits” through the Strait of Hormuz, despite the fact that Trump said it would be opened by Iran on Friday.
- Iran’s deputy foreign minister for legal and international affairs also said yesterday that the text of the memorandum of understanding had been finalized and would be signed Friday in Switzerland.
- Israeli Prime Minister Benjamin Netanyahu has not yet publicly commented on the US-Iran agreement. An Israeli source told CNN that he has privately blamed US envoys Jared Kushner and Steve Witkoff for creating a wedge between himself and Trump.
- Israeli Defense Minister Israel Katz said today that Israeli forces will not withdraw from southern Lebanon as part of the ceasefire, and that the position has been conveyed to Trump.
- Oil prices have fallen to their lowest levels in more than three months following news of the forthcoming signing.
- World leaders across the globe have also welcomed the agreement, including those from countries such as China, Turkey, France, the United Kingdom, Lebanon and Iraq.
CNN’s Alejandra Jaramillo, Kevin Liptak, Maisie Linford, Mohammed Tawfeeq, Tal Shalev, Hanna Ziady and Dalia Abdelwahab contributed to this reporting.
What we (don't) know about the agreement
The US and Iran have reached an agreement that will end a US blockade of Iranian ports, reopen the Strait of Hormuz and begin a 60 days of nuclear negotiations.
Here is what we know – and don’t know – about the key issues at stake:
Strait of Hormuz
The US said the route would reopen after the agreement is signed on Friday, with President Trump declaring that passage through the waterway would be “permanently toll free.”
But two semi-official Iranian news agencies reported Monday that while Tehran will allow free transit for the 60-day window in which further negotiations will take place, it plans to impose fees after that period, with Fars saying Iran “intends to benefit financially from commercial shipping traffic through the Strait.”
Safety considerations will also impact the timing of any reopening. CNN has previously reported that Iran has laid mines in the strait and negotiators will need to reach agreements on how to remove them.
Ceasefire
Pakistan, which brokered the agreement, said both sides had “declared the immediate and permanent termination of military operations on all fronts, including in Lebanon.”
But US President Donald Trump did not include Lebanon in his announcement and Israel, which is not party to the agreement, said its forces are not withdrawing from Lebanon.
Nuclear issues
The US said Iran made assurances that it would never get a nuclear weapon. But there are no concrete commitments around Iran’s nuclear program or its uranium stockpiles. That can has been kicked down the road.
Sanctions and frozen funds.
Iran said the 60-day nuclear negotiations will begin only after the US releases billions of dollars of frozen funds. But a US official said no money would be released without clear commitments by Iran.
The economy
Oil prices fell to their lowest levels in three months on the announcement but remain around $10 a barrel above their pre-war levels. A broader economic recovery will likely take months.
What to know about the Strait of Hormuz, which Trump says will be opened Friday
When announcing the agreement made by Iran and the United States yesterday, US President Donald Trump said the Strait of Hormuz would reopen on Friday.
The strait proved a major flashpoint during the conflict after it was effectively closed by Tehran following airstrikes by the US and Israel on February 28.
A narrow waterway that bypasses Iran and Oman, the Strait of Hormuz is the main route for shipping crude from oil-rich countries such as Saudi Arabia and Kuwait to the rest of the world.
About 20 million barrels of oil, or about one-fifth of daily global production, used to flow through the strait every day, according to the US Energy Information Administration, which calls the channel a “critical oil chokepoint.”
Few alternative routes exist to the Strait of Hormuz, and none of them come close to allowing the same volume of oil and gas exports to pass through.
After Trump’s announcement yesterday, oil prices fell to their lowest levels in more than three months.
However, crude prices remain around $10 a barrel higher than they were before the war. And the oil market still has significant work ahead to return flows from the Middle East and through the strait to normal.
CNN’s Catherine Nicholls contributed to this reporting.
Key shipping body says Strait of Hormuz passage is "still very risky"
The international shipping industry has warned that it “still considers it very risky for ships to commence transits” through the Strait of Hormuz.
Jakob Larsen, the head of safety and security at the Baltic and International Maritime Council (BIMCO), said information provided about the agreement between Iran and the US is too vague.
“Statements by the US and Iran are currently unclear and do not offer sufficient information regarding key aspects such as timings and safe routes,” Larsen told CNN.
BIMCO represents some 2,100 companies and organisations in 120 countries.
“The next step is for shipowners to be reassured that transiting the Strait of Hormuz is not only permitted but also safe,” Larsen said.
Niels Rasmussen, BIMCO’s chief shipping analyst, said that according to the tracking company Kpler, about 600 ships remain trapped in the Persian Gulf, including around 250 tankers. “We expect it will take several weeks for all ships to leave,” he said.
Leaders at G7 will congratulate Trump on Iran, but officials say text remains a mystery
As President Donald Trump gets set to arrive at the G7, leaders gathering here along Lake Geneva have been quick to herald his new agreement with Iran.
But their praise comes with a major caveat: most, if not all, have not yet read the actual text of the accord.
European officials told CNN their understanding of the pact derives from diplomatic conversations and public reports about its contents. But the actual multipoint document has been closely held, even after the announcement Sunday that it was finalized.
Officials from Iran and the United States both said the text wouldn’t be released until it is signed on Friday. That has left major questions about what precisely has been agreed between the two nations.
It also leaves time for the agreement to come under strain or even fall apart, including during Trump’s three-day stay in Évian-les-Bains — an embarrassing outcome he and his advisers are eager to avoid.
In their group meetings with Trump and in one-on-one pull-asides, leaders are likely to seek more details from the US president about Iran’s nuclear commitments, the European officials said.
They will also underscore their readiness to help support the reopening of the Strait of Hormuz using military assets — though the officials said without a clearer understanding of what the deal actually says, specific commitments could be difficult to make.
How Qatar and Pakistan have played key mediating roles between the US and Iran
It was Pakistani Prime Minister Shehbaz Sharif who said yesterday that “the Peace Deal between the United States of America and Islamic Republic of Iran has been REACHED.”
Pakistan emerged as a key diplomatic bridge between the US and Iran, having hosted face-to-face talks between delegations from both countries back in April. Pakistani officials passed peace proposals and counterproposals between the warring sides and helped to negotiate and extend the current ceasefire.
The country has cordial ties with both Iran and the US with Pakistan’s Army Chief Asim Munir — who President Donald Trump has called his “favorite field marshal” — playing a key role in Islamabad’s efforts.
Pakistan is also home to the largest population of Shia Muslims outside of Iran and, unlike Islamic countries in the Gulf region, does not host any US military bases.
Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al-Thani held a phone call with his Pakistani counterpart Saturday to emphasize his support for Islamabad’s role in mediating talks.
Officials from Qatar — a key US ally in the region — also held talks in Tehran to help mediate an agreement, according to sources.
Last week, a person familiar with the matter told CNN that US officials believe meetings between Iranian and Qatari officials in Tehran helped resolve some of the remaining sticking points on the agreement with the US.
And yesterday, Qatari negotiators flew to the Iranian capital city to help facilitate the finalization of the agreement, a source with knowledge of the situation told CNN.
CNN’s Billy Stockwell contributed to this reporting.
Trump’s ceasefire agreement with Iran paints Netanyahu into a corner
Israeli Prime Minister Benjamin Netanyahu posted one message about President Donald Trump on X on Sunday. And it had nothing to do with the emerging ceasefire deal with Iran or the ongoing conflict in Lebanon.
It was a happy birthday message to celebrate Trump’s 80th.
Since then, Netanyahu has not said anything publicly about the memorandum of understanding that others in his government have criticized as “bad for Israel and the entire free world” and “does not ensure our security.”
Netanyahu finds himself - once again - trapped between Trump on one side and his political base on the other. Trump has made clear that he sees the war with Iran as a thing of the past, and that includes the conflict between Israel and Hezbollah.
Trump demanded that Israel stop attacking anywhere in Lebanon and said Hezbollah should stop attacking Israel. He dismissed Hezbollah projectiles that crossed into northern Israel on Sunday as “very small and meaningless.” As Netanyahu’s coalition demanded a harsh response to the Hezbollah fire, Trump told him to stand down.
Lebanon is almost certainly part of the US-Iran ceasefire deal, but without seeing the text, it’s impossible to know what’s expected of Israel, which is not a party to the agreement. Israel’s defense minister said on Monday that the Israeli military would not withdraw from the territory it occupies in southern Lebanon.
But Trump may have other plans. A war that started more than three months ago with the US and Israel together now looks very different, and it seems Trump is pursuing a deal that Netanyahu cannot publicly accept and will not openly reject.
A look at Iran’s nuclear stockpile, a key part of negotiations to end the war
Now that the US and Iran have reached a framework agreement aimed at ending the war, negotiators will need to work out the future of Tehran’s nuclear program.
What happens to Iran’s enriched uranium stockpile, including the 970 pounds that it has highly concentrated to near-weapons grade, has been one of the primary sticking points in weeks of negotiations over how to end the conflict.
US President Donald Trump has insisted that Iran must hand over what he calls its “nuclear dust.” Iranian officials have repeatedly said that the country has a right to a non-weapons nuclear program.
But what is in Iran’s stockpile, and what does it mean for Iran’s ability to build a nuclear weapon?
With the right equipment, the highly enriched uranium that Iran has could reach weapons-grade purity within weeks or even days, according to nuclear experts. And it’s enough for 10 nuclear weapons, international inspectors say.
The June 2025 strikes on Iran’s nuclear facilities, which the Pentagon termed Operation Midnight Hammer, were assessed by US intelligence to have buried much of Iran’s highly enriched uranium stockpile at Isfahan, but didn’t destroy it, despite Trump administration statements that Iran’s nuclear program was “obliterated.”
It’s unclear if Iran currently has the capability to turn its 60% uranium gas into metal, as needed to produce a nuclear warhead, but before the 2025 strikes it did have the right kinds of facilities, said Eric Brewer, a nuclear materials expert for the Nuclear Threat Initiative nonprofit. Brewer previously oversaw counterproliferation at the National Security Council during Trump’s first administration and led Iran intelligence analysis for the Defense Intelligence Agency.
Read more about Iran’s nuclear stockpile in our full article here.
An agreement between the US and Iran has finally been reached. Catch up here
More than 15 weeks since the war between Iran, the US and Israel began, US President Donald Trump announced yesterday that “The Deal with the Islamic Republic of Iran is now complete. Congratulations to all!”
The details of the agreement have not been fully released, though both Tehran and Washington have indicated that the next steps will be a signing of the document on Friday.
Here’s the latest:
The agreement
- In a post on Truth Social yesterday, Trump announced that an agreement with Iran had been reached, that the US would end its naval blockade on the country, and that the Strait of Hormuz would be opened.
- A short while after this, Iran’s deputy foreign minister for legal and international affairs said the text of the memorandum of understanding had been finalized and would be signed Friday in Switzerland.
- Iran’s deputy foreign minister said yesterday that a 60-day negotiation period after the signing will hinge on the US meeting three commitments, especially release of billions of dollars in frozen Iranian funds. The US has rejected this claim.
Strait of Hormuz
- Trump said that the agreement he reached with Iran would ultimately ensure that the Strait of Hormuz is “permanently toll free.”
- He announced on Truth Social that the strait would reopen on Friday, after the agreement between US and Iran is signed.
Israeli reaction
- Israeli Prime Minister Benjamin Netanyahu has not yet publicly commented on the US-Iran agreement. An Israeli source told CNN that he has privately blamed US envoys Jared Kushner and Steve Witkoff for creating a wedge between himself and Trump.
- Israeli Defense Minister Israel Katz said today that Israeli forces will not withdraw from southern Lebanon as part of the ceasefire, and that the position has been conveyed to Trump.
- Israeli politicians from across the political spectrum have criticized the agreement, including Israel’s far-right national security minister Itamar Ben Gvir.
Global reaction
- Oil prices have fallen to their lowest levels in more than three months after the US and Iran said they had reached an agreement to reopen the Strait of Hormuz.
- European Union Commission President Ursula von der Leyen welcomed the agreement and said that it “should allow for the immediate reopening of the Strait of Hormuz.”
- World leaders across the globe have also welcomed the agreement, including those from countries such as China, Turkey, France, Japan and the United Kingdom.
CNN’s Alejandra Jaramillo, Mohammed Tawfeeq, Piper Hudspeth Blackburn, Tal Shalev, Helen Regan, Hanna Ziady, Kathleen Magramo and Dalia Abdelwahab contributed to this reporting.
What world leaders have said about the US-Iran agreement
World leaders are welcoming the agreement reached by the United States and Iran that is expected to take effect on Friday.
Pakistani Prime Minister Shehbaz Sharif said the agreement is set to be signed by both parties on Friday in Geneva, Switzerland, upon the conclusion of the annual Group of Seven Nations (G7) summit in nearby Évians-les-Bains, France. Iran’s deputy foreign minister has also said further talks will take place in Switzerland after a formal signing ceremony on Friday.
As reported earlier by CNN, Qatari Prime Minister Mohammed bin Abdulrahman bin Jassim al-Thani - who emerged throughout the war as a skilled mediator and diplomat - expressed his hope for all parties to engage “in a positive and constructive spirit that will help consolidate this progress and build upon it”. British Prime Minister Keir Starmer called the progress an “important step”.
Here are some more reactions from around the world:
- Secretary-General of the United Nations António Guterres expressed his “deep appreciation” to several mediating nations, including Pakistan, Turkey, and Saudi Arabia, calling the agreement in an X post “a critical step towards the peaceful settlement of the conflict.”
- French President Emmanuel Macron called for a “swift and full implementation” of the memorandum in a post on X, while also notably singling out French support “to the determined efforts of the Lebanese authorities to restore state sovereignty,” as Lebanese involvement in the conflict remains a key sticking point to any ceasefire agreement.
- Turkish President Recep Tayyip Erdoğan welcomed the framework agreement, but emphasized “the importance of refraining from rhetoric, provocations and actions that could escalate tensions, and of remaining vigilant against possible acts of sabotage until the day the signatures are affixed,” according to Turkish state-run Anadolu Agency.
- Australian Prime Minister Anthony Albanese and Foreign Minister Penny Wong encouraged all parties “to use this opportunity to pursue a durable and lasting peace through dialogue and diplomacy,” while maintaining that Iran should also seize the opportunity to “address longstanding concerns about its nuclear program and the threat it poses to international security.”
- Chinese Foreign Ministry spokesperson Lin Jian said his country welcomes the agreement, adding China hopes that the Strait of Hormuz “can resume opening as soon as possible.”
- Lebanese President Joseph Aoun said he appreciated the framework’s “respect for Lebanese sovereignty,” adding that the Lebanese people hope this agreement translates into “practical steps that will put a definitive end to the cycle of violence.”
- Iraq’s foreign ministry said the country welcomes the US-Iran agreement, adding that Iraq is “committed to repairing” relations with neighboring states that were affected by the war.
This post has been updated with additional developments.
CNN’s Jerome Taylor and Julian Silva-Forbes contributed to this report
Trump says oil prices will drop like a rock. It’ll be more like a feather
President Donald Trump made a bargain with the American people: The Iran war would deliver lasting security gains in exchange for temporary financial pains.
It’s time for Trump to pay up.
With an agreement on a deal framework set to be signed on Friday — one that could eventually lead Iran to dismantle its nuclear program — the next step would be to get oil and gas prices back down to where they were before the war started.
Over, and over, and over again, Trump has said energy prices will “drop like a rock” as soon as a peace is negotiated and the Strait of Hormuz reopens.
However, this will be a difficult promise for Trump to keep. Markets show the price of oil will not fall below the pre-war price of 70$ until late 2031 due to extraordinary practical challenges the oil industry is about to face.
Iran’s mining of the strait has restricted travel to two narrow passageways, and experts suggest it could take several weeks to clear the mines. Oil refineries struck during the war in the Middle East will also take years to repair before resuming normal production levels.
Above all, the resumption of trade hinges on whether the peace deal holds, as tensions have already flared and Iran has threatened to attack ships transiting through the Strait of Hormuz.
Read the full analysis here.
Trump and Iran strike an agreement. Now the hard part begins
If things go as planned and the US and Iran sign an agreement aimed at ending hostilities on Friday, negotiators from the two bitter rivals will face the complex task of untangling half a century of deep-seated problems against a backdrop of suspicion, hostility and broken trust – all in 60 days.
It’s likely that this two-month window would need to be extended. The issues remain highly complex and could require specialists with profound technical expertise across military strategy, international law, economic sanctions, and nuclear technology.
Negotiators will need to reach agreements on demining the Strait of Hormuz, the legality and implementation of sanctions waivers, the destination of frozen Iranian assets, monitoring and restricting Iran’s nuclear program in cooperation with the UN’s atomic watchdog, limits on uranium enrichment, and extracting highly enriched uranium buried in Iranian soil.
Beyond regional mediators, who have proven apt at brokering peace agreements, Washington and Tehran may also need to set aside their differences with other major powers like European nations, China, and Russia, to use their specialized expertise and technical capabilities required to resolve these issues.
All of this has to unfold against the backdrop of fierce pressure opposing a deal from key allies like Israel to hardline factions in Iran and even critics in Washington.
And unlike the 2015 nuclear agreement, which took nearly two years of meticulous negotiations by the Obama administration and five other major powers (backed by teams of nuclear experts and Iran analysts) – this time the shadow of a devastating war looms large, one that claimed the life of Iran’s most revered leader, Ayatollah Ali Khamenei.
More importantly, both sides must shape an agreement that, from the outset, appears fundamentally different from the 2015 deal to persuade the American president that it is markedly superior to its predecessor, which he has repeatedly branded “one of the worst deals ever made.”
Agreement could help get stranded seafarers out of the Gulf, UN shipping watchdog hopes
The head of the International Maritime Organization (IMO) said on Monday that the agreement between Iran and the US to end hostilities and reopen the Strait of Hormuz is an “important step toward restoring safety in this vital maritime corridor for seafarers and ships.”
Arsenio Dominguez, IMO’s secretary general said in a statement that the agreement will allow the organisation to “to advance its plan to evacuate the thousands of seafarers stranded in the area.”
He said that the “courage and resilience” of the stranded seafarers and their families “deserve the highest recognition.”
The IMO said it verified at least 46 attacks against international shipping in and around the Strait of Hormuz since the conflict began on 28 February 2026.
Top analyst: "A fragile reprieve rather than a return to normality"
A leading maritime and shipping analyst said that while markets have rallied after the announcement of the agreement on the reopening of the Strait of Hormuz, the “industry’s optimism remains tempered.”
Richard Meade, editor-in-chief of Lloyd’s List, a top maritime news and analysis outlet, said that the maritime sector is “treating the news with something closer to wary disbelief than celebration.”
Meade said that to get a sense of how the maritime industry is feeling about the news, one only needs to look at the insurers, whom he calls the “industry’s barometer of real risk” to see that the situation remains murky.
Oil prices hit three-month lows following diplomatic breakthrough
Oil prices have fallen to their lowest levels in more than three months after the United States and Iran said they had reached an agreement to reopen the vital Strait of Hormuz.
Brent crude, the global oil benchmark, fell 4.9% to $83.05 a barrel, having settled Sunday at its lowest level since March 5, the first week of US-Israeli airstrikes against Iran. West Texas Intermediate, the US crude benchmark, slid 5.4% to $80.30 a barrel. Both have fallen around $10 over the past week.
The United States and Iran said Sunday they have reached an agreement, due to be signed Friday in Switzerland, to end hostilities. The full text has not yet been published, but President Donald Trump said the US would lift its blockade of Iranian ports and that the Strait of Hormuz would reopen without tolls.
However, crude prices remain around $10 a barrel higher than they were before the war. And the oil market still has significant work ahead to return flows from the Middle East and through the strait to normal.
Read more here.
