The U.S. and Iran said they have agreed terms to end their war and reopen the Strait of Hormuz, news that brought relief to markets worldwide, although the pact may hinge on events in Lebanon and defers tricky talks on Tehran's nuclear programme.
The framework deal marks the biggest breakthrough towards resolving a war that began with joint U.S.-Israeli strikes on Iran in February before escalating into a wider regional conflict that has killed thousands, upended energy markets and stoked recession fears for the global economy.
"The Deal with the Islamic Republic of Iran is now complete," U.S. President Donald Trump wrote on his Truth Social platform at around 5:30 p.m. in Washington (2130 GMT) on Sunday.
The memorandum of understanding is scheduled to be officially signed on Friday in Switzerland.
Leaders around the world welcomed the announcement on Monday as details of the terms began to emerge.
Though the text was not yet published, its apparent call for hostilities to cease more broadly could be tricky for Israel, which was not part of the negotiations and has been waging war in Lebanon against the Iran-aligned Hezbollah group. "Lebanon is an integral part of the agreement to end the war," Iran’s foreign ministry spokesperson Esmaeil Baghaei said, adding the text calls for an end to war on all fronts, as well as the respect of Lebanon's territorial integrity.
Leaders of the Group of Seven wealthy nations, including Trump, are due to arrive at a French lakeside resort on Monday.
