(Agencies), June 15 (HBTV): Oil prices fell to their lowest levels in nearly three months after United States President Donald Trump announced that the Strait of Hormuz would reopen.
The United States and Iran have agreed to a deal aimed at ending the war, with mediator Pakistan stating that the agreement will be formally signed on Friday in Switzerland.
Trump said the Strait of Hormuz would be reopened and that the US naval blockade of Iran would come to an end.
According to CNN, the United States and Iran have reached an agreement that would end the US blockade of Iranian ports and restore access through the Strait of Hormuz. While Vice President JD Vance said the agreement was signed electronically over the weekend, no text of the deal has been released, and both sides have provided differing accounts of what will follow the planned signing ceremony on Friday.
Israel's Defence Minister said Israeli forces would not withdraw from southern Lebanon, despite Iran's assertion that the agreement includes an end to the conflict there. Meanwhile, a source said Trump was angered by Israeli Prime Minister Benjamin Netanyahu's decision to strike Beirut just hours before the agreement was announced.
Trump is travelling to the G7 summit in France, where the agreement is expected to be a major topic of discussion. Although oil prices have dropped sharply following the announcement, analysts say recovery from the economic effects of the conflict could take months.
(Agencies)