U.S. and Iran announce a deal to end the war and reopen the Strait of Hormuz

Key developments are emerging from the global stage. and Iran announce a deal to end the war and reopen the Strait of Hormuz Updated June 15, 20262:08 PM ET Originally published June 15, 20265:55 AM ET Greg Myre President Trump boards Air Force One before departing Joint Base Andrews in Maryland to fly to Evian-les-Bains, France, for the G7 summit on Monday. Mandel Ngan/ via Getty Images hide caption toggle caption Mandel Ngan/ via Getty Images President Trump and Iran declared they've reached an agreement intended to end more than three months of war in Iran and reopen the Strait of Hormuz. The deal, scheduled to be formally signed Friday in Switzerland, marks a major breakthrough in the conflict that set the Middle East aflame and shook the global economy.

-led war in Iran will dominate Trump's G7 trip to France "The Deal with the Islamic Republic of Iran is now complete. Congratulations to all! " Trump wrote on social media on Sunday evening.

The Details

Meeting with French President Emmanuel Macron on Monday during a G7 meeting in France, Trump said that "the deal's all signed. " The details of the memorandum of understanding will be made public "probably pretty soon. I would say ⁠after sometime after Friday," he added, "I think sometime in the very near future.

" Iran's Supreme National Security Council said the deal was reached "following a difficult and intensive period of negotiations lasting several months. " Sponsor Message Markets greeted the news with a rally in stocks, with the S&P 500 up 1. 9%, and oil prices dropping by almost 5%.

If the agreement works as planned, several key developments are supposed to happen almost immediately. and Iran will end the sporadic attacks that have been taking place despite a ceasefire. The Israel-Hezbollah fighting in Lebanon should stop.

What Experts Say

will lift their dueling blockades of the Strait of Hormuz that have prevented oil from leaving the Gulf, driving up prices across the world. "Ships of the World, start your engines. " Trump said in his post.

However, the memorandum of understanding between the U. and Iran did not resolve several critical issues that must still be worked out in another round of negotiations. The text of the deal was not immediately released but has been widely described by U.

and Iranian officials and in media reports. The agreement extends the current U. -Iran ceasefire for 60 days.

The development has drawn wide international attention, with diplomatic circles watching closely.