US-Iran peace deal reopens Hormuz, world leaders react

The US and Iran have agreed a peace deal — to be formally signed June 19 in Switzerland — that reopens the Strait of Hormuz and lifts the US naval blockade, sending oil prices tumbling and drawing praise from world leaders even as questions linger over Lebanon and Iran’s nuclear demands.

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After months of fighting that left hundreds dead and shook the global economy, the US and Iran say it’s finally over — and Trump couldn’t have asked for a better birthday gift.

Announcing the deal on Truth Social on his 80th birthday, President Trump declared: “The Deal with Islamic Republic of Iran is now complete. Congratulations to all!” He didn’t stop there, ordering the Strait of Hormuz toll-free and the naval blockade lifted immediately: “Ships of the World, start your engines. Let the oil flow!”

Daily Trust reported that Pakistan’s PM Shehbaz Sharif, who helped broker the truce, confirmed on X that the official signing happens June 19 in Switzerland, where the deal includes “the immediate and permanent termination of military operations on all fronts, including in Lebanon”.

Markets reacted fast — Brent crude slid from $87 to $83 a barrel, WTI dropped to $80, with traders eyeing further falls once Hormuz, which handles over 20% of global fuel supplies, fully reopens.

World leaders piled in. Macron urged “rapid and complete implementation” and insisted Hormuz reopen “without restriction or toll.” Qatar praised Pakistan’s “constructive efforts” and reaffirmed its “commitment to peace and dialogue.”

Big questions remain — Israel has yet to comment on the agreement, and fighting in Lebanon continued even as the deal was announced. Still, for now, oil markets — and much of the world — are breathing easier.

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