Dubai/Washington: The United States and Iran have reached a preliminary agreement to end their war, with both sides confirming a framework deal that paves the way for a formal signing scheduled for Friday in Switzerland.U.S. President Donald Trump announced that the deal is complete, while Pakistan, which has acted as a mediator, confirmed that the agreement had been finalised.Framework agreement reachedThe memorandum of understanding outlines an immediate and permanent halt to military operations across all fronts, including in Lebanon. Iran’s Supreme National Security Council also confirmed that hostilities would end starting Monday night.The agreement aims to end the U.S. blockade of Iranian ports and reopen the Strait of Hormuz, a critical route for global oil and gas supplies.Trump said the strait would reopen on Friday, calling for the resumption of global shipping activity.Oil markets respondThe announcement had an immediate impact on global markets, with oil prices falling by more than 4 percent in early trading. Brent crude and U.S. West Texas Intermediate both declined sharply, while stock markets in Asia recorded gains.The Strait of Hormuz, which Iran had effectively blocked for months during the conflict, plays a vital role in global energy supply, and its reopening is expected to ease pressure on oil markets.Key issues deferredWhile the agreement marks a major step towards ending hostilities, it leaves several critical issues unresolved.Iranian officials said that a broader agreement will be negotiated during a 60-day ceasefire period, including discussions on sanctions relief and the future of Iran’s nuclear programme.The nuclear issue, a central point of contention, is expected to be addressed in subsequent negotiations, with both sides indicating that further talks will determine its outcome.Political and regional challengesThe deal was reached despite ongoing tensions in the region, including an Israeli strike on Lebanon that drew criticism from both Iran and the United States.Israel, which is not a party to the U.S.-Iran agreement, has maintained that it will continue its operations in Lebanon, while Iran has insisted that a full ceasefire there is a key condition.Conditions and next stepsDetails of the agreement are still emerging, but discussions have included the potential release of frozen Iranian assets and the easing of sanctions on oil exports, linked to Tehran’s cooperation on security and nuclear commitments.U.S. officials have indicated that the release of funds would depend on Iran meeting specific conditions under the deal.The agreement is expected to lead to further negotiations on limiting Iran’s nuclear activities, including its stockpile of enriched uranium and future programme.Uncertainty remains over implementationWhile the preliminary deal represents a significant step towards ending the conflict, uncertainty remains over its implementation and the outcome of future negotiations.The coming weeks are expected to be critical, as both sides move towards formalising the agreement and addressing outstanding issues that will shape long-term stability in the region.
