US, Iran Reach Peace Deal

The US and Iran have finally struck a peace deal after 4 months of war. Both sides on Sunday said they had agreed to halt military operations in a conflict that has rattled global politics and energy markets, reports the Wall Street Journal. Pakistani Prime Minister Shehbaz Sharif said a formal signing will take place Friday in Switzerland. "Both sides have declared the immediate and permanent termination of military operations on all fronts, including in Lebanon," he wrote. The two nations later confirmed, though "permanent" might be a overly optimistic: The most difficult issues have pushed into the next round of talks, notes the New York Times.

• Trump: "Deal with the Islamic Republic of Iran is now complete," President Trump wrote on social media late Sunday afternoon. "Congratulations to all! I hereby fully authorize the toll free opening of the Strait of Hormuz, and, simultaneously herewith, authorize the immediate removal of the United States Naval blockade. Ships of the World, start your engines. Let the oil flow!"
• Iran: "Agreement reached," Iranian President Masoud Pezeshkian wrote on the X platform. "Greetings to Diplomacy General," he added, under a photo of Iranian Foreign Minister Abbas Araghchi.
• 60 days: The accord launches a 60-day window for talks over Iran's nuclear program. In return for limits on that program, Iran expects access to frozen funds and potential sanctions relief. Trump said he's not seeking regime change, while promising "strong inspections" without detailing how they would work.
• Oil prices: The price of Brent international crude dropped about 5% on the news to $83 a barrel, report CNBC.