President Donald Trump announced Sunday, ahead of a White House UFC event, that a peace deal with Iran had finally been reached.
Iran’s Supreme National Security Council also announced Sunday that Tehran and Washington have finalized a memorandum of understanding aimed at formally ending the conflict after months of negotiations, according to multiple reports.
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In a statement, the council said all military operations across several theaters, including those involving Iranian-backed forces in Lebanon, will cease “immediately and permanently” beginning Sunday night.
The council also said the U.S. would fully lift its naval blockade of Iran, which would take effect immediately, according to Iran International.
Under the reported framework, negotiations on a broader and more comprehensive agreement will begin only after both sides have fulfilled the commitments outlined in the initial memorandum.
Iranian officials also thanked Pakistan and Qatar for their roles in facilitating talks and helping broker the agreement.
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The memorandum is reportedly scheduled to be formally signed on June 19 and would launch a 60-day negotiating period focused on Iran’s nuclear program and the terms of a wider long-term agreement between the two countries.
“The Deal with the Islamic Republic of Iran is now complete. Congratulations to all!” Trump wrote on his Truth Social platform.
“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!” he added.
In a follow-on post, the president said, “This Great Deal will bring Peace and Security to the whole Region. Many presidents have tried to make Peace with Iran, and all have failed before me.
“The Leaders of the Region have, for the first time, found a President who can help them achieve real Peace,” Trump said.
“With the opening of the Strait upon the signing of the Deal on Friday, for purposes of mine removal, oil will flow on both ends again for the Region, and the World!” he noted further.
German Chancellor Friedrich Merz praised the agreement as well.
“I welcome the agreement between the U.S. and Iran and congratulate President Trump and the Iranian side on this diplomatic breakthrough,” Merz said in a post on X.
“This can pave the way for a reinvigorated global economy and a more secure Middle East. It is crucial to implement it with determination,” he added.
U.S. Ambassador Michael Waltz on Sunday praised Trump for securing the deal that will also enhance U.S. security.
“The President has put our country first and negotiated a peace deal that will keep us safe and prevent Iran from ever getting a nuclear weapon,” Waltz said in a post shared on X.
“From the very beginning, @POTUS maximized our leverage, limited casualties and brought credible military force to ensure the best possible outcome,” he added before offering his congratulations to Trump.
“This is one hell of a way to celebrate a birthday. Congratulations, Mr. President,” Waltz said.
Oil prices tumbled to their lowest levels since March on Monday after President Donald Trump and Iran’s deputy foreign minister announced that the two sides had reached an agreement to end the conflict and restore normal shipping operations through the strategically vital Strait of Hormuz.
According to Reuters, Brent crude futures fell $3.58, or 4.1%, to $83.75 per barrel by 12:04 a.m. GMT. U.S. West Texas Intermediate crude futures dropped $4.01, or 4.7%, to $80.87 per barrel.
The sharp decline followed an earlier selloff at the end of last week, with both major oil benchmarks already down more than 3% on Friday as traders increasingly bet that easing tensions in the Middle East would reduce the risk of disruptions to global energy supplies.
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