The US and Iran have reached a preliminary agreement that would end the war, reopen the Strait of Hormuz and lift the US naval blockade of Iran. The deal is expected to be formally signed this week in Switzerland.
The parties will continue negotiations on a broader peace deal and Iran's nuclear program during the 60-day ceasefire. Oil prices fell on world markets on the news of the reopening of the Strait of Hormuz.
The deal was reportedly brokered by Pakistan, and Iran has also confirmed its readiness to stop hostilities.
