The US and Iran have announced an agreement to end the war between the two countries. The deal also brings an end to the war between Israel and Iran, as well as Israeli attacks on Lebanon.
The deal, brokered by Pakistan and some Middle East countries, also leads to the full reopening of the Strait of Hormuz.
US President Donald Trump announced the deal late on Sunday.
“The deal with the Islamic Republic of Iran is now complete,” Mr Trump announced on his Truth Social platform. “Ships of the world, start your engines. Let the oil flow!”
Iran’s Deputy Foreign Minister, Kazem Gharibabadi, also confirmed the deal but added that a broader deal covering sanctions relief for Iran would be worked out during the first 60 days of the latest deal.
Pakistan’s Prime Minister, Shehbaz Sharif, said the deal is due to be signed on Friday in Switzerland, although President Trump had earlier said the deal would be signed yesterday.
PREMIUM TIMES reports that the war started on 28 February when the US and Israel launched unprovoked strikes on Iran. Iran retaliated with strikes on Israel as well as US interests in the Gulf region. Iran also shut the Strait of Hormuz, through which about 20 per cent of the world’s oil passes.
The US then blockaded the Strait, preventing any Iran-linked ship from passing.
This led to a global increase in crude oil prices, including in Nigeria.
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Many countries, including India, the Philippines, EU countries, and African countries, made economic adjustments as oil and its derivatives, like aviation fuel, became scarce or expensive.
With the new deal, both parties said, the Strait of Hormuz will become open for all, although such opening is expected to take a few days to allow for the removal or destruction of mines that Iran may have placed in parts of the Strait.
The deal is expected to eventually lead to the reduction of crude oil prices to the $70 mark, which it was in before the start of the war, during which it went above $100.