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Trump's Surprise Move: What the Iran Peace Deal Means for Global Oil

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WASHINGTON — The US and Iran have completed a peace deal to end their three-and-a-half month-old war, President Trump announced Sunday.

“The Deal with the Islamic Republic of Iran is now complete,” Trump wrote on Truth Social.

“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!”

President Trump said Sunday a deal with Iran has been reached. AP Photo/Mark Schiefelbein

Pakistan's Prime Minister Shehbaz Sharif

Pakistan’s Prime Minister Shehbaz Sharif announced the expected deal on X on Sunday. Getty Images

Smoke billows from southern Lebanon, following Israeli strikes, as seen from Nabatieh, Lebanon, June 14, 2026.

Smoke billows from southern Lebanon, following Israeli strikes, as seen from Nabatieh, Lebanon, June 14, 2026. REUTERS

Minutes before Trump posted his announcement, Pakistan Prime Minister Shehbaz Sharif announced that Washington and Tehran would sign a memorandum of understanding to reopen the Strait of Hormuz and begin talks on the fate of Iran’s nuclear program at a ceremony in Switzerland Friday.

“Following intensive talks, we are pleased to announce that the Peace Deal between the United States of America and Islamic Republic of Iran has been REACHED,” Sharif wrote on X. “Both sides have declared the immediate and permanent termination of military operations on all fronts.”

This is a breaking story. Please check back for updates.

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