As per reports, US and Iranian officials announced on Monday (15 June) that they had reached a preliminary framework agreement aimed at ending the ongoing conflict between the two countries, lifting the US blockade of Iranian ports, and reopening the Strait of Hormuz, one of the world’s most important maritime energy corridors.

• According to statements from both governments, the agreement is expected to be formally signed in Switzerland on Saturday (20 June). The framework reportedly provides for the immediate and permanent cessation of military operations across all fronts, including in Lebanon, where hostilities have continued despite repeated international calls for de-escalation.
• Iranian authorities stated that military operations would cease beginning on Monday (15 June), while US President Donald Trump announced that the Strait of Hormuz would reopen and restrictions on Iranian maritime trade would be lifted. The waterway has experienced significant disruption in recent months, affecting global oil and gas shipments and increasing transportation and energy costs worldwide.
• The agreement reportedly establishes a 60-day ceasefire period, during which broader negotiations are expected to take place. Outstanding issues, including the future of Iran’s nuclear program, sanctions relief, uranium enrichment activities, and long-term security arrangements, remain unresolved and will be addressed in subsequent talks.
• The announcement comes despite continued tensions in the region, including a reported Israeli strike in Lebanon on Monday (15 June). Israeli authorities have not publicly commented on the agreement and have previously stated that they were not a party to the US-Iran negotiations.
• Financial markets reacted positively to the announcement. Global oil prices declined sharply amid expectations that energy exports and commercial shipping through the Strait of Hormuz could resume, while equity markets in Asia advanced on reduced concerns over regional conflict escalation.