U.S. and Iran reach interim agreement to end regional conflict

U.S. President Donald Trump announced on Monday that a preliminary agreement has been signed with Iran to end the conflict that began with U.S.-Israeli strikes on February 28. The deal extends an existing April ceasefire by 60 days and aims to reopen the Strait of Hormuz, which has been effectively blocked by Iran, halting one-fifth of global oil and LNG trade. A formal signing ceremony is scheduled for Friday in Geneva with Vice President JD Vance. While Trump claimed ships are already moving through the strait, shipping industry leaders, including the CEO of Japan’s Mitsui O.S.K. Lines, stated that transit will not resume for weeks until the deal’s practical impact is proven. Fundamental issues, such as Iran’s nuclear program, are slated for negotiation during the 60-day window, though reports suggest that restrictions on missile programs and regional proxies are not currently on the agenda. Oil prices initially fell following the announcement but stabilized by Tuesday as markets reacted with caution to the uncertainty surrounding the deal’s implementation.