U.S. and Iran sign agreement to reopen the Strait of Hormuz

United States President Donald Trump and Iranian President Masoud Pezeshkian signed a memorandum of understanding on Wednesday to end the war, which was initiated in February by the U.S. and Israel. The agreement calls for the immediate opening of the Strait of Hormuz and the lifting of the U.S. blockade on Iranian ports. Following the signing, three Saudi-flagged supertankers carrying approximately six million barrels of crude oil passed through the strait on Thursday. Reports indicate that over 160 tankers and hundreds of dry cargo ships remain in the region, with shipping operations resuming cautiously as insurers and operators await mine-clearing efforts and security guarantees. While sources suggest that up to 80 mines may need to be cleared, shipping transponders are increasingly active. Brent crude prices fell by 2% to below $78 per barrel following the announcement. Despite the agreement, Israeli forces continue airstrikes in Lebanon, casting doubt on the immediate implementation of the ceasefire. A 60-day negotiation period has commenced to reach a final settlement to the conflict.