U.S. and Iran Reach Agreement to End Hostilities, Reopen Strait of Hormuz

The United States and Iran have reached an agreement intended to end hostilities between the two countries, according to multiple reports. The deal was announced Sunday. The Strait of Hormuz, closed to international shipping for months, is expected to reopen under the terms.

Pakistan officially announced the peace deal between the United States and Iran on June 15. The Iranian rial exchange rate moved following the announcement, according to data reported by Ary News. An international mission involving the United Kingdom is prepared to assist with reopening the waterway.

President Trump arrived in France on Monday for the Group of Seven summit. British Prime Minister Keir Starmer, French President Emmanuel Macron, and German Chancellor Friedrich Merz are scheduled to meet with him. Discussions are expected to address Iran's nuclear program and the status of Iranian assets.

The New York Times reported that Trump faces pressure to improve upon the Obama-era nuclear deal. Gas prices fell seven cents per gallon on Monday after the announcement, according to AAA data.