U.S.-Iran Deal Ends War, Sanctions Relief and Strait of Hormuz Reopening

The U.S. and Iran reached an agreement to end their conflict after three months, with a signing set for Friday. An Iranian state media report mentioned a 14-page draft memorandum which includes the U.S. lifting oil sanctions and Iran reopening the Strait of Hormuz within 30 days. European nations indicated their willingness to ease sanctions on Iran contingent upon verifiable steps regarding its nuclear program. This agreement aims to enhance regional stability and could significantly affect global oil markets and economic conditions.