US President Donald Trump has announced the completion of a historic peace agreement with the Islamic Republic of Iran. Under the new agreement, the strategically vital Strait of Hormuz will be reopened toll-free, and the United States Navy blockade will be lifted immediately. The official signing ceremony for the peace accord is scheduled to take place in Switzerland on Friday, June 19.

Following the announcement made on Truth Social, global crude oil prices dropped by over four percent, with Brent crude falling by $3.51 to $83.82 per barrel. Pakistan’s Prime Minister Shehbaz Sharif, who played a mediating role in the talks, confirmed the signing date and venue. This diplomatic breakthrough comes four months after military tensions and blockades led to a severe spike in global fuel prices.

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In a recent interview, President Trump highlighted his role in securing the peace deal, which coincided with his 80th birthday. He warned that nuclear negotiations would begin alongside the signing, noting that failure to reach a final resolution could lead to resumed hostilities or a demand for 20% of regional revenues for US protection. Trump also publicly criticized Israeli Prime Minister Benjamin Netanyahu, stating that Israel should be grateful for the deal, while also condemning recent Israeli airstrikes in Beirut.