US President Donald Trump has announced a “big deal” to end the war with Iran, as officials in Tehran and Washington outlined an agreement that would bring an immediate ceasefire after more than 100 days of conflict. Pakistan Prime Minister Shehbaz Sharif said the signing ceremony would take place in Switzerland on Friday.
Iran’s Supreme National Security Council said the agreement includes the immediate suspension of military operations on all fronts, including Lebanon, where Israel currently occupies nearly a fifth of the territory. “Based on the agreements reached, war and military operations on all fronts, including Lebanon, will end immediately and permanently from tonight, and in addition, the naval blockade on Iran will be lifted immediately and completely,” the statement said.
Kazem Gharibabadi, Iran’s Deputy Foreign Minister for Legal and International Affairs, said negotiations for a final agreement would continue for 60 days. Meanwhile, Trump said Israeli Prime Minister Benjamin Netanyahu “should be very grateful” to the US for securing the deal, as the president criticized Israeli airstrikes on the southern suburbs of Beirut, Lebanon, on Sunday, which he told US media nearly derailed the accord.
The announcement was welcomed by financial markets, while Trump urged ships stranded by the closure of the Strait of Hormuz to “start engines” in anticipation of shipping resuming through the waterway. However, initially, the reopening of the strait would be “for mine-clearing purposes,” Trump said in a social media post, rather than general cargo shipping.
Analysts said the deal appeared likely to reduce violence immediately, reopen shipping lanes and create space for further negotiations. However, key questions remain about whether Israel will comply with the agreement, as well as decisions on Iran’s nuclear program, the lifting of sanctions, the future of the Strait of Hormuz and the fate of Iran’s regional allies, including Hezbollah.
Despite immediate optimism, economists warned that the economic impacts of the conflict will persist. Shipping disruptions, supply chain delays and damage to energy infrastructure across the Gulf are expected to continue affecting global markets for months.
