Key facts
- A ceasefire deal between the US and Iran has been finalized, ending Washington's naval blockade in the Strait of Hormuz.
- US President Donald Trump announced the completion of the agreement.
- The deal limits Iran's nuclear enrichment to low levels for non-military purposes.
- Full sanctions relief for Iran is contingent on the country not killing protesters.
- A formal signing ceremony is scheduled for June 19 in Switzerland, according to Pakistan's Prime Minister.
- The agreement is seen as an alternative to war and has led to market rallies in several Asian countries.
A ceasefire deal between the United States and Iran has been finalized, leading to the end of Washington's naval blockade in the Strait of Hormuz. US President Donald Trump announced the completion of the agreement, which he stated limits Iran's nuclear enrichment to low levels for non-military purposes. Full sanctions relief is contingent on Iran not killing protesters.
The announcement of the deal coincided with President Trump's 80th birthday. According to Pakistan’s Prime Minister Shehbaz Sharif, the official deal signing ceremony is scheduled for Friday, June 19, in Switzerland.
Former Obama administration officials Robert Malley and Ben Rhodes welcomed the agreement but criticized the preceding war as a 'reckless, costly debacle,' noting that the deal reopens a waterway that was closed due to the conflict. They also pointed out that the nuclear negotiation scope is narrower than what was sought before the war.
Markets reacted positively to the news, with significant rallies observed in Japan, South Korea, Taiwan, Indonesia, and the Philippines. Progressive US Representative Ro Khanna expressed support for the ceasefire, highlighting its provision for mutual respect of sovereignty and the expected decrease in gas and food costs for Americans. Beijing also welcomed the deal as positive, though it remains cautious due to outstanding details and will continue its long-term plan to reduce dependence on the Strait of Hormuz. The National Iranian-American Council (NIAC) welcomed the end to the war, which it described as having been 'started based on lies,' and noted the receding threat to civilian populations and regional stability.