US President Donald Trump announced on social media on the 14th that the US-Iran agreement is “now complete,” paving the way for the reopening of the Strait of Hormuz. Trump stated he has officially approved the reopening of the strait without imposing any transit fees, while immediately ordering the lifting of the US Navy’s maritime blockade on Iranian ports.
According to reports on the 15th, Iran’s Supreme National Security Council issued a statement early that morning, formally confirming the conclusion of the US-Iran ceasefire memorandum of understanding.
Quoting Iran’s Tasnim News Agency early on the 15th, Iranian Deputy Foreign Minister Gharibabadi confirmed that the text of the US-Iran memorandum has been finalized. The official signing ceremony for the “Islamabad Memorandum” is set to take place on March 19 in Switzerland.
Pakistani Prime Minister Shehbaz Sharif took to social media on the 15th to announce that, after intensive negotiations, the United States and Iran have reached a peace agreement.
Sharif added that both sides have declared an immediate and permanent cessation of military operations on all fronts, including in Lebanon. The formal signing ceremony will be held on March 19 in Switzerland.
Global Reactions Pour In
A spokesperson for the UN Secretary-General issued a statement on the 14th, saying that Secretary-General António Guterres welcomes the consensus reached between the US and Iran on a peace agreement.
According to international media reports on the 14th, the UK, France, Germany, and Italy issued a joint statement. They said that after the US and Iran reached a deal to end the war, all parties are prepared to lift relevant sanctions on Iran in exchange for Tehran taking steps regarding its nuclear program.
As the US and Iran confirmed the agreement and the Strait of Hormuz is expected to reopen soon, international crude oil futures saw a significant price drop at the start of the new trading week on the 14th.
As of 6:15 PM Eastern Time on the 14th, the price of light crude oil futures for July delivery on the New York Mercantile Exchange fell to a low of $80.25 per barrel, a drop of 5.45%. Meanwhile, Brent crude oil futures for August delivery on the London ICE exchange briefly fell to $83.51 per barrel, a decline of 4.37%.
