US and Iran reach agreement but key questions remain

Officials from both countries said the framework deal would halt hostilities, reopen the strategically vital Strait of Hormuz, and establish a roadmap for future negotiations on more complex issues. The agreement is expected to be formally signed in the coming days, with international mediators and world leaders welcoming the development as a major step toward de-escalation.

The announcement immediately affected global markets, with oil prices falling as traders reacted to expectations that energy shipments through the Strait of Hormuz could soon return to normal levels. The waterway is one of the world’s most important shipping routes for oil and natural gas exports, making its reopening a critical component of the agreement.