Main PointsUS and Iranian officials say they have reached a permanent agreement to end their war The plan includes the immediate reopening of the Strait of HormuzOil prices, which have risen more than 50 per cent since the US and Israel attacked Iran, fell sharply on the news Donald Trump also said in a social media post that he had ordered the end of the US blockade of Iranian portsIn a statement, the secretariat of Iran’s Supreme National Security Council said ​military operations on all fronts, including Lebanon, would end permanently from Monday nightThere was no ⁠immediate reaction to the announcement from Israel Key ReadsAnalysis: Inside Iran’s underground ‘missile cities’ – battered but still firingLebanon’s displaced people: War, poverty and rising tensions on Beirut’s CornicheData Investigation: Is Ireland’s oil supply stable? It’s a question of timeRonan McGreevy - 11 minutes ago‘The most American thing I’ve seen’As the world sought detail of the US-Iran deal, Donald Trump himself was celebrating his 80th birthday in unusual style: with a UFC fight card on the White House Lawn.Keith Duggan, our Washington correspondent, reports on the spectacle.“They shot off fireworks behind the Monument singing Born In the USA,” one attendee told him amid soupy DC summer weather. “Just the most American thing I’ve seen.”[ Welcome to Donald Trump’s 80th birthday cage fightOpens in new window ]Ronan McGreevy - 24 minutes agoMarkets respondShare markets and bonds rallied hard in Asia on Monday and oil prices tumbled as the tentative peace deal between ‌the United States and Iran promised to ease inflationary pressures globally and lessen the need for higher interest rates.In Europe, Eurostoxx 50 futures and Dax futures both rose 1.7 per cent, while British FTSE futures added 0.7 per cent.In the US, the benchmark S&P 500’s futures climbed 1.2 per cent, while ​Nasdaq futures jumped 1.9 per cent amid a general surge in risk assets.Oil also responded. Markets had ⁠already priced in a likely deal but the confirmation was enough to send ​Brent crude, the global index price, falling 4.7 per cent to $83.24 a barrel, well away from its May peak of $126.41. -ReutersRonan McGreevy - 27 minutes agoIsrael’s responseThe agreement was sealed despite an Israeli strike on Lebanon on Sunday that drew criticism from both Iran and Trump.There was no ⁠immediate reaction to the announcement from Israel, which has said it was not party to the US-Iran talks.Prime minister Binyamin Netanyahu has differed with Trump over American demands that Israel curb its military action in Lebanon to allow the United States to reach a deal with Iran.Israel has said it will retain freedom of operations in Lebanon, while Iran has made a ‌full ceasefire there an important component of its demands.Trump updated Netanyahu ⁠on the progress toward a peace deal during a phone call on Sunday, Israel’s N12 reported, citing a senior official.In an interview with the New York Times, Trump called Netanyahu “a very difficult guy” and argued the Israeli leader should thank him for saving Israel from a nuclear-armed Iran.Leaders outside the Middle East, who have kept a wary eye on the conflict, welcomed the announcement.In a joint statement, Britain, Germany, France and Italy said they were prepared ‌to lift sanctions on Iran in response to “clear, verifiable steps” to limit its nuclear programme. -ReutersRonan McGreevy - 30 minutes agoDeal announcedWelcome to The Irish Times’s resumed live coverage of the Iran deal announced on Sunday to end months of war in the Middle East.US and Iranian officials both said they had reached an agreement to end the conflict and reopen the Strait of Hormuz, a preliminary pact that sent oil prices falling but leaves the fate of Tehran’s nuclear programme to further negotiations.While still a framework, the deal marked ‌the biggest breakthrough towards resolving the conflict that has killed thousands and upended energy markets since it began with joint US-Israeli strikes on Iran in February. “The Deal with the Islamic Republic of Iran is now complete,” US president Donald Trump wrote on his Truth Social platform at around 9.30pm Irish time on Sunday. His ​post came shortly after Pakistani prime minister Shehbaz Sharif, whose country has served as a mediator, announced a deal had been struck early on Monday local time.The memorandum of understanding is scheduled to be officially signed on Friday in Switzerland.The precise terms were not immediately known. Sharif said in a post on X that the pact called for “the immediate and permanent termination of military operations on all fronts, including in Lebanon”.Lebanon has been a sticking point in negotiations, with Israel and Hizbullah ignoring calls from Trump and others to stop their attacks on each other in recent weeks.In a statement, the secretariat of Iran’s Supreme National Security Council said war and ​military operations on all fronts, including Lebanon, would end permanently starting on Monday night. -Reuters