Saudi Arabia’s Ministry of Foreign Affairs on June 14 formally endorsed the US-Iran ceasefire agreement announced by President Donald Trump, calling for an immediate halt to military operations across all fronts. The deal marks the most consequential shift in Middle Eastern geopolitics since the conflict escalated earlier this year, and its ripple effects are already showing up in energy and equity markets.
Trump’s announcement went beyond a simple ceasefire. He ordered the lifting of the US naval blockade on Iranian ports and declared the imminent reopening of the Strait of Hormuz, the narrow waterway through which a massive share of global oil shipments pass. His phrase, “let the oil flow,” signaled an unmistakable pivot in US policy toward the region’s energy infrastructure.
How the deal came together
Pakistani Prime Minister Shehbaz Sharif played a central role in brokering the agreement, with Qatar and Turkey also serving as key mediators. Multiple world leaders have since voiced approval of the terms.
The conflict traces back to late February and early March 2026, when US and Israeli strikes targeted Iranian assets. Iran retaliated against Gulf states, setting off a cascading series of military escalations that rattled global markets for months. The Strait of Hormuz became a focal point of the standoff.
