The US and Iran have signed a preliminary agreement to end hostilities that have roiled global markets for months. Vice President JD Vance announced that the deal was digitally signed on June 14, with a formal ceremony scheduled for June 19 in Geneva.
Vance promised to release the full text of the agreement this week.
What’s in the deal
The agreement tackles the single biggest chokepoint, literally, that has driven energy and market volatility: the Strait of Hormuz. Under the deal’s terms, Iran will immediately reopen the strait without imposing tolls.
A 60-day ceasefire extension is also baked into the framework. This follows roughly three and a half months of active hostilities between the two nations, a period that saw failed negotiations in Pakistan back in April 2026 collapse spectacularly.
