Iran and the US have signed a peace deal that will take immediate effect, with Iran reopening the Strait of Hormuz and the US lifting its naval blockade, Pakistan’s Prime Minister Shehbaz Sharif announced.Sharif, a chief mediator since the US and Israel entered the war with Iran at the end of February, made the announcement in a social media post on Thursday morning.“The Memorandum has been signed by honourable Presidents of both the countries and also endorsed by me as the mediator,” he wrote.“The signing of this agreement at the highest level of the respective governments demonstrates the commitment of both sides to a diplomatic resolution of the conflict.”Pakistani Prime Minister Shehbaz Sharif. Photo: Violaine Martin/UN Photo/dpaAccording to an outline of the agreement released by the US on Wednesday, the two sides will continue negotiations to achieve the final deal in a maximum of 60 days – extendable with mutual consent.