Pakistan brokers US-Iran deal to extend ceasefire 60 days and reopen Strait of Hormuz, which handles 20% of global oil transit. Oil futures fall on

The US and Iran have agreed on a draft deal called the Islamabad Agreement, extending the ceasefire, reopening the Strait of Hormuz, and unlocking sanctions

The drafted text of the deal, which Pakistani Prime Minister Shagbaz Sharif announced had been agreed upon earlier on Friday, also outlines the reopening of the Strait of Hormuz.