The United States and Iran have agreed to a peace deal and an immediate end to military operations, with a formal signing ceremony scheduled for June 19 in Switzerland. The agreement includes plans for fresh nuclear talks, the reopening of the Strait of Hormuz, and the lifting of the U.S. naval blockade, while oil prices fell sharply following the announcement.

The interim peace deal would see the U.S. and Iran extend their ceasefire by around two months.

The United States and Iran are reportedly close to an agreement to end their war, with both sides agreeing on a text for an initial deal. The proposed memorandum of understanding…