The United States and Iran have agreed to sign a memorandum of understanding on Friday in Geneva to end their 106-day conflict. The deal will reopen the Strait of Hormuz and launch 60 days of negotiations.
The United States and Iran reached an agreement on Monday to conclude the war that started with U.S. airstrikes on February 28. The conflict lasted 106 days. The two sides will sign the memorandum of understanding in Geneva on Friday.
Under the deal, the U.S. naval blockade will end and the Strait of Hormuz will reopen. This will be followed by 60 days of talks on the nuclear issue and sanctions relief to help rebuild the Iranian economy.
U.S. President Donald Trump posted on social media that the deal with Iran is now complete. Iranian Deputy Foreign Minister Kazeem Gharibabadi announced the immediate and permanent end of the war via X.
South Korea, which relies heavily on Middle East oil, expects the release of 24 stranded vessels and 137 sailors. Brent crude oil prices dropped immediately to $83 per barrel.
