Trump says the US has reached a deal to reopen the Strait of Hormuz
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<p>President Donald Trump said Sunday that the United States and Iran had reached a deal to reopen the Strait of Hormuz, signaling a possible end to a 15-week conflict that disrupted global oil supplies and stoked fears of economic turmoil.</p>
<p>Iran has not yet publicly confirmed the deal. &#8220;The Deal with the Islamic Republic of Iran is now complete,&#8221; Trump wrote on TruthSocial. &#8220;I hereby fully authorize the toll free opening of the Strait of Hormuz, and, simultaneously herewith, authorize the immediate removal of the United States Naval blockade.&#8221; Trump did not immediately offer further details about the deal.</p>
<p>The prime minister of Pakistan, Shehbaz Sharif, a mediator in the negotiations, said the official signing ceremony would be on June 19. &#8220;With the agreement now in place, mediators will facilitate a series of meetings this week,&#8221; he wrote in an X post. &#8220;These pre-implementation discussions will lay the foundation for the technical talks and the official signing ceremony.&#8221; The Trump administration had also sought assurances from Iran that it would stop enriching uranium, but did not say if that was part of the initial deal struck on Sunday.</p>
<p>Iran effectively shut down the Strait of Hormuz to most shipping traffic after the United States and Israel first launched their surprise attacks on February 28.</p>
<p>Iran briefly reopened the Strait in April as part of a ceasefire deal with the United States, but closed it again after the US imposed its naval blockade.</p>
<p>Iran&#8217;s de facto control of the Strait of Hormuz, which connects the Persian Gulf with the Gulf of Oman and through which about 20% of the world&#8217;s oil and liquefied natural gas flows, allowed it to wield immense economic influence during what began as a military conflict.</p>
<p>The Strait&#8217;s closure, along with damage to major oil hubs in the region, led to a steep spike in oil prices and what the International Energy Agency said in March was the largest disruption to the global oil markets in history.</p>
<p>Oil prices surpassed $100 a barrel on March 8 for the first time in four years, forcing several countries to implement energy-saving strategies to address the costs.</p>
<p>The Philippines, for example, ordered a four-day workweek for government employees alongside other measures.</p>
<p>In the US, the national average for a gallon of gasoline exceeded $4 by the end of March.</p>
<p>Jet fuel prices spiked above $200 a barrel in April, forcing some airlines to cut routes and raise ticket prices to cover costs.</p>
<p>The conflict also drove inflation in the United States to a three-year high.</p>
<p>These economic pressures have impacted average Americans just months before the midterm elections.</p>
<p>Some economists warned that any prolonged standoff could severely damage America&#8217;s economy, including Paul Krugman, who said it could be the &#8220;straw that breaks the camel&#8217;s back.&#8221;</p>

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