US-Iran Peace Agreement
US and Iran Reach Peace Deal to End War, Open Vital Strait of Hormuz
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Pakistani Prime Minister Shehbaz Sharif announced Sunday that the United States and Iran have reached a peace deal to end their war and reopen the Strait of Hormuz. The formal agreement is set to be signed Friday in Switzerland, AP reported. The U.S. will ease its blockade of Iranian ports and allow Iran to sell more oil as part of the accord.
The announcement came at 5:28 p.m. EDT. Sharif posted on social media that "both sides have declared the immediate and permanent termination of military operations on all fronts." Iran's foreign ministry struck a more cautious tone, however, with spokesperson Esmail Baghaei saying the memorandum "will not be tomorrow," according to Reuters.
How Pakistan Brokered a Deal Between Washington and Tehran
The conflict began in late February 2026 with naval blockades and military strikes between the U.S. and Iran. Pakistan stepped in as a mediator in early April 2026. President Trump extended a ceasefire on April 21. Sunday's deal is technically a memorandum of understanding, which triggers 60 days of intensive follow-on talks, according to The Wall Street Journal.
One major sticking point remains: the dismantling of Iran's nuclear program. Analysts say that is a high bar. The deal also covers Lebanon, expanding its scope beyond just the direct U.S.-Iran conflict, AP reported. Israel was not included in the primary negotiations. Israeli officials have continued strikes on Hezbollah targets in Beirut even as the deal was announced.
Strait of Hormuz Reopening Set to Slash Oil Prices
The Strait of Hormuz is one of the world's most critical oil shipping lanes. Its closure sent global energy costs soaring earlier this year. The deal calls for reopening the strait "for business very shortly," Trump said. The U.S. will also ease port blockades and allow Iran to export more oil as part of the agreement, AP noted.
Economists expect global oil prices and maritime shipping insurance costs to fall quickly once the strait reopens. The physical clearing of naval mines and removal of blockades may take several days after the Friday signing. Markets will be watching closely.
Gaza Death Toll Hits 73,001 as British Navy Seizes Russian Tanker
Gaza's Health Ministry updated the Palestinian death toll to 73,001 as of Sunday morning, with women and children making up roughly half of all deaths. Another 173,200 Palestinians have been wounded, AP reported. A U.S.-brokered ceasefire reached in October 2025 returned most hostages but failed to end the fighting entirely, with nearly 1,000 deaths added to the count since then, according to PBS News.
Separately, Royal Marine Commandos boarded the Smyrtos — a Cameroon-flagged tanker — in the English Channel early Sunday morning. The operation took six hours, Al Jazeera reported. Britain says the vessel is part of Russia's "shadow fleet," a network of ships used to dodge sanctions on Russian oil. The seizure has already pushed other shadow fleet tankers to reroute away from the English Channel, according to Sky News.
Trump Picks Georgia Senate Candidate, Swiss Voters Reject Population Cap
President Trump endorsed Rep. Mike Collins in Georgia's Senate Republican runoff, calling him a "proven fighter." Trump criticized opponent Derek Dooley — a former football coach backed by Governor Brian Kemp — over his past comments on the 2020 election. Collins led Dooley 40.5% to 30.2% in the May primary, Capitol Beat reported. The runoff is Tuesday.
In Switzerland, voters rejected a proposal to cap the country's population at 10 million. The measure, pushed by the right-wing Swiss People's Party, lost with 54.79% voting against it, according to Swissinfo. Switzerland's current population is about 9.1 million. If it had passed, Switzerland would have been forced to end its free movement agreement with the European Union — a move analysts compared to a "Swiss Brexit."
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