Islamabad: Pakistani Prime Minister Shehbaz Sharif announced that the United States and Iran have successfully reached a peace agreement following intensive discussions. Both nations have declared an immediate and permanent cessation of military operations across all fronts, which includes regions such as Lebanon.

According to Anadolu Agency, Prime Minister Sharif shared the news of the peace deal through a post on the US social media platform X. He mentioned that the official signing ceremony is scheduled to take place on June 19 in Switzerland, marking a significant step towards easing tensions between the two countries.

US President Donald Trump, in an interview with The New York Times, warned that military strikes could resume if Iran fails to reach a final nuclear agreement with the US. Trump emphasized that an agreement with Iran would ensure that the Strait of Hormuz remains permanently toll-free, underlining the strategic importance of the waterway.

Iran's Deputy Foreign Minister Kazem Gharibabadi announced that a memorandum of understanding between Iran and the US has been finalized, set to be signed officially on Friday in Geneva, Switzerland. The end of the US naval blockade against Iran is expected to commence Sunday night US time, according to remarks from Iran's semi-official Mehr News Agency.

In the business sector, the announcement of the US-Iran peace agreement has led to a significant impact on global markets. Gold prices surged while oil prices tumbled, as the planned agreement is set to pave the way for the reopening of the Strait of Hormuz, a critical passage for global oil shipments.

US Defense Secretary Pete Hegseth highlighted Washington's control over the Strait of Hormuz, asserting that the US successfully guided 125 million barrels of oil through the strategic waterway despite regional tensions. Hegseth emphasized the US's leverage in diplomatic negotiations, underscoring the administration's position of strength.