The US-Iran agreement took effect as the Strait of Hormuz reopened after months of disruption. The move eased immediate energy supply fears even as political tensions and regional reactions persisted.

Pakistan said the United States and Iran have electronically signed the Islamabad Memorandum of Understanding to end their 107-day conflict. The deal is set to reopen the Strait of Hormuz immediately, easing pressure on global energy supplies.

If needed, the Netherlands is ready to contribute to an international mission aimed at securing the Strait of Hormuz, said Minister Tom Berendsen (Foreign Affairs, CDA) in response to reports of a U.S.-Iran peace deal.

LONDON, June 15 : Oil prices slipped to a 3-month low on Monday after U.S. President Donald Trump and Iran's deputy foreign minister said they had reached an initial deal to end the war and to resume traffic through the Strait of Hormuz.Brent crude futures fell $4.33, or nearly 5 per cent, to $83.00 a barrel

The war has exposed debate over whether global energy trade can remain so heavily dependent on a single chokepoint. Read more at straitstimes.com. Read more at straitstimes.com.

The war has exposed debate over whether global energy trade can remain so heavily dependent on a chokepoint. Read more at straitstimes.com. Read more at straitstimes.com.

Donald Trump said he could resume strikes if Iran fails to finalise a nuclear deal, but defended the current agreement as a path to regional stability. He said the deal would keep the Strait of Hormuz toll-free, with a formal signing scheduled in Switzerland on June 19.

Donald Trump said he could resume strikes if Iran fails to finalise a nuclear deal, but defended the current agreement as a path to regional stability. He said the deal would keep the Strait of Hormuz toll-free, with a formal signing scheduled in Switzerland on June 19.