Iran, US agree to halt war and reopen Hormuz, sending oil prices tumbling

AI Summary

US and Iran have reached a preliminary agreement to end their conflict and reopen the Strait of Hormuz, a key oil shipping route. This development has led to a decline in oil prices but leaves Iran's nuclear program status to be addressed in future talks.

By Parisa Hafezi, Yomna Ehab and Humeyra Pamuk DUBAI/WASHINGTON, June 15 (Reuters) - U.S. and Iranian officials said they had reached an agreement to end their war and reopen the Strait of Hormuz, a preliminary pact that sent oil prices falling but leaves the fate of Tehran's nuclear program to further negotiations. While still a framework, the deal marked the biggest breakthrough towards resolving the conflict that has killed thousands and upended energy markets since it began with joint U.S.-Israeli strikes on Iran in February.