U.S. and Iranian officials said they had agreed on a framework to end their war, halt the U.S. blockade of Iran and reopen the Strait of Hormuz, a preliminary pact that sent ​oil prices falling but leaves the fate of Iran’s nuclear program to further negotiations, Reuters reported.

“The Deal with the Islamic Republic of Iran is now complete,” U.S. President Donald Trump wrote on his Truth Social platform around ‌5:30 p.m. ET local time in Washington (2130 GMT) on Sunday. His post came shortly after Pakistani Prime Minister Shehbaz Sharif, whose country has served as a mediator, announced a deal had been struck early on Monday local time.

The memorandum of understanding is scheduled to be officially signed on Friday in Switzerland.

The precise terms were not immediately known. Sharif said in a post on X that the pact called for “the immediate and permanent termination of military operations on all fronts, including in Lebanon.”

Lebanon has been a sticking point in negotiations, with Israel and Hezbollah ignoring calls from Trump and others to ​stop their attacks on each other in recent weeks.

In a statement, the secretariat of Iran’s Supreme National Security Council said war and military operations on all fronts, including Lebanon, would end permanently starting on Monday night.

Iran’s deputy foreign ​minister, Kazem Gharibabadi, said a more expansive agreement would be negotiated during a 60-day ceasefire period, including sanctions relief for Iran.

The fate of Iran’s nuclear program, another thorny issue, will also ⁠be addressed in those later talks, sources previously told Reuters.

There was no immediate reaction to the announcement from Israel, which has said it was not party to the U.S.-Iran talks.

Trump said the Strait of Hormuz, a major shipping route for ​global oil and gas supplies that Iran has effectively shut down for months, would open on Friday, and that he had ordered the end of the U.S. blockade of Iranian ports, read the report.

“Ships of the World, start your engines. Let the oil flow!” Trump wrote.

Oil ​prices fell on the news. Brent crude futures fell 4% in early trading on Monday, while U.S. West Texas Intermediate slid more than 4.6%. Stock markets in Asia jumped.

Former Biden administration State Department spokesperson Matthew Miller said Trump had made important concessions to Iran to achieve the status quo that existed before he launched the war.

“We have no assurances the nuclear program will ever be addressed, but Iran has shown the world it can take the global economy hostage and get something from the U.S. in return,” said Miller.

Thousands of people have been killed, mostly in Iran and Lebanon, ​since U.S. and Israeli forces first attacked Iran on February 28. Iran has struck Israel and Gulf states hosting U.S. bases and has effectively blockaded the Strait of Hormuz, pushing up global energy prices. U.S. forces have blocked Iranian ports in response.

The ​Iran war has become a political liability at home for Trump and his fellow Republicans in Congress, with public opinion polls showing Americans deeply frustrated by rising gas prices ahead of November’s midterm elections. But Trump has also faced pressure from members of his own party ‌who insist that ⁠Iran’s nuclear program must be completely shut down.

Republican Senator Lindsey Graham, a leading Iran hawk, praised the deal but said he would be “watching closely” the coming negotiations on Iran’s nuclear program.

“Under our law, any nuclear deal with Iran will be sent to Congress for review and a vote,” he said. “Congratulations to all in getting us to this point.”

During his first term, Trump withdrew the U.S. from a 2015 multilateral Iran deal, negotiated by Democratic President Barack Obama, that lifted sanctions on Tehran in exchange for limits on its nuclear program, including international inspections.

Iran responded by ramping up its enrichment of uranium, producing more than 400 kg (around 900 pounds) of material at close to bomb-grade purity. The eventual fate of that uranium is likely to be a key negotiating point during ​the upcoming talks.

The agreement was sealed despite an ​Israeli strike on Lebanon on Sunday that drew criticism ⁠from both Iran and Trump.

Prime Minister Benjamin Netanyahu has differed with Trump over American demands that Israel curb its military action in Lebanon to allow the United States to reach a deal with Iran.

Israel has said it will retain freedom of operations in Lebanon, while Iran has made a full ceasefire there an important component of its demands.

Trump updated Netanyahu on the progress toward ​a peace deal during a phone call on Sunday, Israel’s N12 reported, citing a senior official.

In an interview with the New York Times, Trump called Netanyahu “a very difficult guy” and ​argued the Israeli leader should thank ⁠him for saving Israel from a nuclear-armed Iran.

Leaders outside the Middle East, who have kept a wary eye on the conflict, welcomed the announcement.

In a joint statement, the United Kingdom, Germany, France and Italy said they were prepared to lift sanctions on Iran in response to “clear, verifiable steps” to limit its nuclear program.

“We are clear that toll-free freedom of navigation must now be restored in the Strait of Hormuz,” British Prime Minister Keir Starmer said. “Iran must never have a nuclear weapon.”

Before the deal was announced, a senior Iranian official told Reuters that, ⁠under the terms of ​the draft, the United States would agree to release $25 billion of frozen Iranian assets. The Trump administration has previously said any release of Iranian money ​would only take place once Iran has fulfilled certain conditions under a peace deal, Reuters reported.

A U.S. official, also speaking before the announcement, said the agreement would ultimately lead to the dismantling of Iran’s nuclear program, with its stockpile of highly enriched uranium to be destroyed and removed. The senior Iranian official said the draft ​deal would allow Iran, which denies seeking a nuclear bomb, to dilute its enriched uranium inside the country.

U.S. President Donald Trump and mediator Pakistan said on Saturday an initial deal to end the war in the Middle East would be signed on Sunday, although Iran denied ​the signing would take place so soon, Reuters reported.

Pakistani Prime Minister Shehbaz Sharif said the two sides had agreed on a framework for a peace deal and that Islamabad was preparing for an electronic signing on Sunday, ‌to be followed by technical-level talks next week.

Trump said in a social media post that the deal with Iran was scheduled to be signed on Sunday and that the Strait of Hormuz, a vital artery for global oil supplies which Iran has blocked, would be immediately “open to all” after it was signed.

Earlier on Saturday, Iranian Foreign Ministry spokesperson Esmaeil Baghaei cautioned against commenting on the timing of the signing.

“We will have to wait and see about the exact date of the signing of the memorandum of understanding, although it will not be tomorrow,” state media quoted ​Baghaei as saying.

“The possibility of this happening in the coming days cannot be ruled out. However, due to the hesitation of the other side, we must be cautious in making any comments about this process.”

A U.S. official ​who spoke to reporters later declined to be drawn on the timing but said: “It’s a great deal and a very strong deal.”

It is not the first time the two sides ⁠have appeared close to an initial agreement on ending the war that began on February 28 with joint U.S.-Israeli strikes on Iran. Sharif said on X: “We are closer to a peace deal than ever before.”

The war has sent global energy ​prices sharply higher and killed thousands of people, mostly in Iran and Lebanon, where the war has revived a conflict between Israel and Iran-aligned Hezbollah militants.

On Friday, Iranian Foreign Minister Abbas Araqchi said that while changes in the deal were still ​possible, the tentative agreement showed his country had emerged stronger from the conflict, read the report.

Hours after those remarks, U.S. forces shot down multiple Iranian one-way attack drones heading toward the Strait of Hormuz, a source familiar with the matter told Reuters, which first reported the shootdowns.

The source, who spoke on condition of anonymity, said the drones had posed a threat to commercial traffic. U.S. Central Command later confirmed the action and said the strait, a major artery for global oil supplies, was open.

Iran has for months effectively blockaded the strait, and the U.S. navy has blocked Iranian ​ports to reduce its oil exports.

As pro-government night rallies continued across Iran for more than 100 nights, residents and news agencies reported slogans being chanted by opponents of the agreement with the U.S.

A resident in the northeastern city of Mashhad ​told Reuters in Dubai that some protesters chanted: “Death to the compromiser,” in an apparent reference to Foreign Minister Araqchi. “Compromiser, resign, resign.”

The proposed memorandum of understanding calls for reopening the strait and lifting the U.S. naval blockade, sources on all sides of the talks said. Negotiations ‌over Iran’s nuclear ⁠program – Trump’s stated rationale for starting the war – would take place afterwards.

“Iran is going to open up the Strait of Hormuz, that’s a requirement. It could be open with no tolls. As they do that, we will lift our blockade,” said the U.S. official who spoke on Saturday.

“It’s going to happen in conjunction, and part of the next step, the phase after that, is going to be the demining of the straits,” the official said, indicating countries in the Group of Seven major powers could have a role in this.

Trump discussed the efforts to end the Iran conflict in a call with British Prime Minister Keir Starmer, Downing Street said on Saturday.

Draft terms described to Reuters by multiple sources indicate the U.S. would begin releasing ​billions of dollars in frozen Iranian assets and waive sanctions ​on its oil exports, in return for Iran opening ⁠the strait.

Iran’s Fars news agency quoted Baghaei as saying the release of Iran’s frozen assets was an integral part of the agreement and also that Iran would have to charge for services in the Strait of Hormuz, Reuters reported.

Fars also quoted him as saying foreign military bases in the region must end without providing details.

Iran’s nuclear program would be addressed during a 60-day period ​of talks. A U.S. official said the agreement would ultimately lead to the dismantling of Iran’s nuclear program, with its stockpile of highly enriched uranium to be destroyed and ​removed.

But Araqchi said that Iran, which ⁠sources said has not accepted the dismantling of its nuclear program, wanted to retain the uranium in diluted form.

The proposals also include discussion of possible war reparations for Tehran and dropping longstanding U.S. demands for limits on Iran’s missile program, the sources said. The U.S. official disputed that account.

Israeli Prime Minister Benjamin Netanyahu said his country would not be party to the agreement. He has clashed with Trump over U.S. demands that Israel curb military action in Lebanon to allow Washington to reach a ⁠deal with Tehran.

Araqchi ​said the agreement would end the war in Lebanon, implying an Israeli withdrawal from occupied areas.

Israel’s defence minister said it would not withdraw. A ​senior Israeli official said Israel expects to retain its freedom to act against threats.

Iran’s supreme leader, Ayatollah Ali Khamenei, was killed in an airstrike on the first day of the war and later replaced in the role by his son Mojtaba. Khamenei’s funeral will begin in Tehran on July 4 and conclude ​with his burial in his hometown, the northeastern holy city of Mashhad, on July 9, Iranian state media reported on Saturday.

SpaceX’s record-breaking initial public offering (IPO) has propelled Elon Musk to become the world’s first trillionaire, marking a historic milestone in global wealth rankings.

The company raised a record $75 billion in its IPO on Thursday, underscoring strong investor confidence in Musk’s business empire. Prior to the share sale, Forbes estimated Musk’s net worth at around $780 billion, already placing him far ahead of other billionaires.

According to Reuters calculations based on company filings, Musk’s stake in SpaceX is now valued at roughly $866 billion, pushing his total net worth above $1.1 trillion as trading begins on Friday.

Analysts say the unprecedented surge places Musk well ahead of other wealthy figures, with the second-richest individuals remaining far below the trillion-dollar mark. Forbes Wealth Deputy Editor Matt Durot noted that no other billionaire has come close to Musk’s projected valuation.

Musk, who built his fortune through Tesla, Inc. and SpaceX, expanded his influence further after acquiring social media platform X Corp. in 2022 for $44 billion.

Despite criticism over his growing political involvement and corporate governance controversies, investors continue to back Musk’s ventures, cementing his position as one of the world’s most influential business figures.

The 54-year-old entrepreneur, born in Pretoria, has transformed industries ranging from electric vehicles to space technology, with Tesla’s success accelerating the global shift toward electric transportation.