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The US and Iran said they have agreed terms to end the Middle East war on all fronts and reopen the Strait of Hormuz, news that brought relief to markets worldwide, although the pact may hinge on events in Lebanon and tricky talks on Tehran’s nuclear programme.

The framework deal marks the biggest breakthrough towards resolving a war that began with joint US-Israeli strikes on Iran in February before escalating into a wider regional conflict that has killed thousands, upended energy markets and stoked recession fears for the global economy.

“The Deal with the Islamic Republic of Iran is now complete,” US President Donald Trump wrote on his Truth Social platform at around 5:30pm in Washington (2130 GMT) on Sunday.

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

Leaders around the world welcomed the announcement

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