After over three months of war, the US and Iran have reached an agreement on Sunday to end the ongoing global supply chain crisis.
The agreement is likely to be effective on June 19 and will be signed by the two countries in Geneva, Switzerland after the conclusion of G7 summit in nearby Évians-les-Bains France, according to Prime Minister of Pakistan, Shehbaz Sharif.
The final terms of the agreement have yet not been released, but as per the Iranian media reported last Friday that a 14-page draft memorandum included the removal of oil sanctions by the US and reopening of the Strait of Hormuz by Iran within 30 days.
Around 20 percent of the global oil consumption passes through the Strait Hormuz, underlining the strategic significance of the waterway.
As per Iran’s deputy foreign minister, further discussions will be held between two nations post formal signing ceremony.
The US President Donald Trump stated that he would remove the US naval blockade immediately.
