United States and Iran reach agreement to end the war

The United States and Iran have reached an agreement to end the war.

The agreement will come into effect on Friday. U.S. President Donald Trump said via Truth Social that the naval blockade will end and the Strait of Hormuz will reopen once the agreement is signed.

The United States and Israel initiated the war against Iran on February 28, 2026. The war resulted in the death of the country’s longtime supreme leader, Ayatollah Ali Khamenei.

Brent crude oil prices have drastically fallen as the deal was announced. It is trading at $79.61 USD per barrel this morning, the lowest price since March.

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In a statement, Prime Minister Mark Carney said, "Canada welcomes the new agreement between the United States and Iran. We extend our gratitude to Pakistan, Qatar and regional partners for their indispensable roles in facilitating negotiations.

Canada has been clear that a durable ceasefire must both ensure safe and unimpeded transit through the Strait of Hormuz, and address the pervasive threat of Iran’s nuclear program.

As negotiations continue, we urge all parties to maintain good faith dialogue and refrain from escalation. Canada remains in close contact with partners and is ready to support efforts to bring stability and lasting peace to the region, including in Lebanon."