US and Iran reach preliminary deal to reopen Hormuz Strait
Business
The US and Iran have struck a preliminary deal to reopen the Strait of Hormuz, a vital waterway that handles about 20% of the world's oil.
After more than three months of disruption, this agreement (mediated by Pakistan) is set to be signed in Switzerland on June 19.
Oil prices quickly fell, with Brent down 4.1% and WTI down 4.72%, bringing some relief to energy costs.
Global stocks rally on Hormuz deal
Global stock markets jumped on the news, with Asian indexes like Japan's Nikkei and South Korea's Kospi seeing strong gains.
Investors are now keeping an eye on how fast Middle Eastern oil supplies bounce back, and what happens next in U.S.-Iran relations.
The strait could reopen within 30 days, which could mean more stability ahead for energy and markets worldwide.