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Iran-US News Live Updates: Brent Crude Falls Below $85/Barrel, Trump Announces Peace Deal

Iran-US News Live Updates: United States President Donald Trump has confirmed the signing of a peace deal with Iran to bring an end to the US-Israel war on Iran. Following the announcement, Trump also confirmed the reopening of the Strait of Hormuz. The development signalled an end to the nearly three-month-long conflict in West Asia. Within less than an hour of the Iran-US peace deal announcement, crude oil prices crashed sharply, falling to their lowest level in three months.

Apart from crude, global stock markets also reacted sharply to the development. Stock markets across the Asia-Pacific are surging following the announcement of a deal between Washington and Tehran to end US-Israel war on Iran.

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Japan's Nikkei 225 benchmark index jumped more than 5% shortly in morning trade. South Korea's Kospi surged nearly 5.7%. Gift Nifty was up close to 1.5% early morning.

Reopening of Strait of Hormuz

While announcing the Iran-US peace deal, Trump also confirmed the reopening of Strait of Hormuz and assured that trade via the route can resume.

"The Deal with the Islamic Republic of Iran is now complete. Congratulations to all! I hereby fully authorize the toll free opening of the Strait of Hormuz, and, simultaneously herewith, authorize the immediate removal of the United States Naval blockade. Ships of the World, start your engines. Let the oil flow!," read a post by Donald Trump on Truth Social.

"With the opening of the Strait upon the signing of the Deal on Friday, for purposes of mine removal, oil will flow on both ends again for the Region, and the World!," he stated in another post.

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