BREAKING: The US and Iran have reached a peace deal to end their nearly four-month war, Pakistan PM Shehbaz Sharif says.
Both sides are declaring the immediate and permanent termination of military operations on all fronts, including in Lebanon. Pakistan served as mediator.
Sharif: "Following intensive talks, we are pleased to announce that the Peace Deal between the United States of America and Islamic Republic of Iran has been REACHED." Official signing ceremony set for Friday, June 19 in Switzerland.
A 14-page draft outlines the US lifting oil sanctions and Iran reopening the Strait of Hormuz within 30 days. The waterway has been effectively closed since late February, driving energy prices and stagflation fears. US inflation hit 4.2% in May, a three-year high.
The Fed is now expected to raise rates before year-end, per CME FedWatch.