Saudi Arabia’s Ministry of Foreign Affairs formally endorsed the US-Iran ceasefire agreement announced by President Donald Trump on June 14. The deal mandates an immediate cessation of military operations on all fronts, including Lebanon.
Trump ordered the lifting of the US naval blockade on Iranian ports and declared the imminent reopening of the Strait of Hormuz, the critical channel for global oil shipments.
Pakistani Prime Minister Shehbaz Sharif brokered the agreement, with Qatar and Turkey acting as key mediators. The conflict began in early 2026 with US and Israeli strikes on Iranian assets, followed by Iranian retaliation against Gulf states. The Strait of Hormuz quickly became the central flashpoint.
Oil prices fell after the announcement. Asian equity markets climbed on optimism that prolonged energy supply disruptions are ending. Lower energy costs also improve the operational economics for power-intensive Bitcoin miners.