US and Iran Reach Ceasefire Deal Awaiting Approval
US and Iranian negotiators reached a deal to extend their ceasefire. The deal is a 60-day agreement.
It would also start talks on Iran's nuclear program and reopen the Strait of Hormuz. But the deal still needs Trump's approval to become final.
Iran has also not formally confirmed it accepts the deal. Trump said on Wednesday he was not in a rush on the matter.
Some members of Trump's own party want him to reject any deal that does not immediately address Iran's nuclear program. Oil prices fell on Thursday after news of the ceasefire deal. The dollar also fell against all major currencies in response to the news.
Klear Note — The Strait of Hormuz is a shipping channel between Iran and Oman. About one-third of world oil passes through it. A closed strait disrupts global energy markets and raises prices.
Key Terms 4
- Ceasefire An agreement to stop fighting between two sides
- Strait of Hormuz A narrow sea passage vital for global oil shipping
- Nuclear program Iran's work to develop nuclear technology or weapons
- Memorandum of understanding A written agreement between two sides on a plan