US-Iran ceasefire and Hormuz shipping deal may ease global oil prices

Iran and the US have reportedly agreed to a ceasefire, with an official announcement expected soon, according to Russian agency RIA Novosti. The deal would allow free passage through the Strait of Hormuz, potentially easing global oil supply concerns. The agreement, citing Pakistani military and Iranian security sources, includes normalizing shipping through the strategic waterway, a key conflict issue. It follows increased US economic sanctions on Iran, which aimed to force negotiations. However, neither country has officially confirmed the news. Separately, Iran is close to a deal with Oman to clear landmines and create a new temporary shipping route in the Strait, potentially closing the southern route near Oman. The US has objected to this plan, leaving the situation unresolved.