On June 14, 2026 (Day 108 of the Iran-Israel-US war, Operation Epic Fury / Sunday), the United States and Iran reached an agreement to end the nearly four-month war, the most significant diplomatic breakthrough since the conflict began on February 28. THE ANNOUNCEMENT: Pakistani Prime Minister Shehbaz Sharif announced that “the Peace Deal between the United States of America and the Islamic Republic of Iran has been REACHED,” with both sides declaring “the immediate and permanent termination of military operations on all fronts, including in Lebanon,” and a formal signing ceremony set for Friday, June 19, in Switzerland (Al Jazeera, CNBC, NBC). President Trump confirmed it minutes later on Truth Social: “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” (Times of Israel, PBS, RFE/RL). Iran’s Deputy Foreign Minister Kazem Gharibabadi confirmed the memorandum on state media (CNN, Al Jazeera). HORMUZ AND BLOCKADE: the strait — which before the war handled an estimated 20-25% of global seaborne oil — was authorized to reopen toll-free as the US naval blockade imposed on April 13 was ordered lifted in parallel. THE FRAMEWORK: the reported 14-point memorandum establishes a 60-day window for follow-on nuclear talks, with a final agreement limited to enrichment, sanctions relief, and Iran’s war reconstruction; per leaked terms (Reuters citing a senior Iranian official, Mehr), Iran would open Hormuz while the US lifts the blockade, release roughly $25 billion in frozen Iranian assets, impose no new sanctions until a final deal, and waive oil sanctions, while Iran agrees to neither produce nor purchase nuclear weapons, halt new enrichment, and dilute its highly enriched-uranium stockpile domestically (mechanism still to be worked out). THE DISPUTE: a US official pushed back on Iran’s framing, telling CNN “this is a pay for performance deal and no frozen funds will be released without the Iranians implementing their commitments,” after Iran’s deputy foreign minister said the next phase depended on Washington first releasing frozen funds — underscoring a significant gap in how the two sides describe what must happen next. ISRAEL: Israel was not a party to the negotiations; Israeli Defense Minister Israel Katz said Israel does not plan to withdraw from territory it has seized in Lebanon, Syria, and Gaza, and Israel struck Dahiyeh in Beirut’s southern suburbs the same day, prompting Iran’s chief negotiator Mohammad Baqer Ghalibaf to lash out at the United States (Fox, RFE/RL, Times of Israel). INTERNATIONAL: the UK’s Keir Starmer “warmly welcomed” the agreement and offered mine-clearance support for Hormuz, Qatar welcomed it, and the UK, Germany, France, and Italy signaled readiness to lift sanctions in exchange for Iranian nuclear steps (CNN, Al Jazeera, Reuters). MARKETS: oil fell roughly 3% (WTI about $84.88, Brent about $87.33, down from above $100 during the war) and equities rose. Net assessment: Day 108 is the day the war was declared over by its principals — reached and confirmed by Washington, Tehran, and the mediator, with Hormuz reopening and the blockade lifting — but not yet formally signed (June 19), with the Israel-Lebanon track outside the deal and still kinetic, and the sequencing of funds and obligations openly disputed.