Iran says deal to end fighting would lead to reopening of Strait of Hormuz
Iran's Foreign Ministry said a deal to end fighting with the US is close to being finalised, with a phased reopening of the Strait of Hormuz on the table. The US, Iran and mediator Pakistan issued a joint statement on the talks.
Iranian Foreign Minister Abbas Araghchi said in Tehran: "We have never been this close to the Islamabad Memorandum; the National Security Council has approved the text". US State Department spokesperson Matthew Miller said the talks could be "completed within days".
Pakistani Prime Minister Shehbaz Sharif posted on Twitter: "Peace has never been closer". Brent crude fell 3.1% spot to $76.30 after the announcement; Goldman Sachs analyst Daan Struyven projected the risk premium could ease by $4-5 per barrel.
JP Morgan analyst Natasha Kaneva wrote in a client note: "If Hormuz reopens, OPEC+ will face an unplanned additional 1.2 million barrels per day of supply". The OPEC+ Ministerial Committee will reassess production plans at its July meeting. Not investment advice.
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