US and Iranian officials have reportedly agreed on a peace framework aimed at ending their ongoing conflict, with a formal signing scheduled for Friday in Switzerland.

The announcement was first made through posts by US President Donald Trump on his Truth Social platform, shortly after Pakistan Prime Minister Shehbaz Sharif, acting as a mediator, confirmed that a deal had been reached.

According to the reports, the agreement includes the immediate halt of military operations across all fronts, including in Lebanon, and the reopening of the Strait of Hormuz, a key global energy shipping route that had been heavily disrupted during the conflict.The deal also signals the end of the US blockade of Iranian ports, which could contribute to easing global oil supply constraints.

Following the announcement, oil prices dropped significantly, with Brent crude falling around 4% and West Texas Intermediate declining by more than 4.6%.

The framework reportedly includes a 60-day ceasefire period during which broader negotiations will continue, including discussions on sanctions relief and Iran’s nuclear programme.

A senior Iranian official indicated that Iran may agree to freeze nuclear expansion and limit uranium enrichment while talks proceed, while the US side has emphasised eventual dismantling of Iran’s nuclear capabilities.

The agreement comes amid ongoing regional tensions, particularly in Lebanon involving Israel and Hezbollah, as well as continued diplomatic friction over military actions.Despite optimism, key details remain undisclosed, and final terms are expected to be clarified during the formal signing ceremony.