US, Iran reach preliminary agreement to end war, signing set for Friday

Reuters was ahead of the competition in reporting on Pakistan Prime Minister Shehbaz Sharif’s announcement of a peace deal between the United States and Iran. The news triggered immediate moves across global financial markets: the Nikkei rose more than 5%, the Dow Jones Industrial Average and STOXX 600 closed at a record high, while oil fell 4.8%. 

Why it matters

U.S. and Iranian officials said they had agreed on a framework to end their war, halt the U.S. blockade of Iran and reopen the Strait of Hormuz, a preliminary pact that left the fate of Iran’s nuclear program to further negotiations.