Goa, June 18 -- In a significant diplomatic breakthrough, US President Donald Trump and Iranian President Masoud Pezeshkian have signed an initial peace agreement aimed at ending hostilities between the two nations and laying the foundation for a broader long-term settlement.

The preliminary Memorandum of Understanding (MoU) includes the reopening of the strategically important Strait of Hormuz, restoring one of the world's busiest energy shipping routes and easing concerns over global oil supplies.

The agreement also outlines a proposed $300 billion reconstruction and economic development package for Iran as part of efforts to support the country's post-conflict recovery. In addition, the framework provides for the phased lifting of US...