India, June 15 -- Pakistan said the United States and Iran had reached an agreement to end the war and reopen the Strait of Hormuz, raising hopes of relief for the global economy more than three months after the conflict began.

Details of the agreement were not immediately available. A formal signing ceremony is scheduled for Friday (June 19) in Switzerland, though it remains unclear how quickly the strategic waterway will reopen to all shipping.

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Washington had previously indicated it would ease its blockade of Iranian ports as traffic resumes through the strait and relax sanctions to allow Tehran to boost oil exports and shore up its battered economy.

US President Donald Trump confirmed that a deal had be...