New Delhi, June 16 -- A major diplomatic breakthrough has raised hopes of a broader de-escalation in West Asia after the United States and Iran announced a framework agreement aimed at ending nearly four months of conflict. Officials from both countries confirmed that a memorandum of understanding has already been signed, with a formal signing ceremony scheduled to take place in Geneva, Switzerland, on Friday. The agreement is expected to pave the way for reopening the Strait of Hormuz, restoring maritime traffic and launching a 60-day period of negotiations on Iran's nuclear programme and other unresolved issues. Oil prices eased following the announcement as markets responded positively to the prospect of reduced tensions and the resump...