The agreement constitutes the most notable diplomatic development since the strikes on Iran began Feb. 28. American and Israeli forces decapitated the Iranian government by reportedly acting on information that many of the country’s top leaders would be in the same place at the same time.

The U.S. and Iran said they have agreed terms ⁠to ⁠end their war and reopen the Strait of Hormuz, news ⁠that brought relief to markets worldwide, although the pact may hinge on events in Lebanon and defers tricky talks on Tehran's nuclear programme.

The U.S. and Iran have agreed to open the critical waterway that has rattled the global economy and enter into a 60-day ceasefire. The accord brings relief, but the thorniest issues at the root of the conflict remain to be resolved.

President Donald Trump posted on social media on ​Saturday that the deal with Iran was scheduled to be signed the next day, his 80th birthday. Pakistani Prime Minister Shehbaz S

Trump said the US reached a deal with Iran to reopen the Strait of Hormuz, a possible end to a 15-week conflict that upended global oil markets.

Iranian officials confirmed Sunday that an agreement between Tehran and the U.S. has been finalized that they say will include the end of military operations on all fronts. CBS News New York's Christina Fan reports.

The agreement marks the first major step toward ending a nearly four-month conflict. However, uncertainty over the pace of recovery is expected to keep crude above prewar levels.

Both sides declare "the immediate and permanent termination of military operations on all fronts, including in Lebanon", Pakistan says.