Iran and US reach agreement to end war

The United States and Iran have reached an agreement to end the war and open the Strait of Hormuz, offering relief to the global economy more than three months since fighting began.

Details of the deal were not immediately available and Iran signalled implementation would not start until the signing, which key mediator Pakistan said would occur Friday in Switzerland. Iran said the text would be published after that. Key issues like Iran's nuclear program are expected to be addressed later.

But even as it became clear the parties still have days to influence what lies ahead, the announcements had an air of relief.

"Congratulations to all!" US President Donald Trump wrote on social media, adding: "I hereby fully authorize the toll free opening of the Strait of Hormuz, and, simultaneously herewith, authorize the immediate removal of the United States Naval blockade," imposed in retaliation for Iran's grip on the crucial waterway.

He soon hedged, however, saying the strait wouldn't open until Friday's signing. The US previously said it would ease its blockade of Iranian ports as the strait reopens, and would agree to relax sanctions to allow Iran to sell more of its oil and strengthen its battered economy.