Oil prices fell and stocks rose on Thursday after Pakistan’s leader announced that the US-Iran deal to reopen the Strait of Hormuz would take effect immediately, eliminating any delays in its implementation.
Prime Minister Shehbaz Sharif of Pakistan, who helped broker the deal, said in a post on X that the memorandum of understanding had been signed electronically by the presidents of the United States and Iran. As a result, the agreement to begin reopening the strait and lift the US naval blockade “would come into effect with immediate effect,” he wrote.
By signing the memorandum, the United States is expected to issue sanctions waivers, allowing Iran to resume oil sales in global markets.
