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.

Brent crude fell more than 4%, West Texas Intermediate futures were down 5% and European atural-gas prices also tumbled, with the European benchmark—down 5.3% on the news.

The U.S. and Iran ​will sign a memorandum of understanding in Switzerland on Friday, said the prime ⁠minister of Pakistan, whose country has served as a mediator. Trump said on Sunday that the Strait ​of Hormuz would be open "toll free" and that a U.

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.

A peace deal has been signed ending the conflict between the U.S. and Iran. On Saturday, President Donald Trump stated Iran will give up its ambitions of possessing a nuclear weapon and the Strait of

"The Deal with the Islamic Republic of Iran is now complete," President Donald Trump said in a social media post. "Congratulations to all!"

U.S. and Iranian officials said they had reached an agreement to end their ⁠war and ⁠reopen the Strait of Hormuz, a preliminary pact that sent oil prices falling ⁠but leaves the fate of Tehran's nuclear program to further negotiations.

Shares have soared in Asia after a deal was announced on ending the Iran war and reopening the Strait of Hormuz