Key Points:

• The U.S. and Iran have agreed to end the war, with the deal set to be signed Friday in Switzerland.

• The agreement will reopen the Strait of Hormuz and end the U.S. naval blockade of Iranian ports.

• Oil prices fell Monday on the news, easing fears of a prolonged energy shock.

• The deal includes an end to "military operations" in Lebanon, though Israel says its forces will remain there regardless.

• The full text has not been released, and key questions, including what happens to Iran's nuclear material, remain unresolved.

The United States and Iran have reached an agreement to end the war between the two nations, with mediator Pakistan announcing Sunday that the deal will be signed Friday in Switzerland, according to CBS News.

Pakistani Prime Minister Shehbaz Sharif said on social media that both countries had agreed to "the immediate and permanent termination of military operations on all fronts, including in Lebanon," according to Iran International News. President Donald Trump confirmed the agreement hours later, writing on Truth Social that "the Deal with the Islamic Republic of Iran is now complete.”

Trump said the agreement will reopen the Strait of Hormuz, the waterway through which a large share of the world's oil shipments pass, and end the U.S. naval blockade of Iranian ports, the CBC reported. Iran had effectively closed the strait following U.S. and Israeli strikes earlier this year. Trump said oil traffic through the strait would resume once the deal is signed Friday.

Oil prices fell Monday on the announcement, and there is "now every chance of avoiding a prolonged energy shock," the BBC reported. Brent crude futures dropped about 4% in early trading and U.S. West Texas Intermediate fell more than 4.6%, according to the CBC.

The agreement covers an end to "military operations" in Lebanon, the BBC reported. Israel, which is not a party to the U.S.-Iran agreement, said its forces will remain in the country regardless of the deal's terms. Israeli Defense Minister Israel Katz said Monday that troops would stay in areas Israel controls in Lebanon, Syria and Gaza "indefinitely," and warned Israel would respond with force if Iran retaliated over its operations in Lebanon, according to NBC News.

In Iran, the agreement is being framed as a victory for Tehran and a defeat for the U.S. and Israel, the BBC reported. Iranian state television said the U.S. had been "forced" to address the Strait of Hormuz and Iran's nuclear program, Fox News said.

Exiled opposition figures, including National Council of Resistance of Iran president-elect Maryam Rajavi, welcomed any agreement that ends the war while accusing Iran's government of relying on conflict to suppress dissent at home, according to Fox News.

The full text of the agreement has not been published, and questions remain over what happens to nuclear material in Iran, the BBC reported. Iranian officials said a broader agreement, including sanctions relief and the release of frozen assets, will be negotiated over a 60-day period following the signing, according to Asharq Al-Awsat. Trump has said the U.S. wants Iran to give up its enriched uranium stockpile down to the "nuclear dust."

Mediators from Pakistan and Qatar are expected to hold a series of meetings this week to prepare for Friday's signing.

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