President Donald Trump announced a peace deal with Iran, set to be signed on Friday. The deal aims to end conflict in the region and allow ships to pass through the Strait of Hormuz.

Details of the Deal

Specific details of the deal have not been released to the public. However, Shebaz Sharif, prime minister of Pakistan, confirmed that a deal would be signed on Friday in Switzerland. Pakistan has helped mediate peace talks between the U.S. and Iran.

It is unclear whether an end to Iran’s nuclear program – one of Trump’s stated goals at the beginning of the conflict – will be part of the peace deal between the two nations.

Reaction from European Leaders

After the peace deal announcement, Trump headed to France for the G7 leader’s summit. The leaders of Canada, France, the U.K., Germany, and Italy issued a joint statement celebrating the announcement of a peace deal.

The leaders said they would work to support the deal’s implementation. ‘The urgent re-opening of the Strait of Hormuz with unconditional and unrestricted freedom of navigation is essential,’ the leaders wrote in a statement.

Oil prices dropped nearly 13% from the middle of last week after Trump’s announcement of a peace deal and reopening of the Strait of Hormuz. Prices of Brent crude were around $83 per barrel on Monday and $80 per barrel for West Texas Intermediate, two standards for prices around the world.

Original reporting: KTBS 3 (Shreveport) — read the source article.