The United States and Iran have reportedly reached a preliminary agreement to halt ongoing conflict and reopen the strategically vital Strait of Hormuz. This development followed a war initiated by joint U.S.-Israeli strikes against Iran in February, a conflict that has resulted in significant casualties and disruption to global energy markets. The agreement’s announcement immediately led to a decrease in oil prices. While details remain limited, the pact represents a major step towards de-escalation. However, the future of Iran’s nuclear program remains unresolved and will be subject to further negotiations. The current agreement functions as a framework for broader discussions, not a comprehensive resolution to all outstanding issues. This marks the most significant progress in resolving the conflict to date.