Oil price tumbles as Trump says Iran deal already signed | BBC News

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President Trump says the deal to end the war with Iran has been signed and details will be released soon. The US president said the straight of Hormuz will be “completely open” by the end of this week.

Oil prices have fallen sharply on the hope that the key shipping lane through which around a fifth of the world’s oil and gas is carried will be open again. Stock markets also rose on the news, with hopes that the impact of the conflict on global prices of goods from food to fertiliser would prove to be temporary.

The deal also includes an end to Israel”s military operations" in Lebanon, according to Pakistan, the key mediator between the US and Iran. However Israel has made clear that it reserves the right to carry out military operations in Lebanon.

Israel’s Prime Minister Netanyahu said the "fight is not over" and Israel had to "remain vigilant" - and would remain in a "buffer zone" created in southern Lebanon.

Reeta Chakrabarti presents BBC News at Ten reporting by Jeremy Bowen and Dharshini David.

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