The US and Iran have signed a memorandum of understanding to end the war. Mediator Pakistan says it will be signed on Friday in Switzerland

Donald Trump says the Strait of Hormuz will be reopened, and the US naval blockade of Iran will end.

In a statement from the Prime Minister’s office, Mark Carney says, “This is a moment of opportunity to restore regional stability and stabilise the global economy.” Oil prices have fallen since the announcement.

Carney said the urgent re-opening of the Strait of Hormuz with unconditional and unrestricted freedom of navigation is essential. He also remarked that, “Iran must never acquire a nuclear weapon.”