The United States and Iran have signed a preliminary agreement to end the Middle East war.
Pakistan Prime Minister Shehbaz Sharif announced in a post on X Thursday that U.S. President Donald Trump and his Iranian counterpart Masoud Pezeshkian electronically signed the "Islamabad Memorandum of Understanding," and was endorsed by him as the mediator.
The MoU will enter into force with immediate effect and as a first step, Iran will instantly reopen the Strait of Hormuz and the United States will immediately lift the naval blockade of Iranian ports.
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Business News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.