US and Iran Reach 'Stand Down' Agreement as Strait of Hormuz Tensions Ease

The United States and Iran have reached an informal agreement to "stand down" following several days of exchanged military strikes near the Strait of Hormuz, according to media reports citing a US official. The development brings cautious relief to global energy markets, as the strait is one of the world's most critical routes for oil and gas shipments.

A US official confirmed to CBS News, the BBC's American partner, that commercial vessels will now be permitted to pass through the waterway freely, and that diplomatic talks aimed at ending the broader conflict will press on. Iran has so far made no public statement confirming its agreement to the ceasefire arrangements in the strait.

The latest tensions erupted despite both nations having signed a 14-point Memorandum of Understanding (MoU) on 17 June, which called for an immediate and permanent halt to military operations across all fronts. Under that agreement, Iran had committed to using its best efforts to guarantee safe passage for commercial ships for 60 days, at no charge.

The fragile truce began to unravel when an Iranian projectile struck a cargo vessel in the Strait of Hormuz last Thursday. The US retaliated over the weekend with strikes on multiple targets inside Iran, which US Central Command described as a direct response to continued aggression against commercial shipping. Iran then launched retaliatory strikes on US military bases in Kuwait and Bahrain, though Washington insists none of those strikes caused casualties or damage.

The Strait of Hormuz had been effectively closed by Tehran following US and Israeli attacks on Iran in late February, dealing a significant blow to global energy supply chains — a matter of considerable concern to Ghana and other African nations heavily dependent on imported fuel.

Meanwhile, a separate framework agreement brokered by the US between Israel and Lebanon is also under strain. Hezbollah's leadership has rejected the deal, and the Israeli military struck a major tunnel used by the militant group in southern Lebanon just two days after the agreement was signed. Iran has insisted that fighting in Lebanon must also cease for any wider ceasefire to hold.