Pakistan has mediated a landmark ceasefire agreement between the United States and Iran, with Prime Minister Shehbaz Sharif announcing that both countries have electronically signed the 'Islamabad Memorandum of Understanding,' under which Iran will reopen the Strait of Hormuz (a narrow chokepoint through which roughly a fifth of the world's oil passes) and the US will lift its naval blockade with immediate effect. The deal, which also sees Washington waive oil sanctions on Tehran and commits to a $300 billion reconstruction fund upon a final nuclear agreement, draws a formal close to a conflict that erupted in February 2026 when US and Israeli military action prompted Iranian missile and drone strikes across the region. Separately, Pakistani Deputy Prime Minister Ishaq Dar announced that Islamabad is facilitating the repatriation of 30 Iranian fishermen and sailors — eight rescued at sea by a British vessel and 22 crew members from a sanctioned oil tanker interdicted by US forces — describing the move as part of ongoing humanitarian confidence-building measures between the two adversaries.