. The United States and Iran have reached a preliminary agreement for a ceasefire of . The two countries reached a preliminary agreement on a ceasefire on Sunday. 

According to the preliminary agreement, the US will lift the sanctions on Iran, while the Strait of Hormuz will be opened. However, the two countries are yet to decide on Iran’s nuclear program . It is also claimed that will be finalized through the next talks. 

US President Donald Trump also informed about the initial agreement reached for a ceasefire by Truth via Social.The agreement will be formally signed in Switzerland on Friday, according to international media reports. 

The price of crude oil in the world market has fallen sharply since the opening of the Strait of Hormuz after the ceasefire was agreed . 

In the world market, the price of Brent and per barrel of 3.58 has fallen by 4.10 to 83.75 dollars.The price of U. S. West Texas Intermediate (80. 87 per barrel also decreased by 4.01 or 4.72 to $ {{}}80.87{{} per barrel.