US-Iran deal ends war, releases $24B Iranian assets, reopens Strait of Hormuz under new terms

Iran and the United States announced an agreement to end nearly four months of war, providing for permanent cessation of hostilities on all fronts including Lebanon. According to Iranian state media Mehr, the deal includes release of $24 billion in frozen Iranian assets during a 60-day negotiation period, with half available before talks begin. It also calls for suspension of sanctions on Iranian oil and petrochemical products, lifting of the US naval blockade on Iran's coastlines (in place since April 13), and withdrawal of US forces from Iran's vicinity.

Regarding the Strait of Hormuz—a critical chokepoint for global oil shipments—Trump stated it would reopen 'toll free', but Iranian media reported Tehran plans to impose maritime service fees under cooperation with Oman. Araghchi affirmed Iran would charge such fees, calling the waterway an 'instrument of deterrence'. The framework precedes 60-day negotiations on Iran's nuclear programme, enrichment activities, and sanctions relief, though it remains unclear if missile programme or support for 'Axis of Resistance' groups will be addressed—issues Israel views as central concerns.

For Nigeria, Africa's largest oil producer, Strait of Hormuz stability directly impacts oil prices and export revenue; disruptions previously pushed Brent crude to $100+/barrel in March 2026. The asset release and sanctions suspension could increase Iran's future oil output, adding to global supply volatility.

Will Iran's increased oil access stabilize or disrupt global markets enough to affect Nigeria's 2026 budget projections dependent on oil revenue?

SOURCE: https://www.channelstv.com/2026/06/15/what-to-know-about-iran-us-deal-to-end-war/