Lizzie Burden

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I'm Lizzie Burden.

After three and a half months of fighting that has left thousands dead and triggered one of the biggest energy shocks in history, the US and Iran say that they have reached a deal.

The agreement will end hostilities, reopen the Strait of Hormuz and pave the way for talks on Tehran's nuclear programme.

Officials from the two countries are due to meet in Switzerland on Friday to formally sign the agreement, a step that suggests some aspects of the deal may still be unresolved.

Al-Anair helped to negotiate the previous nuclear deal with Iran, known as the JCPOA, on behalf of the U.S.

Al-Anair is now a Distinguished Diplomatic Fellow at the Middle East Institute.

Writing on social media, President Donald Trump said that the waterway would reopen immediately after the agreement is signed.

But even as he celebrated the deal, Trump told the New York Times in an interview that if no agreement is reached on Iran's nuclear programme, he could restart military attacks.

The price of oil has dropped on News of the Accord, Brent falling 4.6% to $83.26 a barrel.

However, the agreement to reopen the Strait of Hormuz later this week has been met with caution among ship owners and traders.

Those in the industry have told Bloomberg that they'll wait for more details before assessing whether safe transit is possible after months of false starts.

Sarah Bakshuri is president of SVB Energy International.

Sara Bakshuri there.

As data intelligence firm Capela showed that nearly 600 vessels remained stranded in the Persian Gulf and are poised to exit, while hundreds more empty vessels are waiting on the other side of the strait.

Meanwhile, President Trump says that the US will have no choice but to impose 100% tariffs on French wines if France doesn't drop its digital tax on US tech companies.

The comments come from an interview Trump gave to the New York Post in the past few hours, and they come as French President Emmanuel Macron prepares to host world leaders, including Trump, for the G7 summit in the Alpine resort of Evian.

Ben Sills leads our coverage of the economy and government in Europe.