Pakistan PM: US-Iran Peace Deal Text Agreed; Oil Markets React

Pakistan Prime Minister Shehbaz Sharif said Friday that the US and Iran have agreed on the final text of a peace deal. The claim, posted on social media, came without confirmation from Washington or Tehran. Shehbaz tagged Trump, Vance, Rubio, Pezeshkian, and Araghchi.

Vance warned of "a lot of fake information" circulating and said no cash is going to Iran upfront. The deal, he said, is structured to reopen the Strait of Hormuz and end Iran's nuclear weapons program. "Economic benefits would accrue to Iran only if it fulfilled its obligations," Vance said.

Iranian Foreign Minister Araghchi acknowledged progress. He said the "Islamabad Memorandum of Understanding has never been closer" but asked media not to speculate. Trump shared Araghchi's post without additional comment.

Shehbaz acknowledged an "incessant misinformation campaign" by those seeking to sabotage the deal.

For oil markets, a confirmed deal would remove a major supply risk. The Strait of Hormuz handles roughly 20% of global crude shipments. Reopening it would increase supply and lower shipping costs, traders said. Brent crude, which has held above $70 partly on geopolitical risk, could move lower. Tanker rates, elevated on war-risk insurance, could normalize.

Defense stocks with Middle East exposure, including RTX and L3Harris, have tracked conflict headlines. A diplomatic resolution would remove one driver of their recent outperformance.

Without US or Iranian confirmation, the trade remains speculative. "The president is going to get us a good outcome, one way or the other," Vance said. Traders said the next cue is a joint statement from Washington and Tehran.