US-Iran Breakthrough: The US and Iran say they’ve agreed on a framework to end the war and reopen the Strait of Hormuz, with a memorandum of understanding set to be signed in Switzerland on June 19; Trump says the US naval blockade is being removed and Hormuz will reopen “toll free,” while Iran says hostilities will stop immediately and nuclear and sanctions issues will be handled in follow-up talks. European Sanctions Pivot: France, the UK, Germany and Italy welcomed the deal and signaled readiness to lift Iran sanctions only if Tehran takes clear, verifiable steps on its nuclear programme, with freedom of navigation through Hormuz described as essential. Energy Market Shock: Oil prices slid sharply on the news as traders priced in restored flows through the key chokepoint for global oil and LNG, though details on sequencing and nuclear commitments remain unclear. G7 Context: The Evian-les-Bains G7 in France is set to focus on Ukraine, Iran, economic imbalances and AI, with the Hormuz breakthrough likely to reshape the summit’s energy-security tone. Italy Angle: Italy is explicitly among the European powers tying any sanctions relief to nuclear compliance and pushing for rapid implementation.