The agreement came after more than three months of stop-start negotiations and bouts of fighting since late February, roiling global energy and commodities markets.

Ahead of Friday’s signing ceremony, Iran’s semi-official Mehr news agency has published what it describes as the draft contents of a 14-point memorandum of understanding between Washington and Tehran.

The Geneva signing on June 19 is expected to end months of hostilities and launch negotiations on sanctions relief, Iran's nuclear programme and regional security.

President Donald Trump announced on Sunday evening that the U.S. and Iran had reached an agreement to end the Iran war after just over three months of fighting, with 10 key terms.

After 107 days of conflict, the US and Iran agreed to extend the ceasefire by 60 days, reopen the Strait of Hormuz, and begin negotiations on Iran's nuclear program, marking a major diplomatic breakthrough.

Oil prices slumped sharply in early Asian trade on Monday after the United States and Iran announced a deal to reopen the Strait of Hormuz, raising expectations of a near-term increase in crude supply after more than 100 days of disruption.