To add details

By Parisa Hafezi and Phil Stewart

DUBAI/WASHINGTON, June 15 (Reuters) - U.S. and Iranian officials said on Sunday they had agreed on a framework for peace that would end the war between the two countries, lift the U.S. embargo on Iran and reopen the Strait of Hormuz, a move that could lead to lower energy prices once oil shipments resume through the vital waterway.

"The deal with the Islamic Republic of Iran is now complete," wrote US President Donald Trump on his Truth Social platform at 5:30 p.m. local time in Washington (2130 GMT).

His post came shortly after Pakistani Prime Minister Shehbaz Sharif, whose country is acting as mediator, announced that an agreement had also been reached.

Sharif wrote that the agreement would be officially signed on Friday in Switzerland. The exact terms of the agreement are not yet known.

Sharif said in a post on the X platform that the agreement stipulates "the immediate and permanent cessation of military operations on all fronts, including Lebanon."

Lebanon has been a sticking point in the negotiations, with Israel and Hezbollah ignoring calls from Trump and others to halt their mutual attacks over the past few weeks.

Trump said the Strait of Hormuz, a key shipping lane for global energy supplies that Iran has effectively closed for months, will be reopened on Friday and that he has ordered an end to the U.S. blockade of Iranian ports.

Trump wrote, "Ships of the world, start your engines. Let the oil flow!"

Oil prices fell after the agreement was announced. Brent crude futures dropped 4% in early trading on Monday, while U.S. West Texas Intermediate crude fell more than 4.6%.

Iranian Deputy Foreign Minister Kazem Gharibabadi said a broader agreement would be negotiated during a 60-day ceasefire period, including the easing of sanctions.

Sources had previously told Reuters that the fate of Iran's nuclear program would also be discussed in those subsequent talks.

Thousands have been killed, mostly in Iran and Lebanon, since US and Israeli forces launched their first attack on Iran on February 28. Iran retaliated by shelling Israel and Gulf states hosting US bases, and effectively imposed a blockade on the Strait of Hormuz, causing global energy prices to soar.

In response, US forces have blockaded Iranian ports. There has been no comment so far from Israel, which has stated that it is not a party to the US-Iran agreement.

The Iran war has become a domestic political burden for Trump and Republican lawmakers in Congress, as polls show Americans are deeply frustrated by rising gasoline prices ahead of the November midterm elections. But Trump also faces pressure from Republicans who insist on the complete dismantling of Iran's nuclear program.

Israeli attack

The agreement was reached despite Israel launching an attack on Lebanon on Sunday, which drew criticism from both Iran and Trump.

Iran's chief negotiator, Mohammad Bagher Ghalibaf, said in a post on the X platform that the Israeli attack on Beirut's southern suburbs demonstrates the United States' lack of "the will and ability to fulfill its commitments." Israel said the attack targeted fighters from the Iranian-backed Hezbollah group.

The Iranian Foreign Ministry held the United States responsible for the Israeli attack in Lebanon. Tehran vowed a "strong response," with its top military command stating that its "finger is on the trigger," ready to fire at "the heart of the enemy."

"The Beirut attack this morning should not have happened, especially on such a special day as we get closer to reaching a peace agreement with Iran," Trump said in a post on his Truth Social platform.

Israeli Prime Minister Benjamin Netanyahu has clashed with Trump over Washington's demands that Israel limit its military operations in Lebanon to allow for an agreement with Tehran.

Israel said it would retain freedom of operations in Lebanon, while Tehran made a full ceasefire there a key element of its demands.

Israel's Channel 12 quoted a senior official as saying that Trump briefed Netanyahu on the progress made towards a peace agreement during a phone call on Sunday.