IEA head welcomes peace pact, calls for unconditional Hormuz reopening

The agreement includes Tehran reopening the strait and the US lifting its naval blockade of Iran, potentially bringing an end to the largest oil supply disruption in history.

The strait must be reopened "without conditions" so that all parties, "believe it is safe", Birol said, adding: "We will now see the details of the agreement and the negotiation process, and what happens next".

"The vase is broken," he said. "Now all actors know that the Strait of Hormuz was closed once and it can be shut down again."

The Iran war, which began with US-Israeli strikes on the country on February 28, is estimated to have blocked more than 14 million barrels per day (bpd) of Middle East oil output, according to the IEA.

(Reporting by Ezgi Erkoyun and Ceyda Caglayan; Writing by Jonathan Spicer; Editing by Alexander Smith)