Initial peace deal expected to be signed in Geneva on Friday but questions remain over strait of Hormuz, Lebanon conflict and Iran’s nuclear program. Explainer: what do we know about the US-Iran peace deal? News of the US-Iran peace deal has been greeted by global markets with a sigh of relief . The strait of Hormuz – a vital maritime chokepoint through which roughly 20% of the world’s crude oil supply transits – was effectively closed by Tehran soon after US-Israel strikes on Iran kicked off th