The recent port strike on the East and Gulf coasts ended following a tentative agreement between dockworkers and port operators, resolving a labor dispute that had threatened to disrupt supply chains.

According to CNN, the agreement includes a substantial wage increase and improved working conditions, addressing the International Longshoremen's Association’s key demands. “The breakthrough Thursday came after port employers offered a 62% increase in wages over six years, according to people familiar with the matter,” stated the Wall Street Journal.

The agreement includes a contract extension through Jan. 15 2025. This gives time for the two sides to negotiate other issues, including automation on the docks.

Read Next:
• Oil Prices Rally: Biden Confirms US ‘Discussions’ With Israel About Striking Iran Facilities

Please check back in to Benzinga as this story updates.

Photo: Shutterstock