Iran had blockaded the strait since the start of the war, sending oil prices soaring and raising fears of a prolonged inflation shock.
An oil tanker is pictured off the Iranian port city of Bandar Abbas, which is the main base of the Islamic republic’s navy and has a strategic position on the Strait of Hormuzon. Credit: AFP
US President Donald Trump said Monday that ships were again moving through the Strait of Hormuz and the vital oil route would be “completely open” by Friday, after Washington and Tehran announced a deal to end the Middle East war.
The reopening of one of the world’s most important energy chokepoints would mark a major step toward ending months of deadly conflict and economic turmoil triggered by US-Israeli strikes on Iran in late February.
“Ships are starting to move, many loaded up with Oil, out of the Strait of Hormuz,” Trump said, adding later that he did not “think we will need much help” keeping the waterway open.
Iran had blockaded the strait since the start of the war, sending oil prices soaring and raising fears of a prolonged inflation shock.
The United States, Iran and mediator Pakistan said the agreement was to be signed Friday in Switzerland.
A senior US administration official, however, said Trump, Vice President JD Vance and Iran’s parliamentary speaker Mohammad Bagher Ghalibaf had already signed the text electronically.
US President Donald Trump speaks to the press in the Oval Office of the White House in Washington, DC, on June 3, 2026. (Photo by Mandel NGAN / AFP)
“The president wanted to sign it personally because he wanted to show his… dedication to bring this through to a successful resolution,” said the official.
Asked at the G7 in France when the text would be released, Trump said: “It’s a very powerful document, and I want it to be released. So probably pretty soon.”
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Iran’s Deputy Foreign Minister Kazem Gharibabadi said the deal brought an “immediate end” to the war, with talks on a “final agreement” to be held within two months.
Iran’s military hailed the accord as a victory, claiming it had “humiliated” the US and Israel, while President Masoud Pezeshkian called it “a great achievement” for the region.
But Iranian Foreign Minister Abbas Araghchi struck a more cautious note.
“We have a history of broken commitments… we have a history of agreements being torn up. All of this is present in our minds,” he said.
accord a “critical step” toward ending the war.
Saudi Arabia and Egypt welcomed the agreement and Pakistan called it a “historic step towards peace”, while Britain, France, Germany and Italy said they were ready to lift sanctions on Iran.
The announcement sent oil prices sharply lower and lifted global stocks, with traders betting that the reopening of a route that normally carries about 20 percent of the world’s crude would ease pressure on energy supplies.
Crude prices fell nearly five percent toward $80 a barrel after having surged above $110 soon after the war began, while the Dow hit a fresh record and the Nasdaq jumped more than three percent.
In Tehran, English teacher Arya, 38, said “our people will not return to normal”.
“They came to understand that Trump is not their ally,” he said.
