Trump says Hormuz to reopen Friday under US-Iran deal

TEHRAN: President Donald Trump has said the Strait of Hormuz would be “completely open” by Friday — as Iran and the United States said ships had again started moving through the vital shipping route. 

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.

Iranian media reported on Monday evening that three oil tankers and two laden cargo ships had passed through the area that had been subject to a US naval blockade.

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 then blocked shipping to and from Iranian ports.

The US, Iran and mediator Pakistan said the peace 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.

“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.”

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.

Iranian Foreign Minister Abbas Araghchi struck a cautious tone, saying: “We have a history of broken commitments… a history of agreements being torn up. All of this is present in our minds.”

Deal terms unclear

Iran’s foreign ministry spokesman Esmaeil Baqaei said Washington had “committed” to releasing frozen Iranian funds abroad and compensating Tehran for wartime damage.

Iran’s Mehr news agency had reported the US would release $12 billion in frozen assets before negotiations begin.

As part of a flurry of interviews to talk up the deal, Vance told Fox News that no US taxpayer money will go to Iran under the deal.

Baqaei also said Tehran would seek UN Security Council ratification after negotiating a final agreement on its nuclear programme.

An ambiguity surrounding the terms of deal has resulted in uncertainty caused oil prices risen as markets grow anxious over the lack of details about the US-Iran deal and the prospect that restoring fuel flows through the Strait of Hormuz could take longer than expected.

Brent crude futures gained 26 cents, or 0.3 percent, to hit $83.42 a barrel, while US West Texas Intermediate (WTI) rose by 46 cents, or 0.3 percent, to reach $81.12 a barrel.