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U.S. President Donald Trump, Vice President JD Vance, and Iranian Parliament Speaker Mohammad Bagher Ghalibaf have signed an agreement between the United States and Iran.
A senior U.S. official told Reuters that details of the agreement will be released within the next 24 to 48 hours, while technical discussions are expected to begin later this week, UATV English reports.
According to the official, the agreement provides for the immediate reopening of the Strait of Hormuz and the lifting of the U.S. blockade on Iran.
An official signing ceremony is also scheduled to take place on Friday. Both sides had previously stated that the agreement would be formally signed in Switzerland on that day.
“You will see a significant increase in traffic through the Strait of Hormuz. In fact, it is already beginning and will gradually accelerate over time,” the U.S. official said on condition of anonymity.
“We are probably not going to return to normal within two weeks, but we will see a significant increase in traffic through the strait.”
Speaking to reporters in France ahead of the G7 Summit during a meeting with French President Emmanuel Macron, Trump also confirmed that the agreement with Iran had already been signed.
He further stated that Iran would not obtain nuclear weapons and that sanctions relief would not take place until Iran fulfills its obligations under the agreement.
Earlier, Trump announced that the United States and Iran had reached a peace agreement and that the Strait of Hormuz would be reopened.
Following Trump’s announcement, global oil prices reportedly fell by approximately $4 per barrel.
The agreement also guarantees Iran revenue from the use of the Strait of Hormuz, with Tehran expected to begin collecting transit fees from vessels 60 days after the agreement enters into force.
Read also: U.S., Iran reach peace deal
