The US and Iran finalised a deal to end their 107-day war and open the Strait of Hormuz, the narrow waterway used to ferry one-fifth of the global oil supplies, on Friday after in-person signing of the agreement
in Switzerland.
US President Donald Trump made the announcement of Truth Social on Sunday evening, easing pressure on the global energy markets, as officials said the peace agreement would be signed on June 19 in Switzerland.
“The Deal with the Islamic Republic of Iran is now complete. Congratulations to all,” Trump said, adding that it would reopen the Strait of Hormuz and end the US naval blockade on Iranian ports.
“I hereby fully authorise the toll-free opening of the Strait of Hormuz and, simultaneously, authorise the immediate removal of the United States Naval blockade. Ships of the World, start your engines. Let the oil flow!” Trump said.
