U.S. President Donald Trump said Monday that a deal with Iran had been signed to end the nearly four-month war and that the Strait of Hormuz would be fully open by Friday, after U.S. officials said Washington and Tehran had agreed to a memorandum of understanding that could sharply increase shipping traffic through the key oil route.
Speaking shortly after arriving in Evian, France, for a G7 meeting, Trump said the text of the Iran deal would be released sometime after a formal signing ceremony on Friday. He said he may attend the signing, but that his involvement had not been decided.
“The deal’s all signed,” Trump said, adding that the strait had been “all opened” and would be “completely opened on Friday.”
Trump said it was “important that oil is plummeting and stocks rising,” and added that Iran “will not have a nuclear weapon.” He said the agreement would include “strong policing” and said he hoped it would lead to “a good relationship” with Tehran.
Asked about help from allies, Trump said he did not think Washington would “need much help,” but added that it was “not a bad idea.”
Senior U.S. officials said earlier Monday that the United States and Iran had signed a memorandum of understanding to settle the war, adding that shipping traffic in the Strait of Hormuz would gradually rise. One U.S. official said the memorandum had been signed by Trump, Vice President JD Vance and Iranian Parliament Speaker Mohammad Bagher Qalibaf.
The official, speaking on condition of anonymity, said a signing ceremony would take place Friday.
“You will see significant increase in traffic in the Strait of Hormuz, actually starting already, and that will ramp up slowly over time,” the official said. “We probably won’t return to normal in two weeks, but we will see a significant increase in strait traffic.”
Another U.S. official said the Strait of Hormuz would be open toll-free for 60 days under the pact.
The official also said no unfrozen assets had been released to Iran by the United States or any other country. Trump said there would be no sanctions relief for Iran until Tehran “do what they are supposed to do.”