World leaders are welcoming news of a peace deal between the United States and Iran, but key details of the agreement remain unreleased — and questions linger over how quickly global energy markets could return to normal.
President Donald Trump announced the deal Sunday on his Truth Social platform.
"The Deal with the Islamic Republic of Iran is now complete. Congratulations to all!" Trump said. "I hereby fully authorize the toll free opening of the Strait of Hormuz, and, simultaneously herewith, authorize the immediate removal of the United States Naval blockade. Ships of the World, start your engines. Let the oil flow!"
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Pakistan's prime minister confirmed the news, saying both sides agreed to an "immediate and permanent termination of military operations on all fronts, including in Lebanon." He added that a signing ceremony has been set for Friday in Switzerland.
But the prime minister's social media post noted that more discussions are still ahead, writing that "mediators will facilitate a series of meetings this week" that will "lay the foundation for the technical talks and the official signing ceremony."
Trump has long said the United States' goal was to ensure Iran will never obtain a nuclear weapon. According to Iranian state media, a 14-point memorandum of understanding includes the the release of seized Iranian assets, the reconstruction of Iran, and an Iranian commitment to not go after a nuclear weapon. Those details have not yet been confirmed.
But questions also remain over whether Israel will abide by the terms of the deal. Israeli officials said early Monday they will not remove troops from seized portions of Lebanon.
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The future of the Strait of Hormuz remains the biggest open question. A return to global shipping is expected to have a dramatic impact on energy prices, but it is unclear how long a full recovery will take as the Strait has never been closed for as long as it was during this conflict.
