The United States and Iran agreed on a framework deal to reopen the Strait of Hormuz and are expected to sign a memorandum of understanding on Friday to end their war, halt the U.S. blockade of Iran and reopen the strait, according to multiple sources. President Donald Trump said the memorandum was signed electronically (Al Jazeera). Under the terms reported by France24, the United States will immediately lift its blockade of Iranian ports and Iran will reopen the strait without charging tolls for commercial vessels for 60 days. Three Iranian oil tankers were transiting the strait as part of the negotiations (Bluesky). The parties also agreed to halt Hormuz attacks and hold talks in Qatar on Tuesday (Times of Israel). Iran’s foreign minister warned of increased tensions if ships do not traverse the route it controls (Times of Israel). U.S. intelligence assessed that Iran now possesses the capability to effectively shut down the strait (Times of India).

Shippers said they remain cautious about resuming transit through the strait, noting that confidence could take weeks to rebuild (multiple sources). Global oil prices fell in response to the deal, with Al Arabiya reporting a drop of about 4 percent and Al Monitor reporting a drop of about 5 percent on Monday (contested percentages). Iran’s military said it had closed the strait in response to Israel’s latest strikes in Lebanon (GDELT), while the United States military denied that the strait was closed (GDELT).

President Trump claimed the U.S. naval blockade on Iran would be lifted and that the strait should be immediately open with unrestricted shipping and any water mines removed (ProKerala). However, ProKerala also reported that Iranian ships continue to be barred from passing through the strait, that restrictions remain, and that vessels receive warnings from U.S. Central Command not to enter the area. Iranian vessels were reported to have passed through the strait after the United States lifted its naval blockade (Al Jazeera).