Hormuz Shipping Set To Resume Under US-Iran Deal

The United States and Iran have signed a memorandum of understanding aimed at ending their conflict, according to a senior US official.

The agreement was signed by US President Donald Trump, Vice President JD Vance and Iranian Parliament Speaker Mohammad Bagher Qalibaf. A ceremonial signing is scheduled for Friday, the official said.

Washington and Tehran also announced that they had agreed on the basic terms of a broader settlement. The deal includes the gradual resumption of shipping through the Strait of Hormuz, one of the world's most important routes for energy exports.

According to the US official, maritime traffic through the strait is already increasing and is expected to continue recovering. However, normal shipping operations are not expected to resume for at least two weeks.

The future implementation of the agreement may also depend on an end to hostilities in Lebanon. Negotiations on Iran's nuclear program have been postponed for the time being.

Earlier on Monday, German Chancellor Friedrich Merz said a peace agreement between the United States and Iran could help stabilize the global economy. He added that any settlement should also address the situation in Lebanon.

Ahead of the G7 summit in France this week, Merz also said a diplomatic opportunity had emerged regarding the war in Ukraine and that he intended to discuss the issue with President Trump.

(Reuters, Max)