US President Donald Trump announced that the Strait of Hormuz would fully reopen on Friday, following a memorandum of understanding with Iran to end the war. The strait, partially opened already, will be toll-free, with the agreement's text released publicly after a formal signing ceremony in Switzerland. Trump suggested Vice President JD Vance would attend the ceremony in his place. The agreement, brokered by Pakistan and Qatar, includes a 60-day window for nuclear negotiations, with Iran demanding the release of frozen funds before talks begin. The US, however, insists on clear commitments from Iran before any financial release. The deal also calls for an immediate and permanent ceasefire, though Israel, not a party to the agreement, has not committed to withdrawing from Lebanon. Economic recovery is expected to take months, with oil prices falling but remaining above pre-war levels. The Trump administration criticized Oman's role in earlier negotiations, calling it 'duplicitous' and opting for Pakistan and Qatar as mediators instead.
