The President acknowledged Iran's stranglehold on the Strait was putting too much pressure on the American economy.

Oil prices have plummeted following a historic agreement between US President Donald Trump and Iranian President, signalling a potential end to conflict and a reopening of the crucial Strait of Hormuz.

Three Iranian oil tankers have sailed past the US Navy blockade of the Strait of Hormuz for the first time in two months, analysts said.

Energy & Environment   The Big Story  MOU opens Hormuz, lifts sanctions on Iran’s oil Key details on the 60-day ceasefire agreement between the U.S. and Iran were unveiled

The White House said Thursday night that Vice President JD Vance was delaying a trip to Switzerland to lead a new round of negotiations with Iran over its nuclear program — raising questions about what's next for the tentative agreement to end the war.

Meanwhile, Iran suggested the document could be signed by Presidents Trump and Masoud Pezeshkian. Such a signing ceremony would represent a major step for the two countries, which saw diplomatic relations break off in 1980 over the U.

Brent crude fell on Friday after Israel and ‌Hezbollah agreed to a ceasefire, easing concerns over disruptions to Middle East oil supplies and raising hopes of broader de-escalation involving the United States and Iran.

Leaders of both the U.S. and Iran have signed a memorandum of agreement on ending the war in Iran, and it “shall enter into force with immediate effect,” Pakistani Prime Minister Shehbaz Sharif said Wednesday.