WASHINGTON, D.C. — President Donald Trump says a new agreement with Iran is already easing tensions in the Persian Gulf and reopening one of the world’s most critical shipping routes.
The president announced this morning that vessels have started moving through the Strait of Hormuz again after the U.S. and Iran virtually signed a memorandum of understanding on Sunday. It comes more than 100 days after the U.S. and Israel first launched strikes against Iran.
“It’s signed. The deal’s all signed,” said Trump on Monday.
From the G7 summit in France, Trump said the Strait of Hormuz is partially open now, while crews work to remove sea mines deployed during the conflict.
“They’re doing a little hunting for a couple of mines that they’ve already found, but it’s essentially ships are starting to go out now,” Trump said, adding that he expects the Strait to be fully reopened by Friday.
The agreement establishes a timeline for talks on long-standing disputes and serves as both a ceasefire and a roadmap toward formally ending hostilities.
Certainly, it appears like one of the most positive strides we’ve seen between the two countries in months. That being said, there are still major questions about exactly what is in the agreement and what it means for Iran’s nuclear ambitions.
“Iran has pledged not to develop a nuclear weapon, but we’re still not exactly sure what is going to happen with their nuclear program. It does seem like they’re going to be able to retain some low level enriched uranium for peaceful purposes. But the real big questions that they have to negotiate in the coming four weeks or so is going to be how do we figure out where that’s going to happen, who’s going to be monitoring it? And where it’s going to be stored,” said Dr. Todd Belt, professor and director of the Political Management Master’s Program at George Washington University.
“I want it to be released because it’s a very powerful document,” said President Trump Monday about the text of the agreement. “It’s not like the Obama document which was just a terrible document. This is a very powerful document, and I want it to be released, so probably pretty soon. I would say sometime after Friday.”
Financial markets responded quickly on Monday. Oil prices dropped to their lowest levels in three months as concerns over global supply eased. If all goes well, analysts say it could take a few months — likely early fall — before gas prices dip back down to pre-war levels.
President Trump said an in-person signing ceremony will be held in Geneva on Friday. It’s unclear whether the president will attend.
