Oil prices fell and stocks rose on Sunday after President Trump said the United States had reached a deal with Iran that would allow the “toll free” passage of ships through the Strait of Hormuz.
His social media post capped weeks of fraught negotiations between the countries that seemed at times to be making little progress. A key mediator in the peace talks, the prime minister of Pakistan, said the agreement covered Lebanon and that a signing ceremony was scheduled for Friday in Switzerland.
The specifics of the agreement remained opaque on Sunday evening, but restoring shipping through the Strait of Hormuz has been among Mr. Trump’s top priorities.
“I hereby fully authorize the toll free opening of the Strait of Hormuz, and, simultaneously herewith, authorize the immediate removal of the United States Naval blockade,” Mr. Trump posted online. “Ships of the World, start your engines. Let the oil flow!”
The removal of the U.S. blockade — which was intended to stop the flow of Iranian oil — is just one piece of restoring shipping through the narrow waterway on Iran’s southern coast. Iran would also need to relinquish its control over ship traffic. The country’s deputy foreign minister, who confirmed the deal, said Iran’s commitments under the accord would begin on Friday.
Farnaz Fassihi contributed reporting.