President Donald Trump in a social media post on Saturday said a deal with Iran was scheduled to be signed on Sunday and that the Strait of Hormuz would be immediately "open to all" after it was signed.
"The Deal is scheduled to get signed tomorrow, and immediately after it is signed, the Hormuz Strait is OPEN TO ALL," Trump wrote on Truth Social.
"Our relationship with Iran is a much different and better one than previous Administrations have had." The deal will come as a relief to global energy markets.
The Iran war has sharply disrupted oil and gas flows through the Strait of Hormuz, which carries about 20% of global oil and liquid natural gas (LNG) shipments.
That has stoked inflation concerns, with US annual CPI inflation rising to 4.2% in May, marking its highest level since April 2023.
