A ship remains anchored on May 16, 2026 in the Strait of Hormuz near Larak Island, Iran.
Majid Saeedi/Getty Images Europe
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Majid Saeedi/Getty Images Europe
Oil prices had already fallen quite dramatically on Thursday and Friday, in anticipation of an imminent deal. President Trump has posted online that the Strait of Hormuz will reopen after the deal is signed on Friday.
A ship remains anchored on May 16, 2026 in the Strait of Hormuz near Larak Island, Iran.
Majid Saeedi/Getty Images Europe
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Majid Saeedi/Getty Images Europe

"The Deal with the Islamic Republic of Iran is now complete," Trump said in a Truth Social post.

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