US president says he had 'fully' authorized toll-free opening of waterway, and immediate lifting of US naval blockade; Pakistan says agreement would halt military operations on all fronts, with mediators preparing technical talks ahead of June 19 signing in Switzerland

After that the Strait of Hormuz will be fully unblocked, said US President

Oil prices have surged as shipping in the Strait of Hormuz has been cut off.

US president says Strait of Hormuz will reopen and US blockade will end