The White House said the deal is in effect, according to reports.

US President Donald Trump says oil tankers would be able to navigate the Strait of Hormuz toll-free, but many details of the deal with Iran are yet to be ironed out.

The United States and Iran have agreed on a peace framework aimed at ending the conflict, lifting the U.S. blockade of Iran and reopening the Strait of Hormuz, a key global oil…

The memorandum of understanding is scheduled to be officially signed on Friday in Switzerland.