Trump signed a 14-point agreement with Iran to reopen the Strait of Hormuz and lift the US naval blockade, drawing GOP criticism and moving oil and equity

Days after it was first announced by President Donald Trump, U.S. officials on Wednesday finally detailed what is in the memorandum of understanding with Iran.

The deal will take “immediate effect,” opening the Strait of Hormuz for all shipping traffic while sanctions on Iranian oil sales have also been waived.