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Iran’s Supreme National Security Council has announced the two sides have finalized a memorandum of understanding to end the months-long conflict.
The vice president said that the United States will also help Tehran ‘destroy’ a stockpile of enriched uranium.
Analysts say that Middle Eastern oil production may recover slowly even if the Iran peace agreement endures.
The warning comes as the United States and Iran have made progress toward a potential diplomatic resolution to the ongoing Middle East conflict.
The issue of Israeli forces in Lebanon has emerged as a contentious issue in the peace talks, with Israel saying it intends to stay for security reasons.
Vessels are unlikely to return to the Strait of Hormuz until mines are cleared and safety is confirmed, shippers said.
Negotiators plan to release full text of the agreement soon.
The national average declined to $3.997 as the United States and Iran finalized a deal to end the conflict and reopen the Strait of Hormuz.
The reconstruction would be funded by Middle Eastern nations, not the United States.
Trump said Iran agreed to ’strong policing powers’ to ensure that it ‘will not have a nuclear weapon.’
The vice president said the agreement opens the Strait of Hormuz and would preclude Iran from getting a nuclear weapon.
The announcement has been widely welcomed, but Israeli Security Minister Itamar Ben-Gvir said the deal does not bind his country.
Most oil and gas shipments through the Strait of Hormuz could resume by the end of the third quarter of 2026, analysts say.
The statement comes after the president announced a tentative agreement with Iran to end hostilities.
Israel’s National Security minister also said that the ceasefire deal agreed between the United States and Iran did not bind the Jewish state.
‘It is now vital that the detailed negotiations are concluded and this agreement is implemented rapidly and comprehensively,’ the nations said.
Trump held phone calls with both Putin and Zelenskyy on June 14.
A signing ceremony will be held on June 19 in Switzerland.
So far, dozens of ships have been redirected or disabled, Central Command said on Sunday.
