The United States and Iran have signed a memorandum of understanding to settle a near four-month war, senior US officials said on Monday (Jun 15), adding that a signing ceremony would take place on Friday and shipping traffic in the Strait of Hormuz would gradually ramp up.

The memorandum of understanding has been signed by President Donald Trump, Vice President JD Vance and Iranian parliament speaker Mohammad Bagher Qalibaf, one US official said.

Speaking at a briefing with reporters, the US official added that there will also be a signing ceremony on Friday.

"You will see significant increase in traffic in the Strait of Hormuz, actually starting already, and that will ramp up slowly over time," the US official, speaking on the condition of anonymity, said.

"We probably won't return to normal in two weeks, but we will see a significant increase in strait traffic," the official said.

The US and Iran said they had agreed terms to end their war and reopen the strait, news that brought relief to markets, although the pact may hinge on an end to hostilities in Lebanon and defers talks on Tehran's nuclear programme.

While still a framework, the deal marked the biggest breakthrough toward resolving the conflict that has killed thousands and upended energy markets since it began with joint US-Israeli strikes on Iran in February.

Meanwhile, President Donald Trump said the text of the memorandum of understanding between the United States and Iran would be released publicly, likely after the formal signing ceremony planned for Friday.

Asked when the agreement would be released at a bilateral meeting with French President Emmanuel Macron, Trump said, “I think pretty soon. I would say — I mean, I want it to be released because it’s a very powerful document.”

“This is a very powerful document and I want it to be released. So probably pretty soon. I would say after sometime after Friday,” he said.

Pakistan’s foreign minister said a formal signing ceremony of the agreement will happen in the Swiss city of Geneva. Trump is in Europe on Monday for the G7 summit.

Source: Reuters

– Agencies