US President Donald Trump has announced that a peace agreement between the US and Iran “is complete”, signaling a potential breakthrough in efforts to ease tensions and restore stability to global energy markets.

Trump said the agreement authorizes the full reopening of the Strait of Hormuz and the lifting of the US naval blockade on Iranian ports, paving the way for the resumption of unrestricted global oil shipments, The Caspian Post reports via Truth Social.

Under the reported terms of the deal, Iran would commit not to pursue nuclear weapons, while the US would implement a framework for nuclear inspections. Although Trump promised strong oversight measures, specific details of the inspection regime have not yet been disclosed.

The agreement does not include direct cash payments to Iran, but sanctions relief could be considered depending on Tehran’s compliance with its commitments.

A formal signing ceremony is scheduled for June 19 in Switzerland, according to confirmation from Pakistan’s Prime Minister Shehbaz Sharif.

Trump celebrated the announcement with a message on Truth Social, writing: “Ships of the World, start your engines. Let the oil flow!”