WASHINGTON - The United States and Iran announced a memorandum of understanding to end their monthslong war, the two countries said Monday, possibly leading to the immediate reopening of the Strait of Hormuz, a critical oil shipping route.
The announcement came after U.S. President Donald Trump said Saturday on social media that under a deal scheduled to be signed with Iran the following day, the strait would be immediately "open to all."
Iran's Foreign Minister Abbas Araghchi said Friday on state television that Iran would charge service fees for vessels passing through the strait, although Trump and his team of negotiators have reiterated that they oppose Tehran collecting tolls.
After the U.S.-Israeli war with Iran began in late February, Washington and Tehran agreed on a fragile ceasefire in early April, but they had exchanged fire following the downing of a U.S. helicopter earlier this month over the strait.
Since the start of the conflict, the strait, a narrow waterway between Iran and Oman through which around 20 percent of the world's oil shipments previously passed, has effectively closed, upending energy markets and casting uncertainty over the global economy.
The Middle East situation is expected to be discussed at the three-day Group of Seven summit from Monday in Evian-les-Bains in France, with Trump set to attend.
