United States President Donald Trump announced on Sunday that a ceasefire deal with Iran has been agreed upon, and that toll-free shipping through the Strait of Hormuz will commence. The agreement, which was later confirmed by Iran’s deputy foreign minister, aims to immediately end hostilities between the two nations.

This development marks a significant shift in the ongoing conflict, which has seen the Strait of Hormuz largely closed since the US and Israel launched an assault on Iran on December 28. The reopening of this vital waterway is expected to have considerable economic and geopolitical ramifications.

Trump declared on social media that the deal was complete and fully authorized the toll-free opening of the Strait of Hormuz, simultaneously ordering the removal of the U.S. Naval blockade. He expressed optimism that the agreement would usher in an era of peace and security for the region and the world.

The announcement followed a statement by Pakistani Prime Minister Shehbaz Sharif, who revealed on X (formerly Twitter) that a peace deal had been reached to end fighting on all fronts, including in Lebanon. Sharif indicated that an official signing ceremony would take place in Switzerland on Friday, June 19.

Sharif extended gratitude to the United States and Iran for their commitment to a diplomatic resolution and acknowledged the mediation efforts of Qatar, Saudi Arabia, and Türkiye. He stated that mediators would facilitate a series of meetings this week to lay the groundwork for technical discussions and the official signing.

Trump suggested that this ceasefire agreement could pave the way for a more comprehensive peace accord with Iran, noting that previous presidents had failed to achieve such a peace. He emphasized that the opening of the Strait would allow oil to flow freely again, benefiting the region and global markets.

Details regarding the specific terms of the ceasefire and the broader peace agreement remain scarce. The confirmation from Iran's deputy foreign minister suggests a degree of consensus, but the full scope of the deal and its long-term implications are yet to be fully understood.

The coming days will be crucial as mediators facilitate pre-implementation discussions and prepare for the official signing ceremony. The successful resumption of toll-free shipping through the Strait of Hormuz and the cessation of hostilities will be closely watched indicators of the deal's immediate impact.