Trump says US-Iran 'great deal' reached, Strait of Hormuz reopened to shipping

WASHINGTON, United States — WASHINGTON — U.S. President Donald Trump announced that a "great deal" with Iran has been completed and that the Strait of Hormuz has been reopened to international maritime traffic free of charge. The strait, through which roughly one-fifth of global oil supply transits, had been subject to a U.S. naval blockade that is now being lifted, according to the president. Under the agreement, reached with mediation from Pakistan and supported by Qatar, Saudi Arabia and Turkey, military operations will be halted immediately and permanently, and ceasefires will be established across multiple fronts, including Lebanon, the statement said. Iran has committed on the nuclear file to dismantling its nuclear weapons capacity, while the United States will lift its economic and maritime blockade. Iraq stands among the direct economic beneficiaries, as the country conducts the bulk of its oil exports through southern Gulf ports and via the Strait of Hormuz. The reopening is expected to lower insurance and freight costs, giving Baghdad more sustainable export capacity. Analysts noted that Iraq's Oil Ministry will need to prepare long-term marketing strategies aligned with previously announced strategic plans to strengthen the country's position in global markets. Baghdad is also expected to accelerate the Hawizeh Marshes road project, connecting the Grand Faw Port to Turkey and Europe, to create an alternative land corridor alongside the sea route. No further details on the implementation timeline were immediately available.