• President Donald Trump said the US and Iran reached a deal to reopen the Strait of Hormuz.
• "I hereby fully authorize the toll free opening of the Strait of Hormuz," Trump said.
• The Strait's closure has caused the largest disruption to the global oil markets in history.

President Donald Trump said Sunday that the United States and Iran had reached a deal to reopen the Strait of Hormuz, signaling a possible end to a 15-week conflict that disrupted global oil supplies and stoked fears of economic turmoil.

Iran has not yet publicly confirmed the deal.

"The Deal with the Islamic Republic of Iran is now complete," Trump wrote on TruthSocial. "I hereby fully authorize the toll free opening of the Strait of Hormuz, and, simultaneously herewith, authorize the immediate removal of the United States Naval blockade."

Trump did not immediately offer further details about the deal. The Prime Minister of Pakistan, Shehbaz Sharif, a mediator in the negotiations, said the official signing ceremony would be on June 19.

"With the agreement now in place, mediators will facilitate a series of meetings this week," he wrote in an X post. "These pre-implementation discussions will lay the foundation for the technical talks and the official signing ceremony."

The Trump administration had also sought assurances from Iran that it would stop enriching uranium, but did not say if that was part of the initial deal struck on Sunday.

Iran effectively shut down the Strait of Hormuz to most shipping traffic after the United States and Israel first launched their surprise attacks on February 28. Iran briefly reopened the Strait in April as part of a ceasefire deal with the United States, but closed it again after the US imposed its naval blockade.

Iran's de facto control of the Strait of Hormuz, which connects the Persian Gulf with the Gulf of Oman and through which about 20% of the world's oil and liquefied natural gas flows, allowed it to wield immense economic influence during what began as a military conflict.

The Strait's closure, along with damage to major oil hubs in the region, led to a steep spike in oil prices and what the International Energy Agency said in March was the largest disruption to the global oil markets in history.

Oil prices surpassed $100 a barrel on March 8 for the first time in four years, forcing several countries to implement energy-saving strategies to address the costs. The Philippines, for example, ordered a four-day workweek for government employees alongside other measures.

In the US, the national average for a gallon of gasoline exceeded $4 by the end of March. Jet fuel prices spiked above $200 a barrel in April, forcing some airlines to cut routes and raise ticket prices to cover costs. The conflict also drove inflation in the United States to a three-year high.

These economic pressures have impacted average Americans just months before the midterm elections.

Some economists warned that any prolonged standoff could severely damage America's economy, including Paul Krugman, who said it could be the "straw that breaks the camel's back."