Strait of Hormuz Reopens Amid Unclear Management and Future

Iran and the US said ships had again started moving through the Strait of Hormuz — with US President Donald Trump saying the vital oil route would be "completely open" by Friday — yet who will manage it and how remains unclear.

The reopening of one of the world's most important energy chokepoints is the crucial element in ending months of deadly war and economic turmoil triggered by US-Israeli strikes on Iran in late February.

After both Washington and Tehran announced a deal to end the Iran war on Sunday, questions have emerged over Hormuz's future, despite the US president's apparent optimism, who called on "ships of the world" to "start their engines" and "let the oil flow".

Yet Trump said overnight on Tuesday that "ships are starting to move, many loaded up with oil, out of the Strait of Hormuz," adding later that he did not think the US "will need much help" keeping the waterway open.

Iranian media seemingly confirmed Trump's claims, reporting on Monday evening that three oil tankers and two laden cargo ships had passed through the area that had been subject to a US naval blockade.

Trump initially declared on Sunday that the crucial waterway had been reopened with the US naval blockade lifted. He later backtracked, saying this was pending the signing of the agreement in Switzerland on Friday.

Tehran officials have been mostly reserved in their comments on the future of Hormuz. Indicatively, the state-run Fars news agency stated after Trump's announcement on Sunday that the agreement will include a legal blueprint for the waters of the Persian Gulf, which would see the waterway jointly managed by Iran and Oman.

The Strait of Hormuz is some 38 kilometres wide at its narrowest, meaning both Iran and Oman already operate the waterway, which normally carries one-fifth of the world's oil and LNG shipments, as well as other cargo.

However, Iran published a map in late May claiming regulatory control over a stretch of the Strait of Hormuz that extends deep into the territorial waters of the UAE and Oman, prompting five Gulf states to formally warn shipping companies through the International Maritime Organisation (IMO) not to comply.

Tehran also previously stated it would introduce tolls on passing ships, implying it would collect transit fees together with Oman — a claim Muscat quickly rejected, stating that no fees can be legally imposed because the Strait of Hormuz is a natural, not man-made, passage.

Since the announcement of the deal on Sunday, Iran's foreign ministry spokesperson Esmaeil Baghaei said Iran would charge maritime service fees rather than tolls for shipping through Hormuz.

Iran had blockaded the strait since the start of the war, sending oil prices soaring and raising fears of a prolonged inflation shock. The US then blocked shipping to and from Iranian ports.

As the world awaits the official signing of the framework deal on Friday, a senior US administration official said that Trump, Vice President JD Vance, and Iran's parliamentary speaker, Mohammad Bagher Ghalibaf, had already signed the text electronically.

"The president wanted to sign it personally because he wanted to show his... dedication to bring this through to a successful resolution," said the official.

Asked at the G7 in France when the text would be released, Trump said, "It's a very powerful document, and I want it to be released. So probably pretty soon."

Iran's Deputy Foreign Minister Kazem Gharibabadi said the deal brought an "immediate end" to the war, with talks on a "final agreement" to be held within two months.

Iranian military hailed the accord as a victory, claiming it had "humiliated" the US and Israel, while President Masoud Pezeshkian called it "a great achievement" for the region.

Iranian Foreign Minister Abbas Araghchi has since struck a cautious tone, saying, "We have a history of broken commitments... a history of agreements being torn up. All of this is present in our minds."

Frozen assets and nuclear enrichment on the table

The deal follows weeks of fraught negotiations and threats of renewed hostilities.

Baghaei said Washington had "committed" to releasing frozen Iranian funds abroad and compensating Tehran for wartime damage.

Iran's Mehr news agency had reported the US would release (€10.3bn) in frozen assets to Iran before negotiations begin.

It quoted a 14-point "memorandum of understanding" between the two nations, which it said stipulated "the release of $24 billion (€20.6bn) in frozen Iranian assets during the 60‑day negotiation period" that begins after the framework deal is signed.

As part of a flurry of interviews to talk up the deal, Vance told Fox News that no US taxpayer money will go to Tehran under the deal.

Baghaei also said Tehran would seek UN Security Council ratification after negotiating a final agreement on its nuclear programme.

That could prove contentious as Washington presses to end Iran's nuclear ambitions and address its stockpile of highly enriched uranium, said to have been buried by US strikes last year.

Trump told The New York Times the US was still negotiating whether Iran would suspend enrichment for 20 years, hinting he might settle for 15.

Vance told NBC that US and International Atomic Energy Agency (IAEA) inspectors will be allowed to enter Iran.

"In fact, one of the core parts of the agreement is that the IAEA and the United States are going to help Iran destroy the highly enriched stockpile, and that's something that's spelled out very clearly" in the MoU, Vance said.

Lebanon intervention still up in the air

Baghaei also said Washington must ensure that Israel stops fighting in Lebanon under the agreement.

Lebanon was pulled into the war in early March when Iran-backed Hezbollah militants launched rockets at Israel after the killing of Iran's Ayatollah Ali Khamenei, prompting Israeli strikes and a ground invasion.

But Israeli Prime Minister Benjamin Netanyahu said the country's forces would remain in Lebanon, Syria and Gaza "as long as necessary".

He said the war with Iran had spared Israel from the Islamic Republic's threat of "nuclear annihilation", while Israeli figures across the political spectrum criticised the deal.

Lebanese President Joseph Aoun welcomed the agreement during a call with Araghchi, saying he hoped it would be a "positive step towards reducing tensions".

Lebanese state media later reported the first deadly strike since the announcement, saying the Israeli attack in the south killed one person.

Hezbollah, which thanked Iran for insisting Lebanon be included in the deal, said it had repelled an Israeli force trying to "advance" in southern Lebanon.

Lebanese Shia militant group Hezbollah is the most powerful component of what Iran calls the Axis of Resistance — a network of armed groups across the Middle East, including Hamas in Gaza, Houthis in Yemen and Shia militias in Iraq — that Tehran finances, arms and directs.

The network was built over decades by the IRGC's Quds Force and functions as Iran's primary instrument of regional influence.