US Vice President JD Vance announced Monday that the text of a landmark agreement to end the war with Iran and reopen the Strait of Hormuz will be released publicly this week, even as technical negotiations on the deal’s finer points continue.
Speaking to CNBC, Vance said Washington expects the strategically critical maritime route to remain open without any tolls on a long-term basis.
“Our expectation is that the Strait is going to be opened in a toll-free way for the long-term,” Vance said, adding that many important details still need to be worked out at the negotiating table.
The preliminary agreement has brought significant relief to volatile global energy markets. The conflict began in February following joint US-Israeli airstrikes on Iran, claiming thousands of lives and disrupting global energy supply chains.
While the current framework is not a finalised treaty, analysts consider it the most significant diplomatic breakthrough since the war began. Observers note, however, that the deal’s long-term success may depend on a halt to hostilities in Lebanon, while talks on Iran’s nuclear programme have been set aside for now.
Vance confirmed that a formal signing ceremony is scheduled for this coming Friday in Switzerland. Iran will be represented by its foreign minister and the speaker of its parliament. Vance did not specify who will lead the US delegation at the signing.
