The Strait of Hormuz, a key transport route for the majority of global oil and gas exports, could soon reopen fully after reports of a US–Iran agreement aimed at ending fighting and easing restrictions on shipping in the region.

The Strait is a narrow but strategic waterway linking the Persian Gulf to the Arabian Sea. It is considered one of the world’s most important energy corridors, with about one-fifth of global oil consumption passing through it, according to the US Energy Information Administration.

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US President Donald Trump announced on Sunday, June 14 that an agreement had been reached, writing on Truth Social: "The Deal with the Islamic Republic of Iran is now complete.”

He later added that the agreement would allow the reopening of key maritime routes, including the Strait of Hormuz, and the lifting of the United States naval blockade.

"Ships of the world, start your engines. Let the oil flow!” he added.

The announcement suggests that restrictions affecting navigation through the strait could soon be eased once the agreement is formally implemented.

Any disruption or reopening of the strait has direct implications for global oil prices, shipping costs, and energy security, particularly for countries dependent on imported fuel.

Pakistan’s Prime Minister Shehbaz Sharif also said on X that, following intensive talks, the Peace Deal between the United States of America and the Islamic Republic of Iran has been "reached.”

"Both sides have declared the immediate and permanent termination of military operations on all fronts, including in Lebanon,” he added.

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He added that the official signing ceremony is expected to take place in Switzerland on June 19, and commended the role of mediators including Qatar, Saudi Arabia and Turkey.

Sharif also said mediators would hold further meetings ahead of the signing to prepare technical and implementation details.

The Secretariat of Iran’s Supreme National Security Council also confirmed the agreement in a statement released on June 15.

"Based on the agreements reached, the war and military operations on all fronts, including Lebanon, will end immediately and permanently as of tonight, and in addition, the naval blockade against Iran will be immediately and completely ended.”

Qatar’s Ministry of Foreign Affairs also welcomed the development, describing it as a step toward reducing tensions and promoting regional stability.

The ministry added that it hopes the agreement will help advance broader diplomatic efforts and strengthen stability in line with international law.

If the agreement is fully implemented, the lifting of the naval blockade and reopening of the strait could restore normal shipping activity through the waterway, easing pressure on global energy markets.