The Trump administration and Iran's leadership agreed on Sunday to terms to end their war and reopen the Strait of Hormuz, a development that has delivered significant relief to global markets.

Donald Trump said a deal with Iran was “all signed” and that the Strait of Hormuz would be “completely open” by Friday, when a signing ceremony is expected in Geneva. An American official said the waterway would operate without tolls for 60 days.

Iran pushed back on US President Donald Trump’s assertion an interim peace deal to reopen the Strait of Hormuz was imminent, as an Israeli strike on Lebanon posed a potential new risk to any agreement.

Trump Says Iran Deal is Signed, Declares Strait Of Hormuz ‘Patrially Open’ Sitting at the G7 alongside French President Emmanuel Macron, President Donald

Former Trump State Department senior adviser Christian Whiton joins 'Mornings with Maria' to weigh the prospects of President Donald Trump's Iran deal, warning key questions remain unanswered as negotiations continue.

Senior U.S. officials say President Trump and Iran's top negotiator have already remotely signed a memorandum of understanding ahead of an expected signing ceremony.

The emerging agreement ends a costly war but leaves Iran's leadership intact and its nuclear future still subject to negotiation.

Trump suggested that the Strait of Hormuz, a vital commercial thoroughfare that Iran had been tormenting for months, would be opened after the deal is formally signed on Friday. I “hereby authorize” it to reopen,