US President Donald Trump said commercial traffic through the Strait of Hormuz could reopen toll-free after Washington and Tehran signed a memorandum of understanding aimed at restoring traffic through the Gulf energy chokepoint, according to Trump’s Truth Social statement.
Senior US officials said the agreement was signed by Trump, US Vice President JD Vance and Iranian parliament speaker Mohammad Bagher Qalibaf. A formal signing ceremony is expected on Friday in Switzerland.
Trump said he had authorised the “toll free opening” of the Strait of Hormuz and the immediate removal of the US naval blockade on Iranian ports. “Ships of the World, start your engines. Let the oil flow!” he wrote.
The statement leaves a critical commercial point unresolved for shipowners, charterers and energy traders. No published official US or Iranian text in the source material confirms that commercial ships will be exempt from transit charges for 60 days.
Iranian Foreign Ministry spokesman Esmaeil Baghaei said Iran and Oman would take steps to ensure safe transit for a defined period. He said Iran was not seeking tolls, while preparing fees for services including navigation, environmental protection and possible insurance.
Shipping companies remained cautious. Shipowners in Asia and Europe welcomed the deal but were waiting for clearer information on safety, including mine clearance. BIMCO chief safety and security officer Jakob Larsen said shipowners needed reassurance that transit was not only permitted, but safe. Maersk said it welcomed the agreement but was not changing Middle East operations at this stage.
Flows through the Strait of Hormuz in 2024 and the first quarter of 2025 accounted for more than one-quarter of global seaborne oil trade and about one-fifth of global oil and petroleum product consumption. Around one-fifth of global LNG trade also moved through the strait in 2024, primarily from Qatar.