United States officials said on Monday that ships will move toll-free through the Strait of Hormuz under an Iran peace deal signed by President Donald Trump, and insisted that Tehran would have to fulfil its commitments before getting any economic benefits, including a possible $300 billion reconstruction fund.
Trump, US Vice President JD Vance, and Iranian parliament speaker Mohammad Bagher Ghalibaf electronically signed the deal on Sunday, and technical talks led by Vance will begin this week before the deal is formally signed on Friday in a ceremony expected to be held in Geneva, Switzerland.
The signing will kick off a 60-day period in which Iran and the United States will try to hammer out a full-scale peace deal, including the issue of Iran’s nuclear program, which US officials said they want to put up front in discussions. Vance told local news media that there was an understanding with Iran that the strait would reopen in a toll-free way for the long term, while Trump said the critical bottleneck would be completely open from Friday, with shipping traffic expected to return to pre-war levels over the next couple of weeks.
However, Iran’s foreign ministry said on Monday that the deal would allow it to charge maritime service fees on ships transiting the Strait of Hormuz rather than imposing tolls, and US officials confirmed that zero dollars of frozen assets have been released by the United States or any other country, with all potential relief tied to Iran’s performance.
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