US President Donald Trump said Monday the US-Iran agreement is "all signed," with the Strait of Hormuz set to be "completely opened" by Friday.
Trump made the remarks Monday during a bilateral meeting with French President Emmanuel Macron on the sidelines of the ongoing G7 Summit in France.
Trump said, "...the deal is all signed, and the Strait is already partially opened."
The president said mine-clearing operations are advancing ahead of the full reopening, adding that authorities expect to remove most mines from the Strait of Hormuz while several shipping lanes are already operating.
"They're doing a little hunting for a couple of mines that they've already found... but it's essentially ships are starting to go out now," he said.
He added that the strait will be fully open by the end of the week. "On Friday, it'll be completely opened."
Trump highlighted the market reaction, saying oil prices were "plummeting down," while the stock market was shooting up like a rocket.
"... the oil has taken its biggest plunge... we're getting close to the numbers we were before it all started," he said.
He reiterated that Iran will not be allowed a nuclear weapon.
"They fully agreed to that with strong policing powers, and they won't have a nuclear weapon," Trump said, describing provisions in the agreement related to Iran's nuclear program.
Trump added the Strait of Hormuz will operate without transit charges, adding, "...we have an agreement where it's going to be open and it's toll-free."
Trump said he expects the text of the memorandum of understanding to be released soon, adding, "...I want it to be released, because it's a very powerful document... So probably pretty soon, I would say after some time after Friday..."
Responding to a question on sanctions relief, Trump said implementation would depend on Iran's behavior, adding, "If they do what they're supposed to do, that starts taking effect," Trump said.
Meanwhile, Iranian President Masoud Pezeshkian posted on X that lawmakers broadly supported the MoU, adding that guidance from Supreme Leader Ayatollah Ali Khamenei played the biggest role in incorporating provisions designed to safeguard Iran's national interests.
Pezeshkian said the MoU resulted from months of dialogue and persistent follow-up efforts, adding that it could become a source of national pride if all its provisions are properly implemented.
The Iranian president said the agreement represents an important step toward ending the war and beginning negotiations, while emphasizing that a final agreement has yet to take shape and that Iran has prepared itself for all possible outcomes.
At the G7 Summit in France, European leaders expressed reservations about Trump's timeline for reopening the Strait of Hormuz and sought greater clarity on the agreement before committing to patrol or mine-clearing operations, according to a Bloomberg report, citing a G7 official.
A senior US official said shipping traffic is expected to increase gradually rather than immediately, adding that it could take up to two weeks for vessel movements to recover meaningfully and longer to return to pre-conflict levels.
The official also said the MoU calls for the Strait of Hormuz to remain open on a toll-free basis for 60 days, a provision Washington wants included in any final agreement, according to the report.
European officials are reportedly discussing a framework for demining the waterway, although some governments warn the effort could take weeks because mine-clearance operations would require international coordination and a stable security environment.
French President Emmanuel Macron and UK Prime Minister Keir Starmer are leading preparations for a potential international mission to support the reopening of the strait, with more than 15 countries already offering personnel and equipment, according to the report.
Oil prices moved lower in midday trade on Monday amid optimism surrounding the US-Iran agreement. Brent crude futures fell 4.10% to $83.75 per barrel, while West Texas Intermediate crude futures lost 4.06% to $81.43/bbl.