Iran and the US said ships had again started moving through the Strait of Hormuz — with US President Donald Trump saying the vital oil route would be "completely open" by Friday — yet who will manage it and how remains unclear.
The reopening of one of the world's most important energy chokepoints is the crucial element in ending months of deadly war and economic turmoil triggered by US-Israeli strikes on Iran in late February.
After both Washington and Tehran announced a deal to end the Iran war on Sunday, questions have emerged over Hormuz's future, despite the US president's apparent optimism, who called on "ships of the world" to "start their engines" and "let the oil flow".
Yet Trump said overnight on Tuesday that "ships are starting to move, many loaded up with oil, out of the Strait of Hormuz," adding later that he did not think the US "will need much help" keeping the waterway open.
Iranian media seemingly confirmed Trump's claims, reporting on Monday evening that three oil tankers and two laden cargo ships had passed through the area that had been subject to a US naval blockade.
Trump initially declared on Sunday that the crucial waterway had been reopened with the US naval blockade lifted. He later backtracked, saying this was pending the signing of the agreement in Switzerland on Friday.
Tehran to call the shots?
Indicatively, the state-run Fars news agency stated after Trump's announcement on Sunday that the agreement will include a legal blueprint for the waters of the Persian Gulf, under which the waterway would be jointly managed by Iran and Oman.
The Strait of Hormuz is some 38 kilometres wide at its narrowest, meaning both Iran and Oman already operate the waterway, which normally carries one-fifth of the world's oil and LNG shipments, as well as other cargo.
However, Iran published a map in late May claiming regulatory control over a stretch of the Strait of Hormuz that extends deep into the territorial waters of the UAE and Oman, prompting five Gulf states to formally warn shipping companies through the International Maritime Organisation (IMO) not to comply.
Tehran also previously stated it would introduce tolls on passing ships, implying it would collect transit fees together with Oman — a claim Muscat quickly rejected, stating that no fees can be legally imposed because the Strait of Hormuz is a natural, not man-made, passage.
Since the announcement of the deal on Sunday, Iran's foreign ministry spokesperson Esmaeil Baghaei said Iran would charge maritime service fees rather than tolls for shipping through Hormuz.
According to the Washington-based Institute for the Study of War think tank (ISW), the US and Iran have so far presented "diverging interpretations" of the framework agreement, making it nearly impossible to determine which side is providing an accurate reading.
However, Tehran's understanding of the future of Hormuz "would constitute a significant strategic victory for Iran if its interpretation became the recognised reality," the ISW said in its analysis on Monday night.
"Iranian statements indicate that the regime defines an 'open' strait as one that remains under Iranian management, which conflicts with US and global commercial interests," the think tank added.
Iran had blockaded the strait since the start of the war, sending oil prices soaring and raising fears of a prolonged inflation shock. The US then blocked shipping to and from Iranian ports.
As the world awaits the official signing of the framework deal on Friday, a senior US administration official said that Trump, Vice President JD Vance, and Iran's parliamentary speaker, Mohammad Bagher Ghalibaf, had already signed the text electronically.
"The president wanted to sign it personally because he wanted to show his... dedication to bring this through to a successful resolution," said the official.
Asked at the G7 in France when the text would be released, Trump said, "It's a very powerful document, and I want it to be released. So probably pretty soon."
Iran's Deputy Foreign Minister Kazem Gharibabadi said the deal brought an "immediate end" to the war, with talks on a "final agreement" to be held within two months.
Iranian military hailed the accord as a victory, claiming it had "humiliated" the US and Israel, while President Masoud Pezeshkian called it "a great achievement" for the region.
Iranian Foreign Minister Abbas Araghchi has since struck a cautious tone, saying, "We have a history of broken commitments... a history of agreements being torn up. All of this is present in our minds."
Frozen assets and nuclear enrichment on the table
The deal follows weeks of fraught negotiations and threats of renewed hostilities.
Baghaei said Washington had "committed" to releasing frozen Iranian funds abroad and compensating Tehran for wartime damage.
Iran's Mehr news agency had reported the US would release (€10.3bn) in frozen assets to Iran before negotiations begin.
It quoted a 14-point "memoran…
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