Trump announces peace deal with Iran, declares Strait of Hormuz will reopen: 'Let the oil flow!'

President Donald Trump announced Sunday that the United States and Iran have officially reached a peace agreement, marking a major diplomatic breakthrough that would reopen the Strait of Hormuz and end the U.S. naval blockade of Iranian ports.

"The Deal with the Islamic Republic of Iran is now complete," Trump wrote in a post on Truth Social.

"Congratulations to all! I hereby fully authorize the toll free opening of the Strait of Hormuz, and, simultaneously herewith, authorize the immediate removal of the United States Naval blockade. Ships of the World, start your engines. Let the oil flow!"

Pakistani Prime Minister Shehbaz Sharif, whose country has served as a mediator, was the first to announce the peace deal, saying a signing ceremony is scheduled to take place Friday in Switzerland.

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Trump added that the Strait of Hormuz will reopen once the parties formally sign the agreement.

"With the opening of the Strait upon the signing of the Deal on Friday, for purposes of mine removal, oil will flow on both ends again for the Region, and the World!" he said.

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According to Sharif, the deal includes the termination of military operations across the region, including in Lebanon, where Iran-backed terrorist proxy Hezbollah has been engaged in conflict with Israel.

"Both sides have declared the immediate and permanent termination of military operations on all fronts, including in Lebanon," he said.

Additional details of the agreement, including any provisions related to Iran's nuclear program, were not immediately released.

Iran's deputy foreign minister said talks with the United States on a final and more comprehensive agreement will take place during a 60-day ceasefire period, according to Reuters.

The outlet reported that the future of Iran's nuclear program will be addressed in upcoming negotiations. Trump has long maintained that Iran cannot be in possession of a nuclear weapon and has repeatedly vowed to prevent Tehran from developing, acquiring or obtaining one.

Trump further praised his administration for securing the agreement.

"This Great Deal will bring Peace and Security to the whole Region," he said. "Many presidents have tried to make Peace with Iran, and all have failed before me. The Leaders of the Region have, for the first time, found a President who can help them achieve real Peace."

Sharif also thanked the United States and Iran for their "commitment to finding a diplomatic solution to the conflict," as well as Qatar, Saudi Arabia and Turkey for their contributions to the mediation effort.

With the agreement now in place, mediators are expected to facilitate a series of meetings this week that could lay the groundwork for technical negotiations and the official signing ceremony, Sharif said.

The peace deal would formally end the high-stakes conflict that began on Feb. 28, which disrupted roughly 20% of global oil shipments that pass through the Strait of Hormuz and contributed to higher energy prices worldwide.

It comes roughly one year after Israel initiated massive strikes on Iran during Operation Rising Lion. The strikes sparked a 12-day conflict between the nations before Trump ordered strikes on a trio of nuclear facilities later that same month. 

Fox News' Ashley J. DiMella and Reuters contributed to this report.