Washington: U.S. President Donald Trump announced on Sunday that a peace deal with Iran has been "complete," and he authorized the "toll free" opening of the vital Strait of Hormuz, along with the "immediate" removal of a U.S. naval blockade on Iranian ports. The announcement marks a significant development in the U.S.-Iran relationship and promises to impact global oil markets. According to Yonhap News Agency, President Trump shared the news through a Truth Social post, while Pakistani Prime Minister Shehbaz Sharif also confirmed via social media that the deal has been reached. An official signing ceremony is scheduled to occur in Switzerland on Friday. Trump expressed his enthusiasm in his post, declaring the deal with the Islamic Republic of Iran as complete and encouraging the resumption of global maritime oil transport with the phrase, "Ships of the World, start your engines. Let the oil flow!" The announcement is particularly significant for South Korea and other countries that have been closely monit oring the situation. The Middle East conflict intensified following a U.S.-Israeli attack on Iran on February 28, leading to the near closure of the Strait of Hormuz, a crucial shipping route for oil and other commodities. This conflict has resulted in increased oil prices, creating concern among nations dependent on the strait for energy imports. However, the signing of the deal faced delays due to renewed tensions following an Israeli airstrike on the Iranian-backed Hezbollah militant group in Lebanon. A senior Trump administration official explained that the peace deal includes the dismantling of Iran's nuclear program and the U.S. taking possession of Iran's enriched uranium. The resolution of the conflict is expected to restore safe passage through the Strait of Hormuz, a development eagerly anticipated by nations relying on the strait for their energy needs. As of now, two dozen South Korean vessels remain trapped in the strait, awaiting the removal of the blockade and the resumption of normal maritim e activities.
