U.S. President Donald Trump has announced that the United States and Iran have reached a peace agreement, a development that has already triggered a sharp decline in global oil prices amid expectations of renewed energy supplies.

In a statement posted on social media on Sunday, June 14, 2026, Trump declared that the deal with the Islamic Republic of Iran was “now complete” and announced the reopening of the strategic Strait of Hormuz as well as the removal of the U.S. naval blockade.

“The Deal with the Islamic Republic of Iran is now complete. Congratulations to all!” Trump wrote.

“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.”

The announcement follows months of conflict and negotiations involving regional and international mediators. Pakistani Prime Minister Shehbaz Sharif confirmed that the two sides had agreed to permanently end military operations and are expected to formally sign the agreement in Switzerland on June 19.

The Strait of Hormuz, one of the world’s most important oil transit routes, carries a significant share of global crude oil and natural gas exports. Its reopening is expected to ease supply concerns that have driven energy prices higher in recent months.