In a stunning development that could reshape the Middle East and global energy markets, President Donald Trump announced late Friday that peace negotiations with Iran have reached a decisive breakthrough. Iran has publicly declared the Strait of Hormuz completely open to all commercial ship traffic for the remainder of the current ceasefire, a move Trump hailed as Tehran “capitulating on all points.”

In a striking Oval Office moment on March 24, President Donald Trump revealed that Iran had delivered a major “present” — an oil-and-gas-related concession tied to the Strait of Hormuz — calling it proof that the U.S. is now “dealing with the right people” in Tehran. The announcement was made during a swearing-in ceremony for new Homeland Security Secretary Markwayne Mullin.