U.S. President Donald Trump, Vice President J.D. Vance, and Iranian Parliament Speaker Mohammad Bagher Ghalibaf electronically signed the memorandum of understanding, a senior U.S. official announced.

The official confirmed that the agreement includes the immediate reopening of the Strait of Hormuz and the lifting of the blockade on Iranian ports, noting that maritime traffic in the region is expected to increase significantly.

The formal signing ceremony will take place as planned on Friday, the official added. It may be held in a European country, such as Geneva, Switzerland.

Meanwhile, Iranian President Masoud Pezeshkian described the memorandum of understanding between the United States and Iran as a “document of honor” for the region and for Iran’s “resistance forces.”

Speaking at a conference, Pezeshkian said that there had been “minor differences in a very short section” of the agreement, without providing further details.

“The reaction of Israel to the agreement proves that we are the winners,” the president added.