US and Iran prepare to sign an interim peace pact in Switzerland on Friday, leaving oil traders and shippers uncertain about when the Strait of Hormuz will reopen.
The 14-point memorandum of understanding, which should extend the ceasefire for two months and begin nuclear negotiations with Iran, has not been released.

A senior US official indicated that may happen in two days before the Geneva signing ceremony. Iran will likely be represented by Parliament Speaker Mohammad Bagher Ghalibaf, while Vice President JD Vance will lead the American delegation.

Trump is in France for a Group of Seven conference where the Iran war, which has raised energy costs, is a major topic. G7 nations including France, the UK, and Italy may help demine the strait for reopening.

At the conference on Tuesday, Trump called the pact a “done deal,” promising not to invest in Iran or pay war reparations. He stated Washington is dealing with “rational” Islamic Republic citizens and that the country cannot develop nuclear weapons.
“I think they’ll have to prove themselves before we go in there,” Trump said of Iran’s economic prospects.

One G7 official said Italian Defense Minister Guido Crosetto and US colleague Pete Hegseth discussed Rome’s four-ship flotilla to the Hormuz strait on Monday in Washington. The spokesman said two mine-sweepers were sent to Djibouti to prepare for the mission.

Trump met with UAE President Sheikh Mohamed bin Zayed and Qatar’s Emir Sheikh Tamim bin Hamad on Tuesday for the G7 conference. After the fight, those countries and the US may create a $300 billion Iran development fund.