US President Donald Trump said on Monday that a preliminary agreement to end the war in the Gulf has already been signed by the United States and Iran, although key details have not yet been made public.

“The deal’s all signed,” Trump said after arriving in France for a G7 summit, adding that Vice President JD Vance would attend a formal signing ceremony in Geneva on Friday.

According to Trump, the agreement would reopen the Strait of Hormuz and extend a ceasefire for 60 days, giving negotiators time to address unresolved issues including Iran’s nuclear programme. Oil prices fell to their lowest level since March 10 following the announcement, after weeks of disruption that had cut off a significant share of global oil flows.

The reported deal marks the most significant diplomatic development so far in efforts to end the conflict, which has killed at least 7,000 people, mainly in Iran and Lebanon, and triggered major instability in global energy markets.

However, much of the agreement remains unclear. US and Iranian officials said it could eventually include sanctions relief for Iran, the unfreezing of foreign assets and the creation of a $300 billion reconstruction fund supported by Gulf states.

US officials, speaking on condition of anonymity, said Iran would be required to meet US demands not to develop nuclear weapons and to end support for regional proxy groups such as Hezbollah in order to access any economic benefits.

Details of the agreement are expected to be released within the next two days, according to US officials.

Despite the announcement, major disputes remain unresolved. Iran has maintained it does not seek nuclear weapons and has resisted limits on its missile programme and regional alliances.

The agreement also leaves open questions over the Strait of Hormuz, with Iran suggesting it would share oversight of the waterway with Oman, while the United States said it should be fully open for transit without charges during the 60 day ceasefire period.

Israeli Prime Minister Benjamin Netanyahu said Israel would not withdraw forces from southern Lebanon, stating, “Iran wanted us to withdraw from it, but I stood firm.”

A US official said Israeli withdrawal from Lebanon was not part of the agreement.

Lebanese state media reported continued violence despite the announcement, including an Israeli drone strike that killed a man in southern Lebanon. Netanyahu said Israeli forces had killed four militants.

Iranian Foreign Minister Abbas Araqchi said Israeli strikes must stop immediately.

While some fighting has eased since the announcement, officials said hostilities have not fully ended. Privately, Israeli officials described the agreement as “terrible for Israel,” according to a senior official speaking anonymously.