All commercial vessels will be allowed to pass through the strait.
President Donald Trump announced "major combat operations" against Iran on Feb. 28, with massive joint U.S.-Israeli strikes targeting military and government sites.
After negotiations, U.S.-Iran talks in Pakistan failed to reach a peace deal. Trump said that Iran's nuclear program was the key sticking point, and said the U.S. would respond with a blockade of the Strait of Hormuz starting at 10 a.m. ET on Monday.
Iran announced it would fully reopen the Strait of Hormuz on Friday, but Trump said the blockade will remain in place until the U.S.'s "transaction" with Iran is complete.
Israel, meanwhile, has reached a ceasefire agreement with Lebanon, ending its ground operations and intense strikes, where it was engaged with the Iran-backed Hezbollah militia. Israeli Prime Minister Benjamin Netanyahu said he supported the ceasefire with Iran.
Iran has agreed to an "unlimited" suspension of their nuclear ambitions, President Donald Trump said in a phone interview with Bloomberg on Friday.
"No years, unlimited," Trump reportedly said when asked if Iran agreed to 20 years or an indefinite suspension.
The president also said the U.S. will not release any frozen Iranian funds, according to Bloomberg.
The U.S. and Iran will work together to get the enriched uranium from Iran and bring it back to America, President Donald Trump told Reuters in a phone interview Friday.
"We're going to get it together. We're going to go in with Iran, at a nice leisurely pace, and go down and start excavating with big machinery ... We'll bring it back to the United States," Trump said, according to Reuters.
According to the article, the president did not expand on exactly who would retrieve that nuclear material and how, raising questions about whether such an operation might call for ground troops.
President Donald Trump claimed that Iran has agreed to "never" close the Strait of Hormuz again in a social media post.
"Iran has agreed to never close the Strait of Hormuz again. It will no longer be used as a weapon against the World!" Trump wrote.
In a separate post, the president also reiterated that "the deal is not tied, in any way, to Lebanon."
The president is continuing to celebrate the developments on Friday between the U.S. and Iran, declaring that it is a "GREAT AND BRILLIANT DAY FOR THE WORLD!" Trump also expressed his gratitude to Pakistan for its role in mediating negotiations between the U.S. and Iran, calling the Pakistani Prime Minister and Field Marshall "two fantastic people."
President Donald Trump said that the U.S. has "PROHIBITED" Israel from bombing Lebanon. This comes just one day after he announced a ceasefire had been reached between Israel and Lebanon.
"Israel will not be bombing Lebanon any longer. They are PROHIBITED from doing so by the U.S.A. Enough is enough!!!" Trump said in a post on social media.
Trump added that the U.S. will work with Lebanon and "deal with the Hezboolah situation in an appropriate manner."
The president also talked about one of his main aims to end the war with Iran, saying that the U.S. "will get all Nuclear 'Dust,'" from Iran, but added that "No money will exchange hands in any way, shape, or form."
