Vance hopes to release text of agreement to halt war in Iran this week

US Vice President JD Vance said on Monday that he hopes text of an agreement to halt the war in Iran and open the Strait of Hormuz will be released this week, as further negotiations over the deal's details were set to continue.

In an interview on CNBC, Vance also said the US expects the economically vital waterway would be open without tolls on a long-term basis.

"Our expectation is that the Strait is going to be opened in a toll-free way for the long-term," he said.

"That's the sort of thing that we're going to figure out in these technical negotiations. You know that there are a lot of very important details to figure out that we're actually going to sit at the table and discuss together and figure out a path forward."

The US and Iran said they had agreed terms to end their war and reopen the strait, news that brought relief to markets, while US President Donald Trump said on Monday that many ships loaded with oil are already starting to move out of the Strait of Hormuz.

"Ships are starting to move, many loaded up with Oil, out of the Strait of Hormuz. They are going along the Southern 'Highway,' which is totally safe, secure, and pristine," he wrote in a Truth Social post.

However, the current agreement may hinge on an end to hostilities in Lebanon and defers talks on Tehran's nuclear programme.

While still a framework, the deal marked the biggest breakthrough towards resolving the conflict that has killed thousands and upended energy markets since it began with joint US-Israeli strikes on Iran in February.

Vance said Iran's foreign minister and House speaker will represent Iran at the signing in Switzerland on Friday and many details of the deal are still to be sorted out. He did not say who would represent the US at the signing.